President Donald Trump unveiled a $4.8 trillion budget for the next fiscal year.
A new $4.8 trillion budget was presented by President Donald Trump, drawing a prompt rejection from congressional Democrats, according to Reuters.
The proposed fiscal 2021 budget aims to cut down funding for many social programs, including Medicare and Medicaid, by lowering drug costs and tightening eligibility requirements for Social Security’s disability program. It also would enact new work requirements for people who get food stamps or use the Medicaid health plan for the poor. In the the document, Trump reduces his budget request to Congress for building a wall on the U.S. border with Mexico from $5 billion to $2 billion, a project that is especially popular with his political base, and asks to make more efforts to fight the opioid crisis.
Monday’s 2021 budget, which follows his Feb. 4 State of the Union address, also proposed steep cuts to housing, environmental, transportation and other programs that have been rejected by lawmakers in past years.
An optimistic sight… but a long way to go
Reuters reports that The Congressional Budget Office predicts the U.S. economy will grow 2.2% in the current fiscal year, which ends Sept. 30, and grow less than 2.0% in future years, which means economic projections are optimistic.
Trump has taken credit for the strength of the U.S. economy thanks in part to tax cuts he championed and Congress passed earlier in his term, but even though the economy grew 2.3% in calendar year 2019, other politicians like House speaker Nancy Pelosi, who said: “Americans’ quality, affordable health care will never be safe with President Trump.”
According to The Hill, Monday’s proposal put the 2021 deficit at nearly $1 trillion, and Trump’s White House is predicting that it will take 15 years to eliminate the deficit. The proposal is dead on arrival with the Democratic House, particularly in an election year. Yet it is likely to color the debates surrounding the presidential campaign and could also foreshadow fights to come if Trump wins a second term.