President Trump has released his budget proposal for the 2021 fiscal year. The proposal comes in at $4.8 trillion and assumes $3.7 trillion in revenue. The proposal serves as a blueprint for the administration’s agenda, but must still pass through Congress.
The budget proposal features increased spending for defense and cuts to some domestic programs. Last year’s budget followed a similar theme but was ultimately changed once it reached Congress. Democrats control the House of Representatives and generally oppose cuts to domestic programs.
The budget raises military spending by 0.3%. The defense budget would reach $740.5 billion. The proposal includes increased spending for veterans, something sure to gain bipartisan support.
The budget would trim spending by $4.4 trillion over 10 years. The proposal saves money on safety net programs by tightening eligibility rules for federal disability benefits, increasing work requirements on Medicaid and food stamps, and changing prescription drug pricing for Medicare patients.
The proposal faces stiff opposition in the Democratic-controlled House of Representatives. Disagreements over the budget led to a 35-day government shutdown to close out 2018. Pundits do not expect a shutdown this year, as federal elections loom in November. Stopgap measures are expected to carry the government spending until after the election.