>> I'm gonna ask each of you to come back with a 5% budget cut.>> He once called himself the King of Debt, but faced with an exploding federal deficit, President Donald Trump on Wednesday urged his cabinet to slash spending at their agencies by 5%.>> I think you'll all be able to do it, get rid of the fat, get rid of the waste.
>> Trump's requests coming after the treasury department this week reported a 2018 budget shortfall of $779 billion, the highest since 2012. The culprits, a big jump in military spending and stagnant inflows of revenue. After deep tax cuts were pushed through by Republicans late last year. But with the economy humming along, Trump and fellow Republicans are blaming the budget gap on government spending programs known as entitlements such as Medicare.
Senate majority leader Mitch McConnell, who spoke to Reuters on Wednesday offering scant hope Congress would act soon to contain the red ink.>> The only entitlements that I think that we're talking about very popular programs, it would require bipartisan agreement. Because that would impact some of the most popular programs in America Social Security, Medicare, Medicaid.
The only way any adjustments would be made in those programs would be on a bipartisan basis and I don't see that happening in the near future.>> Trump who signed a $716 billion defense bill in August, said the military would largely be spared as his administration puts together a budget plan for next year.