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m3n4.net March 21, 2019


Trump to seek another US$8.6b for border wall

12 March 2019, 12:43 | Tara Lloyd

Trump Plan Postpones Balanced Budget Despite Deep Spending Cuts

Trump to seek another US$8.6b for border wall

This new request would be on top of the almost $7 billion Trump has ordered to be used to build a wall under his state of emergency declaration.

"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", they said in a joint statement on Sunday.

Democrats' top congressional leaders, though, say it's a no-go.

The House Budget Committee displays copies of President Trump's new budget proposal on Capitol Hill on Monday morning.

The President's blueprint also revisits the political fight over border wall funding that triggered this past winter's partial government shutdown.

However, Trump's plan would prolong federal deficits, with the administration estimating it would put the USA on track for a balanced budget by 2034.

Growing budget deficits would run contrary to the narrative put forth by the Trump administration that a package of tax cuts that took force a year ago will pay for themselves through faster economic growth.

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

While President Donald Trump's new budget Monday reflects White House funding priorities, it has little if any chance of becoming law, as Democrats who control the House strongly disagree with what they consider the bookkeeping gimmickry accompanying it.

Broadly speaking on the budget, Kudlow told Fox, "The president is proposing roughly a 5 percent across-the-board reduction in domestic spending accounts". Vought has said it was part of plan to increase defense spending and cut the nondefense side of the budget. Trump's budget calls for $200 billion in new infrastructure spending, though White House officials say they are deliberately not offering many specifics on how the funding should be used and hope to work with Congress on that front.

Democrats have called the proposed cuts to essential services "dangerous".

Kudlow predicted that US economic growth can continue at 3 percent in 2019 and beyond, even as many private economists look for a slowdown this year as the impact of the 2017 Republican tax cuts wears off.

The White House doesn't forecast a balanced budget at any point during Trump's presidency, even with rosy projections for economic growth.

"This is a budget for the military industrial complex, for corporate CEOs, for Wall Street, and for the billionaire class", Sanders said.

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Pelosi and Schumer said Sunday the money would be better spent on projects like education and workforce development, among other things.

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 also calls on increased military spending, another in a string of proposals that prompted Democrats to label the budget a non-starter that will not win congressional support.

The administration will invest more than $80 billion for veterans services, a almost 10 per cent increase from current levels, including "significant" investments in rehabilitation, employment assistance and suicide prevention. With Pentagon officials and private researchers talking up the supposed threat of China and Russian Federation, the budget promises to fund "strategic competition" with the two burgeoning superpowers, as well as efforts to deter North Korea and Iran and counter global terrorism.

The $8.6 billion would include $5 billion from the Department of Homeland Security and $3.6 billion from the Pentagon's construction budget.

The Department of Justice is afforded $330 million in the budget to fight the opioid crisis that has been an increasing focus of the Trump administration.

The budget arrived as the Senate readies to vote this week to terminate Trump's national emergency declaration.

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