President Trump unveils $4.8T election-year budget plan that recycles previously rejected cuts to domestic programs like food stamps and Medicaid, while leaving Social Security and Medicare benefits untouched.
The Trump budget is a blueprint written under Washington rules as if he could enact it without congressional approval. It relies on rosy economic projections of 2.8% economic growth this year and 3% over the long term — in addition to fanciful claims of future cuts to domestic programs — to show that it is possible to bend the deficit curve in the right direction. The economy grew by 2.1% last year.
Trump’s reelection campaign, meanwhile, is focused on the economy and the historically low jobless rate while ignoring the government’s budget. Trump has also signed two broader budget deals worked out by Democrats and Republicans to get rid of spending cuts left over from a failed 2011 budget accord. The result has been eye-popping spending levels for defense — to about $750 billion this year — and significant gains for domestic programs favored by Democrats. Trump's new budget essentially freezes defense at current levels while proposing a 3% military pay hike.
Trump's U.S.-Mexico border wall would receive a $2 billion appropriation, more than provided by Congress but less than the $8 billion requested last year. Trump has enough wall money on hand to build 1000 miles of wall, a senior administration official said, most of it obtained by exploiting his budget transfer powers. The official requested anonymity to discuss the budget before it is made public.
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