Trump to release $4.7 trillion budget that locks in $1 trillion deficits, boosts military spending and cuts to social safety net
By Damian Paletta , Damian Paletta Reporter covering economic policy Email Bio Follow Erica Werner and Erica Werner Congressional reporter focusing on economic policy Email Bio Follow Jeff Stein Jeff Stein Reporter for Wonkblog Email Bio Follow March 11 at 11:15 AM President Trump is releasing a $4.
Trump’s “Budget for a Better America” also includes dozens of spending cuts and policy overhauls that frame the early stages of the debate for the 2020 election. For example, Trump for the first time calls for cutting $845 billion from Medicare, the popular health care program for the elderly that in the past he had largely said he would protect.
“With severe cuts to essential programs and services that would leave our nation less safe and secure, the Trump budget is as dangerous as it is predictable. It has no chance in the House,” House Budget Chairman John Yarmuth said ahead of the document’s release.More broadly, Tump’s budget would impose mandatory work-requirements for millions of people who receive welfare assistance while dramatically increasing the defense budget to $750 billion next year, a 5 percent increase from 2019.
The budget foresees a $1.1 trillion deficit in 2019, 2020, and 2021, and a $1 trillion deficit in 2022. There is a crowded field of Democrats seeking to win their party’s primary to challenge Trump next November. While Trump has called for boosting the military, cutting taxes, and cutting the budgets of domestic agencies and social welfare programs, many of the Democrats have proposed something much different.
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