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Trump presents $4.8 trillion Budget Proposal

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President Trump on Monday unveiled a $4.8 trillion budget proposal that includes spending cuts that would nullify a two-year deal negotiated with Congress last summer.

The new budget for the 2021 fiscal year beginning in October includes $590 billion in non-defense spending and $740.5 billion in defense spending. The total $4.8 trillion figure also anticipates about $3.5 trillion in spending on Social Security, Medicare and other entitlements.

The August deal hammered out by Trump in talks with the House and Senate raised spending for both defense and domestic spending.

Under the new budget, the defense figure is the same, but the domestic spending is cut through changes to a slew of federal programs and agencies.

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The new budget shows where the president’s priorities are, both for this year and a second term if Trump wins reelection, and some of the proposals could turn into budgetary battles later this year.

The Trump budget proposes slashing Commerce Department funding by 37 percent, the Environmental Protection Agency by 26 percent, the Department of Housing and Urban Development by 15 percent, the Department of Health and Human Services by 9 percent and the Education Department by 8 percent. 

Though the budget forecasts a $1 trillion deficit for 2020 and a $966 billion deficit in 2021, it lays out a plan for eliminating the deficit over 15 years, a longer time frame than the typical decade-long budget window.

To do so, Trump would cut domestic spending while reducing costs to Medicaid and Medicare.

The administration would seek to reduce costs by capping or block granting Medicare benefits, adding work requirements to a slew of medical and anti-poverty programs or implementing changes that might otherwise lower the costs of Medicare and Medicaid.

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