Story highlights It's one of three major upcoming legislative proposals

Trump is aiming to release his budget blueprint by mid-March

Washington (CNN) President Donald Trump previewed a budget plan Wednesday he said would be focused intently on slashing spending in a bid to reduce the national debt.

It's one of three major legislative proposals the White House is preparing ahead of Trump's address to lawmakers next week, his first speech to a joint session of Congress as President.

Trump said Wednesday that plans were nearly final for a health care measure that would replace the Affordable Care Act, and for the tax reform package that he promised on the campaign trail.

The White House said Trump was aiming to release his budget blueprint by mid-March, though officials acknowledged the document would amount to only a framework, and not a full plan, since key members of the White House team have just begun work. Mick Mulvaney, Trump's budget director, was confirmed last week.

Speaking ahead of his meeting Wednesday, Trump promised a plan that would allocate taxpayer dollars carefully, with an eye toward reducing wasteful spending.

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