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Politics Trump budget plan would fail to eliminate deficit over 10 years, briefing document shows

22:15  09 february  2020
22:15  09 february  2020 Source:   washingtonpost.com

Trump’s new budget proposal expected to show how far he has moved away from some 2016 campaign promises

  Trump’s new budget proposal expected to show how far he has moved away from some 2016 campaign promises President Trump's 2021 budget proposal will demonstrate the arc of his first term as he abandons promises to balance the budget and make Mexico pay for the wall, while pulling back on attempts to slash foreign aid across the board in the wake of his impeachment over alleged pressure campaign on Ukraine.On immigration, health care, infrastructure and the deficit, the final budget pitch of Trump’s first term will look much different from the campaign platform he offered four years ago.

The White House is preparing to propose a budget that would fail to eliminate the federal deficit over the next 10 years, according to an internal summary of the plan obtained by The Washington Post, missing a longtime GOP fiscal target.

Donald Trump wearing a suit and tie: President Donald Trump listens as acting director of the Office of Management and Budget Russ Vought speaks during an event on © Evan Vucci/AP President Donald Trump listens as acting director of the Office of Management and Budget Russ Vought speaks during an event on "transparency in Federal guidance and enforcement" in the Roosevelt Room of the White House, Wednesday, Oct. 9, 2019, in Washington. (AP Photo/Evan Vucci)

Instead, White House officials plan to say that their budget proposal would close the deficit by 2035. During Trump’s first year in office, his advisers said their budget plan would eliminate the deficit by around 2028. This new budget will mark the third consecutive time that they abandon that 10-year goal and instead suggest a 15-year target. This new trend shows how little progress the White House is making in dealing with ballooning government debt, something party leaders had made a top goal during the Obama administration.

Trump's Budget Math Grapples With Economic Reality

  Trump's Budget Math Grapples With Economic Reality WASHINGTON — President Trump’s budget proposals have been defined by a belief that the economy will grow significantly faster than most economists anticipate. The latest version, set for release on Monday, is a brief departure: It concedes, for the first time, that the administration’s past projections were too optimistic. Then it goes right back to forecasting 3 percent growth, for the better part of a decade. Mr. Trump’s $4.8 trillion budget proposal is slightly larger than last year’s $4.75 trillion request and calls for increased spending on the military, the border wall, infrastructure and other priorities, including extending the president’s 2017 tax cuts.

Trump has shown little interest in dealing with the deficit and debt, though some GOP party leaders say it remains a priority.

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The last budget of Trump’s first term, expected to be publicly released on Monday, also calls for about $2 trillion in cuts to “non-defense discretionary programs,” a category of government spending that does not include Social Security or Medicare.

The White House promised to close the federal deficit over a similar amount of time in its budget last year, after abandoning its initial pledge to close the budget deficit in 10 years. As a presidential candidate, Trump vowed to eliminate not just the annual federal deficit but all debt held by the U.S. after eight years in office.

Democrats pan Trump's budget proposal as 'dead on arrival'

  Democrats pan Trump's budget proposal as 'dead on arrival' Democrats quickly panned President Trump's fiscal year 2021 budget proposal on Monday, pledging that it is "dead on arrival" on Capitol Hill. The $4.8 trillion plan includes cuts that would break with a two-year budget deal agreed to by both the White House and congressional leadership.Senate Minority Leader Charles Schumer (D-N.Y.) called Trump's proposal a "double-cross" of the Americans Trump promised to help during last week's State of theThe $4.8 trillion plan includes cuts that would break with a two-year budget deal agreed to by both the White House and congressional leadership.

“Trying to balance the budget in 10 years is very difficult, so having a longer time horizon makes a lot of sense,” said Marc Goldwein, a budget expert at the Committee for a Responsible Federal Budget, which advocates reducing the deficit. "Fifteen years is still very aggressive.”

The 2017 GOP tax cuts and new domestic spending approved by bipartisan majorities in Congress have increased the deficit under Trump’s administration. However, the budget summary contains the line: “All administration policies will pay for themselves, including extending tax cut provisions expiring in 2025.”

The budget is expected to request $2 billion in homeland security spending for the wall - billions less than in past years and billions less than Congress has agreed to. However the administration has siphoned billions more from the Pentagon budget ever since declaring a national emergency at the border following last winter’s government shutdown. The budget document says that the administration expects to have completed 400 miles of new border wall by the end of 2020.

Pentagon budget shows what new Air Force One paint job will look like

  Pentagon budget shows what new Air Force One paint job will look like The Pentagon on Monday revealed the final paint job plans for the revamped Air Force One presidential aircraft, a red, white and blue style reminiscent of the planes in President Trump's former airline. The Air Force is requesting $800.9 million in fiscal year 2021 for the "VC-25B Presidential Aircraft Recapitalization program." It is meant to replace the current Air Force One aircraft with two new, modified Boeing 747-8s, according to the Trump administration's defense budget request.

The budget is expected to propose 5 percent net cuts in domestic discretionary spending which is expected to include cutting the budget of the Centers for Disease Control and Prevention despite the spreading coronavirus.

In the past Congress has restored proposed cuts to the CDC budget. At the same time the budget will maintain Pentagon spending at its current level, or boost it if increases in a so-called overseas contingency account are included. As in past budgets, this one will cut heavily into programs targeting low-income communities, including slashing community development block grants and home heating assistance.The Education Department will be cut by $6 billion as the administration proposes a consolidation of elementary and secondary education, a person briefed on the proposal said.

Trump said on twitter Saturday that the budget “will not be touching your Social Security or Medicare.”

The federal debt has already grown by about $3 trillion under Trump.

Doyle McManus: Trump once vowed to wipe out the federal deficit. Now he's just pretending .
WASHINGTON - "Promises made, promises kept" has been one of President Trump's frequent boasts in his campaign for a second term. So it was a little awkward this week when his own proposed budget acknowledged, in the fine print, that several of his key promises haven't been kept at all. When Trump ran in 2016, he promised that if Congress enacted big tax cuts for corporations, economic growth would soar to 4% or more. “I actually think we can go higher,” he said.He promised to balance the federal budget in eight years, a longstanding Republican aim that those economic growth rates could make possible.Neither goal is being met — not even close.

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