Faced with threat of trillion-dollar-plus deficits, Trump offers a $4.8-trillion budget plan that rehashes previously rejected spending cuts.
Confronted with the threat of trillion-dollar-plus deficits for as far as the eye can see, President Trump is offering a $4.8-trillion budget plan for the upcoming fiscal year that rehashes previously rejected spending cuts while leaving Social Security and Medicare benefits untouched.
The budget’s most significant policy prescriptions — an immediate 5% cut to non-defense agency budgets passed by Congress and $700 billion in cuts to Medicaid over a decade — are nonstarters on Capitol Hill. But the Trump budget is a blueprint written as if Trump could enact it without congressional approval. It relies on rosy economic projections and fanciful claims of future cuts to domestic programs to show that it is possible to bend the deficit curve in the right direction.
The reality is that no one — Trump, the Democratic-controlled House or the GOP-held Senate — has any interest in tackling a chronic budget gap that forces the government to borrow 22 cents of every dollar it spends.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 comparable gains for domestic programs favored by Democrats.
The Trump budget also promises a $3-billion increase — to $25 billion — for NASA in hopes of returning astronauts to the moon and on to Mars. It contains a beefed-up, 10-year $1-trillion infrastructure proposal, a modest parental leave plan, and a 10-year $130-billion set-aside for tackling the high cost of prescription drugs this year.
“At the right time, we will take a look at that,” Trump said. “You know, that’s actually the easiest of all things.” After Saturday’s tweet, an administration official said, “Every current beneficiary will keep their benefits, as the President has always promised.”
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