Trump will ask $8,600 million for border wall in his 2020 budget

Trump will ask $8,600 million for border wall in his 2020 budget

In March of 2016, then-candidate Donald Trump told The Washington Post that he could eliminate the entire USA debt in eight years.

President Donald Trump attends a meeting Thursday in the Oval Office at the White House. It also envisions budget deficits topping $1 trillion from 2020 through 2022.

That's the rosy forecast.

On Capitol Hill, the budget landed without much fanfare from Trump's GOP allies, while Democrats found plenty not to like.

"There is much to be concerned by in the Trump Administration's proposed budget, which is chock-full of short-sighted, draconian cuts to critical programs like medical research, education, environmental protection, transportation, and health care".

Trump's light policy load is also a function of his increasingly strained relationship with Congress. Rob Portman, R-Ohio. Furthermore, the budget would preclude the Defense Department from any funding caps that are set to take place during fiscal year 2020-all positive news for the Direxion Daily Aerospace & Defense Bull 3X Shares (NYSEARCA: DFEN).

Perhaps most notably among spending proposals, Trump is returning to his border wall fight.

To put it another way, if the economy doesn't have an awe-inspiring ride in the next decade and instead performs more like what CBO anticipates, Trump would be on track to add close to $10 trillion to debt held by the public by 2025 - more than the $7 trillion added under former President Barack Obama. And, for the first time, the budget proposes an innovative approach to providing teachers the freedom and flexibility to chart their own course for professional development through teacher vouchers. That's offset with a total of $1.9 trillion in cost savings from mandatory safety net programs, like Medicare, breaking a repeated promise by the President not to cut those services.

The White House billed the pay raise as the largest in a decade.

Stacy Dean, vice president for food assistance policy at the Center on Budget and Policy Priorities, said childless adults age 18 to 49 who receive Supplemental Nutrition Assistance Program (SNAP) benefits, or food stamps, already must work 20 hours per week, though the latest proposal appears to extend the requirement to adults up to age 64.

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There's also money to hire more than 2,800 additional law enforcement officers, including Border Patrol agents, at a time when many Democrats are calling for cuts - or even the elimination - of Immigration and Customs Enforcement. The administration is counting on robust economic growth, including from the 2017 Republican tax cuts, to push down the red ink.

"The room to maneuver is shrinking because the vast majority of USA government spending goes toward entitlements and not discretionary spending", wrote Torsten Slok, chief worldwide economist at Deutsche Bank in a note to clients that included the chart below. "Donald Trump promised the American people that he would be a different type of Republican, that he would be a champion of the working American and that he would not cut Social Security, Medicare, and Medicaid".

$1.8 billion to support the improved administration of the student aid programs, including the modernization of student loan servicing through the Next Generation Financial Services Environment.

Democrats pounced on it, saying Trump broke his vow and that they would blast this in 2020 campaign ads.

The Education Department, however, is asking for a $60 million increase - up to $500 million - to support the expansion of charter schools, $50 million toward states' efforts to create weighted or student-centered funding formulas, and an increase from 3% to 5% for Direct Student Services set aside under Title I. One objective of this increase, Blew said, is to help students - particularly in rural areas - access higher-level courses like Advancement Placement classes that are not available in their local districts.

"The impact on care for seniors would be devastating", said FAH President and CEO Chip Kahn. "Medicare prescription drug negotiation is not one of them".

The White House's new budget envisions cutting hundreds of thousands of people from Medicaid's rolls by asking them to get a job.

The White House projected that the government will pay 482 billion dollars on interest payments for the debt next year.

"We will still be looking at $1 trillion deficits", Vought said. "We're the only country making our debt worse, which means when we hit a recession or national security crisis, the wheels are really going to come off fiscally".

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