The debt relief package announced on Friday by President Donald Trump would save the U.S. government $100.3 billion a year by reducing the size of the government’s balance sheet by $6.2 trillion and increasing revenue by $1.8 trillion, according to a report by The Fiscal Times.
The program also includes an estimated $2.7 trillion in economic benefits, the Times said.
The plan would help consumers with lower interest rates, but would also provide relief to small businesses that have suffered from the financial crisis.
The debt-for-recovery package will be the biggest in U.K. history and comes after a series of economic downturns that have cut the government budget in half since 2007.
Under the new plan, which is the first major step toward full debt relief since the 2008 financial crisis, the Treasury would get a total of $1 trillion in new revenue, a Treasury official told Reuters.
The Treasury’s budget deficit would fall by nearly half to $1,065 billion, and the deficit would be reduced to $800 billion, from $1;5 trillion, under the plan.
The deal is expected to be approved by Congress and signed into law by Trump on Friday.
Trump said he had “no plans to release more details of the bill” and called the debt relief plan “historic” and “a major win for the American people.”
“Our debt is too high.
We have to pay it down,” Trump said.
Under the deal, the U