Just how bad is Trump's new proposed budget?


The total budget request by Trump comes to $4.7 trillion and also includes trillions of dollars in cuts to Medicare, Medicaid, and Social Security as well as a 15 percent cut to the U.S. Department of Agriculture and a 31 percent cut to the U.S. Environmental Protection Agency (EPA).

Tax cuts have been a priority for the Republican White House and Congress in recent years, rather than deficit reduction.

"Deficits have certainly worsened over the first two years, but over 10 years we believe that deficits will improve", Vought told the committee.

The budget deficit has already climbed 77 percent in the first four months of the current fiscal year through September, according to Treasury Department data. These issues include increasing security at the border and addressing the opioid crises that has devastated many parts of America.

The lackadaisical pace following Trump's February 15 declaration is proof that this is not an actual emergency, never mind the number of years it will take to build a wall once the funding source is identified, said Elizabeth Goitein, an expert on national emergency declarations at the Brennen Center for Justice. Instead, deficits have risen almost $500 billion since Barack Obama left office.

As much as we wish it were otherwise, the bad far outweighs the good in the Trump budget. The 5% hike in military spending is more than the Pentagon requested from the President.

President Donald Trump called on Monday for spending more U.S. taxpayer money on the military and a U.S. -Mexico border wall, while overhauling social safety-net programs in a budget plan likely to die in Congress but live on in his 2020 re-election campaign. Instead, the debt is now projected to hit $30 trillion (with $1 trillion annual interest payments) at the end of the coming decade.

"We are very disappointed that the president takes the position that he does, but many of these cuts were discussed in the ag committees of both the House and the Senate when they put together the farm bill, and they were rejected, " said Gene Paul, legislative coordinator at the National Farmers Organization.

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In addition, the US national debt has exceeded 22 trillion dollars, according to the budget document, which said "Washington must fix its longtime spending problem". Today, he will be asking Congress for an additional $8.6 billion, according to the officials who know 2020 fiscal budget.

It's as unusual as ever to see President Trump, who defied GOP orthodoxy on entitlements throughout his 2016 run, gesturing toward big cuts to Medicare and Social Security-voters didn't punish Trump for promising not to cut entitlements in 2016, and they apparently haven't minded much that he hasn't done anything about them since. She warned the debt load will lead to slower income growth and stalled opportunities for Americans.

Don't get us wrong, there are some positives contained in Trump's proposed spending plan - including more than $8 billion for his border wall (another failed promise) and long-overdue cuts to superfluous Washington, D.C. bureaucracies.

If this sounds familiar, it is because it is roughly the same plan the administration released in February 2018, which promised $1.5 trillion in infrastructure investments kickstarted by $200 billion in new federal spending.

On Capitol Hill, the budget landed without much fanfare from Trump's GOP allies, while Democrats found plenty not to like. It relies on 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.

The budget slashes $2 trillion from health care spending, while trying to collect $100 million in new fees from the electronic cigarette industry to help combat a surge in underage vaping.

The budget also takes aim at the US opioid epidemic with money for enforcement, drug treatment, and research. The Hagstrom Report says the proposed budget also imposes work requirements on recipients of Medicare and federal housing benefits. The OCO portion of the budget is broken down further into $66 billion worth of traditional OCO funding, and $98 billion to cover base budget priorities in order to sidestep spending limits.