Trump proposes a record $4.75 trillion budget

President Trump Sends Record Breaking Budget to Congress

Russ Vought, acting director of the Office of Management and Budget, said Trump's spending plan "embodies fiscal responsibility". The deficit ran to US$900 billion in 2019 and the national debt has ballooned to US$22 trillion.

Still, Trump contended the nation is experiencing "an economic miracle".

The budget makes no immediate progress on reducing the federal deficit or the national debt, issues once paramount to Trump's fellow Republicans.

President Donald Trump is reviving his border wall fight, preparing a new budget that will seek $8.6 billion for his signature project, impose steep spending cuts to other domestic programs and set the stage for another fiscal battle. As long as we keep our policies intact, low tax rates for individuals and businesses, across the board deregulation, lighten the paperwork, let small businesses breathe and get a good rate of return.

Vought said in a statement Sunday night that the document will outline the administration's key funding priorities.

Funding legislation needs to be passed before October 1 - the start of the 2020 federal fiscal year - or the government could shut down again.

In its proposal, the White House is calling for a cut to the overall level of non-defence spending by 5 per cent next year below current federal spending caps, a almost $USD30 billion reduction.

The budget also imposes work requirements for those receiving food stamps and other government aid as part of the cutbacks. He added that the cuts to crop insurance totalled US$26 billion. It would cut another $207 billion by making changes to student loan programs over 10 years and an additional $200 billion by changing federal retirement programs and making major changes to the US Postal Service.

Trump called for defense spending to rise by 4 percent to $750 billion, using the emergency Overseas Contingency Operations (OCO) account - derided by conservatives as a slush fund - to skirt spending caps set out in a 2011 fiscal restraint law.

Rep. Nita M. Lowey (D-N.Y.), chair of the House Appropriations Committee, saidthe proposal is "not even worth the paper it's written on". They're still saying that, ' he said.

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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.

Treasury Department figures show a 77 percent spike in the deficit over the first four months of the current budget year, driven by falling revenues and steady growth in spending. It would also increase military spending by 5 per cent to $USD750 billion, up from $USD716 billion. He also would increase defense spending, immigration enforcement, veterans' health care, and opioid addiction programs, but slash pretty much everything else.

It would also cut federal subsidies to farmers, add a user fee on e-cigarettes and end a tax credit for electric vehicle purchases. Trump's 10-year, 1.5-trillion-dollar infrastructure bill that the White House released in February 2018 ended up stranded in the legislative process.

The president's budget forecasts 3 percent growth every year for the next decade, while most other experts, including the non-partisan Congressional Budget Office, predict growth will be just under 2 percent a year.

That money was used to finance 55 miles of wall along the Texas border. Fresh off the longest government shutdown in history, his 2020 plan shows he is eager to confront Congress again over the wall.

"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", Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer said Sunday in a joint statement.

"We hope he learned his lesson", the duo continued, adding that the money should be spent on education and workforce development.

That will be on top of the 6.7 billion US dollars in wall funding that Trump has ordered redirected from other government programs under a national emergency he declared last month. The administration put the blame on Congress for ignoring proposed cuts past year, which has resulted in delaying when balance can be achieved.

The budget would arrive as the Senate readies to vote this week to terminate Trump's national emergency declaration. Congress appears to have enough votes to reject Trump's declaration, but not to overturn his pledged veto of their action. The Republican-led Congress last year rejected Trump's proposed cuts and instead approved $1.21 billion in program funding for fiscal year 2019.

The wall with Mexico punctuated Trump's campaign for the White House, and it is expected to again be featured in his 2020 re-election effort.

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