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Sunday, February 9, 2020

Trump to propose $4.8 trillion U.S. budget with large cuts in safety nets: Wall Street Journal

© Reuters.  Trump to propose $4.8 trillion U.S. budget with large cuts in safety nets: Wall Street Journal© Reuters. Trump to propose $4.8 trillion U.S. budget with large cuts in safety nets: Wall Street Journal

(Reuters) - U.S. President Donald Trump will release a $4.8 trillion budget on Monday that will propose steep cuts to social safety net programs and foreign aid, the Wall Street Journal reported on Sunday.

The budget will raise military spending by 0.3% to $740.5 billion for the fiscal year 2021, starting Oct. 1, the Journal reported, citing a senior Trump administration official.

It will also propose higher outlays for defense and veterans, according to the report.

Trump, a Republican, on Monday planned to release his budget, a blueprint for administration spending proposals that is unlikely, again, to be passed by the Democratic-controlled House of Representatives, particularly in an election year.

According to the Journal, the White House proposes to slash spending by $4.4 trillion over 10 years. The Trump budget targets $2 trillion in savings from mandatory spending programs, the newspaper said.

That includes $130 billion from changes to Medicare prescription-drug pricing, $292 billion from cuts in safety net programs - such as work requirements for Medicaid and food stamps - and $70 billion from tightening eligibility rules for federal disability benefits, the Journal reported.

Original Article ©Copyrights Reuters
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