The national military parade touted by the Trump Administration and slated for November, is a no-go - at least for now.

ABC News reports the president announced the cancellation Friday (8/17), blaming local politicians for for "reports of a price tag tens of millions of dollars higher than the original estimated cost."

Critics had slammed the proposed Washington, DC parade as a waste of time and money, as well as a gaudy display designed to divert attention away from the administration's many troubles.

"The local politicians who run Washington, D.C. (poorly) know a windfall when they see it," Mr. Trump said in a tweet. "When asked to give us a price for holding a great celebratory military parade, they wanted a number so ridiculously high that I cancelled it."

The postponement followsf news that the cost of the parade had ballooned from its initial estimated price tag of $12 million. A U.S. official said the cost of the parade was now estimated to be $92 million.

[Source: ABC News]