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Trump 2020 budget projects big deficits despite spending cuts

12 March 2019

The deficit is projected to hit $1.1 trillion in the 2020 fiscal year, the highest in a decade. The corporate tax cuts are completely paid for. The debt held by the public would grow from almost $18.1 trillion in fiscal 2020 to $24.8 trillion in fiscal 2029.

While conservatives usually detest the use of this budget gimmick because it allows Congress to spend even more, he is suggesting we use it to assuage the fears of military spending hawks so it frees us up to fight to cut spending across the board without fear of collateral damage to the military.

President Donald Trump will be seeking $8.6 billion in his new budget to build the U.S. -Mexico border wall, setting up another showdown with lawmakers who have resisted giving him more money for his signature campaign promise.

Billed as "A Budget for a Better America", the 2020 budget contains almost $2.7 (£2 / €2.4) trillion in savings according to Office of Management and Budget acting director Russell Vought. She warned the debt load will lead to slower income growth and stalled opportunities for Americans.

This time, though, the President will up the ane, requesting a staggering $8.6 billion to finish major sections of the wall, and begin construction in earnest ahead of the 2020 presidential elections, according to an exclusive report from Reuters. During the 2016 presidential campaign, Trump said he would not cut Medicare or Social Security, the retirement program for the elderly, but his budget previous year also included a proposed cut of more than $550 billion to the program. It takes aim to eliminate or reduce ineffective programs and "reduces spending by $2.7 trillion over 10 years".

The budget imposes work requirements for those receiving food stamps and other government aid as part of the cutbacks. The Environmental Protection Agency (EPA) would face a 31 percent cut, the largest of any single department or agency, while the Department of State would see a 23 percent reduction.

The White House plans to rely on this strategy next year, too, to get around budget caps.

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The plan sticks to budget caps that both parties have routinely broken in recent years. The budget plan will also assume continued robust economic growth in the U.S. Otherwise, it will just result in the same capitulation we saw in February 2018, when Trump agreed to bust the budget caps for two years, even with Republicans in control of the House.

The top Democrat on the Appropriation Committee, Sen. Democratic presidential candidates "should be raising this issue morning, noon and night", said Blumenthal, who co-sponsored a Medicare-for-all proposal in the last Congress. Now, of course, the Democrats hold the House of Representatives. We have trillion dollar deficits that are far as the eye can see and we need to do something about it.

Key priorities as outlined in a White House list of talking points are 'addressing wasteful Washington spending, strengthening our southern border, promoting a healthy American economy, and maintaining a strong national defense'. Previously this year it will be $716 billion.

Veterans' healthcare receives $80 billion, and $4.8 billion is allocated to fight America's ongoing opioid epidemic.

It provides $500 million in new spending over the decade on child cancer research.

The White House claims its plan would balance the budget within 15 years-and that's only possible because the budget assumes 3 percent annual economic growth, a very rosy outlook.

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Larry Kudlow, the White House chief economic adviser, brushed aside budget deficit concerns on Sunday, arguing that markets are not overwhelmingly anxious about federal spending. I think the president has made that case effectively. He's going to stay with his wall and he's going to stay with the border security theme.

Leading Democrats rejected the proposal before it was formally released. But Congress refused and the president was "forced to admit defeat" and reopen the government, they added.

"President Trump hurt millions of Americans and caused widespread chaos when he recklessly shut down the government to try to get his expensive and ineffective wall, which he promised would be paid for by Mexico", House Speaker Nancy Pelosi, Democrat of California, and Senate Democratic Leader Chuck Schumer of NY said in a joint statement Sunday. They just keep spending the money of future generations.

The proposal will also include $1bn for a childcare fund that would seek to improve access to care for underserved populations, a White House official said. 'The Budget requests the resources necessary to continue constructing physical barriers on the border, increases the manpower of ICE and CBP, and proposes policy changes to end sanctuary cities'.

But the emergency declaration is likely to be tied up in the courts. Congress appears to have enough votes to reject Trump's action, but not enough to overturn his pledged veto. The standoff over the wall led to a 35-day partial government shutdown, the longest in USA history.

The White House officially released the broad details of its fiscal 2020 budget on March 11.

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Trump 2020 budget projects big deficits despite spending cuts