REUTERS – 02/10/2020: Donald Trump has big plans for the upcoming 2024. It doesn’t matter that there’s a chance he’s not going to be in the office, he will propose a $4.8 trillion budget. But, the chances are this proposal is going to be refused. Part of his suggestions is cutting in departments of foreign aid and social safety, which is not something lawmakers will approve.
The date when the budges for the upcoming fiscal year will be announced on October 1st. But, parts of it are already known, and officials from Trump’s administration confirmed minor details. The way it stands now, both Republicans and Democrats will have objections to this budget.
The Democrats don’t approve cuts in domestic programs, while the Republicans are worried about growing debt and deficit.
Trump’s budget proposal would require foreign aid to be cut from $55.7 billion to $44.1 billion. A 21% drop compared to this year’s budget. Part of the new budget would be centered on creating savings in programs such as Medicare by reforming drug prices and improving food stamps programs.
The last budget that Trump signed increased spending in areas such as defense and various other domestic programs. This time around, POTUS wants to make cuts on both domestic and foreign programs, but it remains unclear if Congress would allow it. The increase that Trump allowed on domestic programs with previous only increased the debt.
President Trump’s new budget also predicts funds that would go directly to his upcoming presidential campaign. This type of budget will hardly pass, as it has items on it that are directly correlated to his voting body. For example, Trump wants funds injected directly in his Mexico-wall project, which is highly popular with his voters.
The one budget increase that will most likely be approved is the 0.3% increase in military spending, which would give the US Army a yearly budget of $740.5 billion.