U.S. President Donald Trump, faced with a budget deficit at a six-year high, on Wednesday told his Cabinet to come up with proposals to cut spending by their agencies by 5 percent, but he suggested the military would be largely spared.

"I'd like you all to come back with a 5 percent cut," Trump told his Cabinet secretaries at a meeting attended by reporters.

"If you do more than that, we will be very happy. There are some people sitting at the table ... that can really do substantially more," he said.