With months left before presidential elections, President Donald Trump
is due to unveil a budget roadmap on Monday that abandons key
deficit-cutting promises based on lofty and unlikely economic growth
assumptions.
The final spending plan of Trump’s first term in office faces
near-certain defeat in the Democrat-controlled House of Representatives
but offers a window on the administration’s priorities.
The budget makes cuts to social programs, environmental protection
and foreign assistances, to fund defense spending and extend tax cuts
for wealthy individuals and companies, according to officials and
multiple US media reports.
The proposal again abandons the stated goal of closing the budget
deficit in 10 years, instead of pushing the target date to 2035,
according to media citing White House documents.
However, even that extended timeline assumes the US economy will grow
by 3.0 percent a year, which would support higher tax revenues,
something not achieved consistently in over a decade, and unheard of for
an economy after 11 consecutive years of growth.
Despite pledging to pursue the Republican’s long-held war on
deficits, the Trump administration has shown little interest in tackling
the issue with the gap expected to hit $1 trillion this year amid
growing government debt — double the estimate in his first budget plan.
The $4.8 trillion proposals this year calls for $2 trillion in cuts
to non-defence programs, including safety net programs such as food
stamps, and savings from the Medicare prescription drug coverage.
Cutting critical lifelines
Russell Vought, Trump’s acting budget director, said Monday the proposal
will include over $740 billion for defence spending, a 20 percent
increase.
And the massive $1.5 trillion in tax cuts, mostly benefitting the wealthiest, will be extended beyond 2025.
Democratic House Speaker Nancy Pelosi lambasted the proposal.
“The budget is a statement of values and once again the president is
showing just how little he values the good health, financial security
and wellbeing of hardworking American families,” she said in a
statement.
“Year after year, President Trump’s budgets have sought to inflict
devastating cuts to critical lifelines that millions of Americans rely
on.”
But Vought defended the plan and called on Democrats to approve the required spending cuts.
“We believe we can make a big dent (in deficits) and get back into the realm of fiscal responsibility,” he said on CNBC.
But “it’s necessary to have restraint on non-defence spending,” including a 21 percent reduction for foreign aid.
He called the plan “a post-policy budget” which assumes the administration’s policy priorities will be enacted by Congress.
He also defended the 3.0 percent growth targets saying the goal is “entirely possible to be able to hit in the next 10 years.”
Trump also is expected to request $2 billion in homeland security
spending for the US-Mexico border wall, boost spending for NASA by 12
percent while slashing the Environmental Protection Agency by 26
percent.
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