Trump to Propose $4.8 Trillion Budget, Big Safety-Net Cuts: DJ
(Bloomberg) -- President Donald Trump will propose a $4.8 trillion budget on Monday, with sharp cuts to safety-net programs and international aid, The Wall Street Journal reported, citing a senior administration official.
The proposal would cut non-defense spending by 5% to $590 billion, which is below what Congress and Trump agreed to in a two-year budget deal last summer.
- Trump would increase military spending by 0.3% to $740.5 billion for the fiscal year 2021, which starts on Oct. 21.
- Spending cuts of $4.4 trillion over a decade would target $2 trillion in savings from mandatory spending programs, including cuts of $130 billion tied to Medicare drug-pricing and $292 billion from safety-net programs, such as food stamps and Medicaid.
- The budget assumes the $1.5 trillion tax-cut package enacted in 2017 and set to expire by 2025 is extended.
- The plan would request $2 billion in new funding for the wall along the U.S. southern border, less than the $5 billion the administration sought last year.
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