The national debt was already guaranteed to hit over $20 trillion in 2017 even beforePresident Trump first took the office of the Presidency. This is certainly not due to the of lack of revenue/income (federal government has recently collected record total in tax revenues) but more so because of the out of control government spending. In fact the real per capita federal spending has increased more than sevenfold since fiscal 1941, which concluded on June 30 of that year. So what will President Trump do to help reverse the course?
*UPDATE: Trump decreased the US debt by $1.1 trillion less than President Obama by the end of their respective first years in office. Trump is the first President in more than 50 years that has decreased the Debt to GDP ratio in his first year in office by more than 1%. Also April 2018 was best month in history for the U.S. budget.
12/22/16: Boeing had come under Trump’s scrutiny when he discovered two Air Force One jets, planned for unveiling around 2023, would exceed a $4 billion price tag. But after meeting with Trump, the Boeing CEO said he would bring the jets in for well under the $4 billion price tag.
1/22/17: President Trump instituted an immediate government hiring freeze, signing a presidential memorandum that would affect a large swath of the executive branch. This excluded those working in the military, national security and public safety. Trump’s memorandum states that “no vacant positions existing at noon on January 22, 2017, may be filled and no new positions may be created, except in limited circumstances,” although the freeze does not apply to military personnel. A very small step in the right direction. Just a drop in a very large bucket. But the government has to start somewhere in cutting spending. Especially when considering the government spent $3.1 billion to federal workers on administrative leave in just 2014 alone.
2/3/17: Defense giant Lockheed Martin has agreed to sell 90 new F-35 fighter jets to the US Defense Department for $8.5 billion -- a deal that amounts to more than $700 million in savings over the last batch of aircraft delivered. Lockheed Martin credited President Donald Trump for helping to "accelerate negotiations" and "drive down the price" of what is already the most expensive weapons program in history.
3/15/17: President Donald Trump signed an executive order that would mandate an evaluation of every executive department and agency to determine where money could be saved. Trump signed the “Comprehensive Plan for Reorganizing the Executive Branch,” the stated aims of which are to make the federal government more efficient, and improve agency and department services.
7/28/17: The Trump administration ended low-income retirement savings Obam-era program.$70 million will initially be saved which was the cost to manage the program and likely would have costed an additional $10 million annually going forward. Participants were informed by the Treasury Dept that they could instead roll their money into a roth individaly retirement account.
8/29/17: President Trump and decided to shrink the government by eliminating Obama era vacancies. Secretary of State Rex Tillerson a day earlier told Congress that most of his agency's special envoy positions -- including dozens from the Obama administration -- will be eliminated and their responsibilities reassigned. Presiden Trump tweeted: "We are not looking to fill all of those positions. Don't need many of them - reduce size of government."
10/2/17: The U.S. national debt grew more slowly in the 2017 fiscal year under Trump.
10/4/17: The Trump administration has saved $560 million by cutting regulations and meeting its promise to eliminate two old rules for every new one.
10/8/17: Keeping one of his many promises, President Trump continues to shrink the size of the government and it's debt by decreasing federal governemnt jobs by 13,000.
10/20/17: Following the steps of her husband, first lady Melania Trump is spending far less money than Michelle Obama As First Lady. Melania Trump has cut the bloated first lady payroll from the Michelle Obama days by more than half. During then-President Barack Obama’s first year in office, 16 people were listed working for Michelle Obama, earning a combined $1.24 million a year. This year, just four people were listed working for Melania Trump as of June. Their salaries totaled $486,700.
1/19/18: US withholds $65 million from UN agency for Palestinians
Making reduced payment of $60 million, State Department official says Washington is undertaking 'a fundamental re-examination' of UNRWA's operations and funding.
2/12/18: President Trump included in his $4 trillion budget plan a major overhaul for how hiring and firing is done in the D.C. bureaucracy. This includes ending automatic pay hikes that kick in "irrespective of performance," changing retirement benefits and making it easier to fire bad employees and reward good ones.
3/24/18: Trump grudgingly signed the $1.3 trillion omnibus spending bill passed by Congress despite his concerns over the price tag and immigration issues — including the lack of full funding for his long-promised border wall in exchange for a deal on Dreamers.
5/9/18: April was the best month in history for the U.S. budget. All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.
5/25/18: Trump signed three executive orders overhauling the federal bureaucracy, including an order that makes it easier to fire federal workers for misconduct. The new executive orders are estimated to save at least $100 million a year.
7/30/18: President Trump's leaner White House payroll has been projected to save tax payers over $22 million. Savings come from President Trump’s refusal to take a salary as well as big reductions in other areas including the absence of czars, expensive “fellowships,” spending on FLOTUS staff and about 100 fewer employees on White House staff.
8/21/18: Washington has cut funding of $200 million pledged for stabilization projects in Syria. The Trump administration said increased contributions from coalition partners made the US payment unnecessary.
8/30/18: Trump cancels automatic pay raises for almost 2 million federal workers and replaced it with performance-based raises. ‘In light of our nation’s fiscal situation, federal employee pay must be performance-base." Trump stated.