President Trump released a fiscal year 2020 budget Monday that relies on sunny projections for economic growth and trillions in budget cuts to achieve the goal of balancing the budget by 2034.
Trump calls for $2.7 trillion in spending cuts over the next 10 years through major decreases in domestic spending. Much of that would be achieved through $1.9 trillion in cuts to entitlement spending.
The budget also proposes $8.6 billion in new funding for Trump’s promised Mexican border wall.
The budget is a proposal for spending and taxing over the next 10 years and, like other recent presidential budgets, is dead on arrival in Congress. But it sets Trump’s priorities for government funding for next year. Budget talks will heat up in the next several months as Congress and Trump look both to fund the government and raise the federal debt ceiling before fall deadlines.