Tag: Orders of magnitude (numbers)

Trump’s high-spending budget reverses longtime GOP dogma
Social Security Disability

Trump’s high-spending budget reverses longtime GOP dogma

The president’s spending outline for the first time acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not “pay for itself” as Trump and his Republican allies asserted.
If enacted as proposed, though no presidential budget ever is, the plan would establish an era of $1 trillion-plus yearly deficits.
That deal, which includes large increases for domestic programs, rendered Monday’s Trump plan for 10-year, $1.7 trillion cuts to domestic agencies such as the departments of Health and Human Services, Agriculture and Housing and Urban Development even more unrealistic.
The White House used Monday’s event to promote its long-awaited plan to increase funding for infrastructure.
Trump also is proposing work requirements for several federal programs, including housing subsidies, food stamps and Medicaid. “The Trump budget proposal makes clear his desire to enact massive cuts to health care, anti-poverty programs and investments in economic growth to blunt the deficit-exploding impact of his tax cuts for millionaires and corporations,” said Rep. John Yarmuth of Kentucky, the top Democrat on the House Budget Committee.
And that’s assuming Trump’s rosy economic predictions come true and Congress follows through — in an election year — with politically toxic cuts to social programs, farm subsidies and Medicare providers.
Last year Trump’s budget promised such ideas could generate a small budget surplus by 2027; now, his best-case scenario is for a $450 billion deficit that year, more than $300 billion of which can be traced to his December tax cut. “Not only will this tax plan pay for itself, but it will pay down debt,” Mnuchin declared in September.
They went nowhere last year.

Trump’s budget balloons deficits, cuts social safety net
Social Security Disability

Trump’s budget balloons deficits, cuts social safety net

The president’s spending outline for the first time acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not “pay for itself” as Trump and his Republican allies asserted.
If enacted as proposed, though no presidential budget ever is, the plan would establish an era of $1 trillion-plus yearly deficits.
That deal, which includes large increases for domestic programs, rendered Monday’s Trump plan for 10-year, $1.7 trillion cuts to domestic agencies such as the departments of Health and Human Services, Agriculture and Housing and Urban Development even more unrealistic.
The White House used Monday’s event to promote its long-awaited plan to increase funding for infrastructure.
Trump also is proposing work requirements for several federal programs, including housing subsidies, food stamps and Medicaid. “The Trump budget proposal makes clear his desire to enact massive cuts to health care, anti-poverty programs and investments in economic growth to blunt the deficit-exploding impact of his tax cuts for millionaires and corporations,” said Rep. John Yarmuth of Kentucky, the top Democrat on the House Budget Committee.
And that’s assuming Trump’s rosy economic predictions come true and Congress follows through — in an election year — with politically toxic cuts to social programs, farm subsidies and Medicare providers.
Last year Trump’s budget promised such ideas could generate a small budget surplus by 2027; now, his best-case scenario is for a $450 billion deficit that year, more than $300 billion of which can be traced to his December tax cut. “Not only will this tax plan pay for itself, but it will pay down debt,” Mnuchin declared in September.
They went nowhere last year.

President Trump’s Budget Would Add $7.2 Trillion in Federal Deficits Over 10 Years
Welfare

President Trump’s Budget Would Add $7.2 Trillion in Federal Deficits Over 10 Years

(WASHINGTON) — President Donald Trump unveiled a $4.4 trillion budget for next year that heralds an era of $1 trillion-plus federal deficits and — unlike the plan he released last year — never comes close to promising a balanced ledger even after 10 years.
Tax revenue would plummet by $3.7 trillion over the 2018-27 decade, the budget projects.
The spending spree, along with last year’s tax cuts, has the deficit moving sharply higher with Republicans in control of Washington.
Trump’s plan sees a 2019 deficit of $984 billion, though $1.2 trillion is more plausible after last week’s budget pact and $90 billion worth of disaster aid is tacked on.
That’s more than double the 2019 deficit the administration promised last year.
All told, the new budget sees accumulating deficits of $7.2 trillion over the coming decade; Trump’s plan last year projected a 10-year shortfall of $3.2 trillion.
The 2019 budget was originally designed to double down on last year’s proposals to slash foreign aid, the Environmental Protection Agency, home heating assistance and other nondefense programs funded by Congress each year.
“A lot of presidents’ budgets are ignored.
“In fact, Congress passed a law last week that basically undid the budget before it was even submitted.” In a preview of Monday’s release, the White House on Sunday focused on Trump’s $1.5 trillion plan for the nation’s crumbling infrastructure.
The White House is putting focus this year on Trump’s long-overdue plan to boost spending on the nation’s crumbling infrastructure.