A "MAGA" bank account for children has been proposed under President Donald Trump's new major budget bill. The savings account name, which the bill says stands for "money account for growth and advancement,

The federal government could auto-enroll your kid in a tax-advantaged ‘MAGA savings account’ if the latest House GOP tax plan becomes law.

One of the more interesting proposals in the new spending bill is the idea of creating a $1,000 savings account for every baby with a Social Security number. The accounts are officially called money account for growth and advancement, giving them the initials MAGA, matching the acronym for the Trump-led Make America Great Again movement.