TRUMP: The $54 billion increase in military spending will come from ‘a revved-up economy’
President Donald Trump is defending his plan to raise military spending, saying in an interview with “Fox & Friends” airing Tuesday morning that the $54 billion increase would come in part from a “revved-up economy.”
Host Steve Doocy asked how the White House planned to fund this increase, noting that recently proposed cuts to the Environmental Protection Agency and the State Department would not cover the cost, and even cutting all funding to both would cover only about $50 billion.
“Well, I think the money is going to come from a revved-up economy,” Trump said.
“I mean you look at the kind of numbers we’re doing, we were probably GDP of a little more than 1%, and if I can get that up to 3 or maybe more, we have a whole different ball game.”
Trump also said in the interview he would not touch Social Security in budget cuts.
As Business Insider’s Linette Lopez recently pointed out, however it’s difficult to pay for increased defense spending by targeting only domestic agencies outside major entitlement programs like Social Security and Medicare.
As the graph below explains, Trump would need to nearly completely eliminate the EPA, State Department, and International Assistance Programs to reach the $54 billion military increase: