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Trump’s new ‘fiscal cliff’ bill may be the ‘worst’ since Reagan era

Donald Trump’s plan to deal with the fiscal cliff, if it is approved, would likely include the biggest increase in the federal budget since Reagan, Axios reported on Monday.

The budget bill unveiled by the president last week included a $1.1 trillion tax cut for the rich, with the rest of the money going to the Pentagon.

Trump’s proposal would be “the worst since Ronald Reagan,” Axios wrote.

The plan, however, would allow for a massive tax increase on the middle class.

Axios said the Trump administration was considering a “double-dip” in tax cuts that would offset the increase in defense spending.

The defense budget, which is set to rise by about $400 billion over 10 years, would grow by about 10 percent of the budget.