Trump Administration Releases 2020 ‘Budget for a Better America’

Trump Administration Releases 2020 ‘Budget for a Better America’

Trump Administration Releases 2020 ‘Budget for a Better America’

The Trump budget plan calls for a 5 percent funding boost for the Pentagon and a 5 percent cut in nonmilitary spending, while sparing popular programs providing health care and pensions for older Americans. That report projected muted economic gains in coming years, partly because of the fading impact of tax cuts and higher spending.

The senior administration official warned if the USA government fails to address the nation's outstanding debt, interest payments alone would double by 2023 and exceed spending on the United States military the following year.

Under Trump's proposal, the budget deficit is projected to hit $1.1 trillion next year - the highest in a decade.

A section of the border wall is constructed on the USA side of the border in Tijuana, Mexico, on January 28, 2019. "Instead of investing in OH communities so they can grow and create jobs, President Trump is asking Ohioans to pay for tax cuts for millionaires by gutting Great Lakes programs and eliminating economic development efforts".

Perhaps you thought our latest knock-down, drag-out wall fight-the game of chicken that led to the longest government shutdown in history, followed by Trump's breaking the glass on a national emergency declaration-would be the last battle over the border wall for a while. When we started the conversation throughout past year, Democrats were saying there's no national emergency. "The same thing will repeat itself if he tries this again", said House Speaker Nancy Pelosi, a Democrat from California, and Senate Democratic leader Chuck Schumer of NY. They said the money "would be better spent on rebuilding America".

House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Charles Schumer, D-N.Y., added that Trump caused a government shutdown in December because he defied Congress and demanded a wall. "We hope he learned his lesson", they said.

"We are going to confront the national-security crisis on our southern border", he said, announcing the declaration from the White House Rose Garden on February 15.

"Now that we have our military taken care of, we have our law enforcement taken care of, we can do things that we really weren't in a position to do when I first came", he said at the time.

"We will still be looking at $1 trillion deficits", Vought said. "It's a crisis of economics, it's a crisis of crime and drugs, it's a crisis of humanity".

Like last year's $4.4 trillion Trump budget, which was dead on arrival on Capitol Hill, the 2020 version relies on rosy economic projections to achieve projected balance in the future. He said lawmakers need to break the custom of matching increases in defense spending with boosting domestic funding.

Trump's call for deep cuts to Medicaid - whichinsures over 70 million low-income Americans - is in line with his administration's previous budgets and his efforts to kick millions off the program byapproving punitive work requirementsat the state level.

But Trump's own budget calculations show that reducing taxes and making heavy cuts to domestic programs doesn't balance the budget (at least not for 15 years and not without some big assumptions). He also told "Fox News Sunday" that there was no reason to "obsess" about deficits, and expressed confidence that economic growth would top 3 percent in 2019 and beyond. "We think that's much more realistic", he said. And the political dynamics that enabled bipartisan deficit-cutting deals decades ago has disappeared.

The White House forecast in its budget that the economy will grow at an average of 3 per cent each year over the next decade, including 3.2 per cent in 2019.

But Kudlow said he was not anxious by some predictions the American economy will only advance a little in the first three months of this year and not much more than 2 percent this year. In terms of what he's going to campaign on, however-well, we'll just have to wait and see. If Trump can win on his declaration in court - and there's a reasonably good chance of that - he can continue to redirect funds in each budget year until the emergency comes to an end.

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