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President Donald Trump is seeking a $1 trillion budget that would cut the government’s budget by $1.5 trillion over the next decade.

The plan would be paid for by a $500 billion increase in tax rates and a $200 billion cut to defense spending.

It’s not yet clear how the deal will be reached.

The White House says the plan would fund the government through mid-December and avert a shutdown.

The Republican-led House and Senate are working on a version of the $1trillion budget.

It includes $2.7 trillion in spending cuts over 10 years.

Democrats are seeking a much larger increase in defense spending, $1,400 billion over 10 year.

It would also require a deep tax cut, and would have to be approved by the Senate and House of Representatives.

The administration has been pushing a $2 trillion plan since September.

But the Senate approved a $3 trillion budget in April that would keep the government funded through 2024, and a larger one in July that would fund through 2027.

Read more here: https://bit.ly/2eZ9dG1 Read the original story at ABC News