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Trump 2020 budget projects big deficits despite spending cuts

Trump 2020 budget projects big deficits despite spending cuts

An additional $9 billion in the military budget is listed under "emergency requirements", which may provide funds to build the border wall that President Trump is showing no signs of dropping as a political football.

Russ Vought, the acting director of the Office of Management and Budget, says the "the border situation is deteriorating by the day" with "record numbers of apprehensions". It would pay for hundreds of miles of new barriers along the U.S. -Mexico border. With Democrats in control of the House, it is unlikely that anything resembling the Trump administration's budget will be passed.

Even with his own projections, Trump's budget would not come into balance for a decade and a half, rather than the traditional hope of balancing in 10.

The White House said the plan is a legitimate effort to try to rein in a sea of federal red ink and make needed investments in the military, and that it's Congress that has shirked its duty on the spending front in recent years.

"Congress refused to fund his wall and he was forced to admit defeat and reopen the government", House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a joint statement.

In a joint Sunday statement, Senate Minority Leader Chuck Schumer, D-N.Y., and House Speaker Nancy Pelosi, D-Calif., vowed that the president's proposal would be defeated just as his previous funding request was shot down earlier this year following the lengthiest government shutdown in USA history. Trump took that step after Congress approved almost $1.4 billion for border barriers, far less than the $5.7 billion he wanted.

That figure is more than six times what Congress gave Mr Trump for border projects in each of the past two fiscal years, and 6 per cent more than he has corralled by invoking emergency powers this year after he failed to get the money he wanted.

Vought claimed in advance of the release that the budget "embodies fiscal responsibility, and takes aim at Washington's waste, fraud, and abuse" by shaving $2.7 trillion, or five percent, off the previous fiscal year's nondefense, discretionary spending. To stay within the caps, it shifts a portion of the military spending, some $165 billion, to an overseas contingency fund, which some fiscal hawks will view as an accounting gimmick.

As IJR Blue reported, the deficit ballooned under Trump because the Republican tax cuts reduced the amount of money the government was taking from the people, but spending didn't decrease at the same rate.

Presidential budgets are routinely rejected by Congress, which ultimately crafts a package that wins bipartisan support.

The budget also includes an increase of nearly 10 percent for veterans' healthcare programs from past year, and investments in opioid addiction programs, the OMB said.

President Donald Trump's 2020 budget yesterday proposed a 15 per cent cut for the US Department of Agriculture, calling its subsidies to farmers "overly generous" at a time when they are going through the worst crisis in decades because of depressed commodity prices and Trump's trade tariffs.

The proposed budget contains massive cuts to the agency overall and various environmental programs.

"The budget promotes quality education and job training, holds higher education institutions more accountable, and expands Pell Grants to high-quality short-term training programs", according to the White House.

Trump lost the first round in his battle with Congress over wall construction money, with lawmakers rejecting any appropriation for the wall, while offering almost $1.4 billion in money for barriers.

A number of Senate Republicans have said they oppose Trump moving unilaterally to move money without congressional approval and they are expected to pass a disapproval vote in the coming days. The standoff over the wall led to a 35-day partial government shutdown, the longest in U.S. history. The White House also proposed reforms to mandatory spending programs such as food stamps to cut $22 billion.

Trump's budget also calls for the extension of the 2017 tax cuts, which are now expected to expire in 2025.

"If you want to deal with budget deficits, you've got rapid growth which means keep the tax cuts in place", Kudlow said in an appearance on "Fox News Sunday". The one-time allocation is championed by the president's daughter Ivanka Trump. He said the economic policies it contains would "generate more than enough revenue to pay" for tax cuts passed on Trump's watch.

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