White House Proposes $4.8 Trillion Budget Plan (Market Trading)
February 10, 2020•178 words
The Trump administration unveiled its $4.8 trillion budget plan for the fiscal year starting on October 1st, which is unlikely to be passed by Congress. The plan includes $2 billion to fund the construction of a wall on the US border with Mexico and an increase of 0.3% in military spending. Meanwhile, NASA would get a 12% increase in funds as it plans for a trip to Mars. Trump's budget also proposes cuts to food stamps, farm subsidies and Medicaid, and a reduction in expenditure on foreign aid by 21%. It exempts seniors from cuts to Medicare and Social Security while targeting benefit safety net programs for the poor, domestic programs like clean energy and student loan subsidies. The budget forecasts a $4.4 trillion cut in spending over 10 years and a $4.6 trillion reduction in deficit over the same period. It also predicts GDP growth of 3% in coming years, compared to previous estimates by the Congressional Budget Office of just below 2%.
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