Pres. Trump budget calls for return to 'fiscal sanity'

Pres. Trump budget calls for return to 'fiscal sanity'

Pres. Trump budget calls for return to 'fiscal sanity'

This time, though, the President will up the ane, requesting a staggering $8.6 billion to finish major sections of the wall, and begin construction in earnest ahead of the 2020 presidential elections, according to an exclusive report from Reuters.

Vought, speaking on CNBC, says the proposed budget will also have cuts in discretionary spending, such as foreign aid and in welfare "reforms".

"President Trump hurt millions of Americans and caused widespread chaos when he recklessly shut down the government to try to get his expensive and ineffective wall, which he promised would be paid for by Mexico", the two Democrats said in a statement. The Democratic-led House already did so, and Trump's Republican allies in the Senate, uneasy over his move, are expected to follow suit.

The White House economic adviser, Larry Kudlow, said Trump's budget "points a steady glide path" toward lower spending and borrowing.

The Trump administration is using a war contingency fund as a means to get around the defence budget limit, which legislators have already derided as a budget gimmick. While the administration will tout the formality as a big deal full of big cuts, the president's request will largely go ignored by Congress when they get to moving on the real federal funding action. Some of that new spending-$506 million of it, to be precise-would be used to hire an estimated 2,800 additional law enforcement officers and critical support personnel at U.S. Customs and Border Protection and U.S. Immigration and Customs Enforcement.

To avoid another government shutdown, Congress will have to pass the 2020 budget by October 1, when the 2020 fiscal year starts.

Presidential budgets are always as much about politics as they are about financial planning-maybe more so.

The Republican president's $4.7 trillion budget was immediately panned by Capitol Hill Democrats, who blocked his push for a border wall during a standoff previous year that led to a five-week partial shutdown of the federal government.

Broadly speaking on the budget, Kudlow told Fox, "The president is proposing roughly a 5 percent across-the-board reduction in domestic spending accounts".

The latest budget aims to balance the budget in 15 years, rather than the traditional 10. "We hope he learned his lesson", Schumer and Pelosi said in the statement.

The Democratic chair of the House budget committee, Congressman John Yarmuth of Kentucky, called the proposed cuts to essential services "dangerous". The budget anticipates growth of 3.2 percent in the coming year, considerably stronger than most outside forecasters, and stronger than the US achieved in 2018.

"America is roaring back, and now is the time to invest in the future of America", President Donald Trump said of the newly released budget entitled, "A Budget for A Better America: Promises Kept".

As I detailed last week, the budget plan attempts to skirt budget caps in order to increase military spending by $34 billion, bringing the Pentagon's budget to $750 billion.

The blueprint also provides funding for the Women's Global Development and Prosperity Initiative, a project of the president's daughter, Ivanka Trump. It would also increase resources to fight the opioid epidemic with money for prevention, treatment, research and recovery, the administration said.

The Democratic-controlled House voted last month by 245-to-182 to nullify Trump's emergency declaration.

He declared the emergency after Congress approved only $1.375 billion for construction of 55 miles (90 kilometers) of barriers along the border in Texas.

The budget calls the approach "MAGAnomics", after the president's "Make America Great Again" campaign slogan.

The White House included a similar concept in the previous year's budget proposal, but rejected a similar scheme in MA, arguing it was illegal for the state to accept rebate payments from drugmakers without covering all available treatments.

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