President Donald Trump is offering a $4.8 trillion budget plan that rehashes previously rejected spending cuts while leaving Social Security and Medicare benefits untouched. That's all while boosting the military, but proposing cuts to Medicaid.
Trump’s fiscal 2021 plan, which is being released Monday, promises the government's deficit will crest above $1 trillion only for the current budget year before steadily decreasing to more manageable levels. The proposal reportedly calls for the deficit to drop to $261 billion in fiscal year 2030 and be balanced in 15 years.
The Associated Press reports Trump's budget is based on rosy economic projections of 2.8% economic growth this year and 3% over the long term — in addition to future cuts to domestic programs.
The plan has virtually no chance, even before Trump's impeachment scorched Washington. Its cuts to food stamps, farm subsidies, Medicaid and student loans couldn't pass when Republicans controlled Congress, much less now with Democrats and House Speaker Nancy Pelosi.
“Year after year, President Trump’s budgets have sought to inflict devastating cuts to critical lifelines that millions of Americans rely on,” she said in a statement obtained by AP. “Americans’ quality, affordable health care will never be safe with President Trump.”
Medicaid provides care to more than 70 million poor and disabled people.
AP reports the budget would also make cuts to the Environmental Protection Agency, something likely to not go over well on Capitol Hill.
Both the White House and Democrats are hoping to make progress on lowering the cost of prescription drugs.