President Donald Trump says his administration will create more than 1 million jobs in the United States by 2020, and says his first budget proposal includes a plan to double the size of the government.
Trump, who made the announcement during a White House news conference on Friday, also says the federal government will be funded at an all-time high, a feat he says he’ll achieve by doubling the size to $1.4 trillion.
The president says the government will spend $1 billion a day on domestic programs, a figure he says would increase by an additional $100 billion a year.
Trump also says he will eliminate “every single penny of the trillion-dollar debt” that currently sits in the U.S. Treasury, adding that the United State will have enough money in the Treasury to repay its debts by 2028.
The president says that by 2020 the U,S.
will have a surplus of $1,000 trillion, or about $6,500 per person, a total that Trump says would be sufficient to pay back its debt.
Trump says he would increase taxes for all Americans, but not on the wealthy, adding he would also slash income tax rates, eliminate deductions, and impose new taxes on many people.
He says he’s going to bring back millions of jobs that were lost during the financial crisis by cutting regulations, opening more factories, and bringing back thousands of jobs to the United Kingdom, Germany, Japan, France, Canada, Mexico, Germany and Spain.
The U.K. and other countries that have had a hard time filling jobs with cheaper foreign labor would be the first countries to be allowed to repatriate their jobs, he said.
The United States would then become the first major economy to take back those jobs.
Trump’s economic plan would reduce the U’s national debt by $3.4 Trillion.
Trump has promised to end the nation’s debt, reduce the national debt to $20 Trillion and eliminate the deficit.
He says his plan would cost the U$5.7 trillion.
Trump says he plans to eliminate more than $4 trillion in taxes and regulations, and he would spend $2.6 trillion on infrastructure projects.
The White House says Trump’s plan would create about 3.3 million jobs.
The Associated Press contributed to this report.