More robust economic growth will help fund increases in spending to bulk up the military and upgrade the nation’s infrastructure, President Donald Trump told Fox News.
“I think the money is going to come from a revved up economy,” Trump said in a taped “Fox & Friends” interview that aired Tuesday ahead of his evening address to a joint session of Congress.
In the government’s second look at fourth-quarter gross domestic product out Tuesday morning, the annual growth rate of 1.9 percent, which was unchanged from the initial reading, was slower than expected.
“I mean you look at the kind of numbers we’re doing,” he argued. “If I can get that up to 3 [percent] or maybe more, we have a whole different ballgame.”
In a preview of Trump’s speech, the White House said the president’s first budget will call for a $54 billion increase in defense spending and corresponding cuts in what the administration deems lower priority programs.
Trump told Fox that military spending could even be “$30 billion more than that.”
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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