US Defence Spending Up 5% In Trump's 2020 Budget Plan

US Defence Spending Up 5% In Trump's 2020 Budget Plan

U.S. Sen. Ed Markey, D-Massachusetts, contended that the president's budget requests "have become an annual exercise in absurdity at this point".

"It's a new fiscal year, but the Trump budget is telling the same, cruel story: corporations before working Americans".

That's the rosy forecast. Here's a big problem with that: Many economists - including government forecasters - say GDP growth is likely to be far below that.

Trump's budget, which tops out at $4.75 trillion, will now go to Congress, where Democrats have already said it won't pass.

Multiple lawsuits have also been filed in hopes of blocking Trump's emergency declaration - the first such national emergency in the 43 years of the law's existence that attempts to overrule a policy and funding choice that was specifically made by Congress. In February 2018, the White House reversed the massive cuts it had proposed to science agencies in 2019 at the last minute, after Congress raised funding caps for non-defence spending. Rob Portman. "And every year, we have successfully defeated those efforts and ensured that this critical program receives full funding". That extra percent of growth saves Trump more than $3 trillion, according to Riedl's calculations.

"After the tragedy in Parkland, Florida, the President established the Federal Commission on School Safety to assess and develop Federal, State, and local policy recommendations to help prevent violence in schools", the 2020 budget proposal reads. A little over two years into his term, the verdict is officially in: Despite his campaign claims to the contrary, Trump is no fiscal conservative.

Trump's debt binge is occurring for two reasons. Trump's economic advisers insist that his plan would lead to a balanced budget by the mid-2030s because his tax cuts would stimulate economic growth, an assumption that many economists believe view as fanciful.

The Democratic chairman of the House Budget Committee, Rep. John Yarmuth of Kentucky, said Trump added almost $2 trillion to deficits with the GOP's "tax cuts for the wealthy and large corporations, and now it appears his budget asks the American people to pay the price".

Acting Director of the Office of Management and Budget Russ Vought says cuts are needed to balance the budget in 15 years.

"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. According to the White House, we should expect gross domestic product growth of about 3 percent as far as the eye can see.

The Trump administration warns that the largest threat to economic prosperity is the federal deficit, which is now at $22 trillion, and interest payments that would exceed defense spending by 2024 if nothing is done. So, what happened to Trump's promise? But it does serve as an early manifesto of his 2020 re-election campaign. For a sense of the scale of the war allocation, the $164 billion OCO fund by itself is roughly equal to the total military budget of China, at $168 billion, and almost three times the $63 billion military budget of Russian Federation. Another $845 billion would be slashed from Medicare by slashing reimbursements to hospitals and other health care providers and eliminating "waste, fraud and abuse".

But it looks like the budgeteers can breathe easy: Trump's momentary flirtation with tightening the military belt has given way again to his habitual "bigger is better" approach.

Non-defence spending was held below those caps, thanks to steep proposed funding cuts to the State Department (23 per cent) and Environmental Protection Agency (31 per cent), among others.

Presidential budgets are usually dismissed as overly political and unrealistic, akin to a lengthy holiday wish list for gifts.

Yarmuth told reporters at a pen-and-pad on Monday that Democrats plan to rely on baseline estimates by the Congressional Budget Office, which now forecasts 2.3% for 2019, in drawing up a counteroffer. Deficits usually narrow when the economy is good and we're not engaged in a major war.

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