Trump proposes a record $4.75 trillion budget

Mar 13, 2019, 00:12
Trump proposes a record $4.75 trillion budget

The administration is counting on robust growth, including from the Republican tax cuts - which Trump wants to make permanent - to push down the red ink. While such forecasts are hard to predict, the White House figure is at odds with projections made by the International Monetary Fund, which anticipates United States growth will decline to 2.5% this year and soften further in 2020 as the fiscal stimulus of the Republican-backed 2017 tax cuts fades. "However, the national debt - now more than $22 trillion - remains a grave threat to our economic and societal prosperity". Trump's request would come in his proposed budget for fiscal year 2020. The administration projects that the move will reduce the deficit from five percent of GDP in 2020 to less than one percent within ten years.

But it looks like the budgeteers can breathe easy: Trump's momentary flirtation with tightening the military belt has given way again to his habitual "bigger is better" approach.

In the last two years, President Trump and this Administration have prioritized reining in reckless Washington spending.

The request is just a part of the president's 2020 budget blueprint, which he's expected to present to lawmakers on Monday. She warned the debt load will lead to slower income growth and stalled opportunities for Americans.

President Donald Trump's "I LOVE YOU!" tweet to farmers is facing another challenge: budget cuts that will slash subsidies for crop insurance and small growers. The Oct. 1 deadline for a funding deal to keep the government running coincides with the deadline to lift the debt limit.

"We oppose cuts to education opportunities for Louisiana's children".

The budget proposal suggests eliminating 29 programs, including after-school and summer programs for students in high-poverty areas, among other things.

The latest budget aims to balance the budget in 15 years, rather than the traditional 10.

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The budget roadmap would increase defense spending by almost 5 percent to 750 billion dollars from 716 billion dollars in fiscal year 2019. If he serves eight years, Trump would leave with higher debt as a percent of GDP than when he entered office, according to White House forecasts.

"Dangerous", not serious, a "sham", they said.

By adhering to strict budget caps, Trump is signaling a fight ahead.

Yarmuth acknowledged there will likely be some divisions within his party on budget priorities, including on defense, with some who may disagree on whether to boost spending.

By comparison, proposed funding for the State Department and the US Agency for International Development (USAID) amounts to $42.8 billion, a decrease from the $55.8 billion granted by Congress the previous year.

The president's proposal, set for release Monday, also seeks to increase spending for the military but cut back sharply on money for domestic programs in the name of fiscal responsibility.

Veterans Affairs medical care requirements would get $80.2 billion under the Trump 2020 budget.

In addition, Trump's proposed budget includes $845 billion in cuts to Medicare, a program Trump vowed to protect during the 2016 presidential campaign. Some of the plans resemble proposals unsuccessfully offered by President Barack Obama in his time in the White House.

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It also provides $200 billion toward infrastructure, much lower than the $1 trillion plan Trump once envisioned.

The Mexican government has repeatedly said it has no intention of providing the money.

White House economic adviser Larry Kudlow said Trump's budget "points a steady glide path" toward lower spending and borrowing as a share of the nation's economy.

Kudlow tells Fox News Sunday he's confident that economic growth will top 3 percent in 2019 and beyond.

That money was used to finance 55 miles of wall along the Texas border.

Washington Sen. Patty Murray, the ranking Democrat on the Senate Committee on Health, Education, Labor and Pensions, also criticized the budget's Education Department proposals, saying it showed "how wildly out of sync" DeVos is. Considering that the president has already declared a national emergency to divert funds from other programs for the wall, this additional funding has been met with outrage by congressional Democrats. "The same thing will repeat itself if he tries this again", said House Speaker Nancy Pelosi, D-Calif., and Senate Democratic leader Chuck Schumer of NY. The president has asked for $506 million to hire more Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) agents. The OMB said the budget was created to balance by 2034, exceeding the traditional 10-year period that previous administrations targeted.

The budget arrives as the Senate readies to vote this week to terminate Trump's national emergency declaration. Trump could simply redirect funds again, and again, and again, depending on whether he wins re-election and Congress falls short of overturning vetoes on nullifying bills such as the one coming to the Senate this week.

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