President Donald Trump is offering a $4.8 trillion election year budget plan that recycles previously rejected cuts to domestic programs like food stamps and Medicaid to promise a balanced budget in 15 years — all while boosting the military and leaving Social Security and Medicare benefits untouched.
Trump’s fiscal 2021 plan, to be 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, relying on optimistic economic projections, lower interest costs, scaled-back overseas military operations and proposed cuts to agency budgets that run counter to two separate budget deals signed by Trump.
The budget “sets the course for a future of continued American dominance and prosperity,” Trump said in a message accompanying the document.
“There is optimism that was not here before 63 million Americans asked me to work for them and drain the swamp,” Trump continued, according to a full copy of the budget obtained by The Associated Press.
“For decades, Washington elites told us that Americans had no choice but to accept stagnation, decay, and decline. We proved them wrong. Our economy is strong once more.”
The plan had 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 liberal House Speaker Nancy Pelosi, D-Calif., setting the agenda.