President Trump’s $4.8 trillion budget for fiscal 2021 plays to his base – with funding for his wall and cuts to the safety net. But it does include at least one idea that could leave Americans better off, writes Three_Guineas.
The Trump administration released a $4.8 trillion budget for fiscal year 2021 on Feb. 10. It forecasts a deficit of 4.1% of GDP for 2021, with the national debt held by the public increasing to 81% of GDP. The budget cuts non-defense discretionary programs by 5% in fiscal year 2021.
The budget increases funding to the National Science Foundation by over 70% from the previous budget for grants related to artificial intelligence and interdisciplinary research institutes. It also proposes a $1 trillion infrastructure plan that allocates $25 billion to revitalize rural America, including improving broadband access.
The budget assumes the economy will grow by 2.8%, in real terms, in calendar year 2020, 3.1% in 2021, and not fall below 3% until 2026. It also assumes the annual average of the 10-year Treasury note will be 2% in calendar year 2020, 2.2% in 2021, and no more than 3.2% through 2030. The next step would be for Congress to draw up a budget resolution that would then be voted on by both the House of Representatives and the Senate.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Trump releases 2021 budget proposal, calls for cuts to social safety net programsPres. Trump unveils a $4.8 trillion budget that seeks to balance the budget in 15 years, falling short of the the traditional GOP target of doing so over 10 years.
Read more »
There are Democrats that can win 2020 election, billionaire Trump-ally Tom Barrack saysTrump's former inaugural committee chairman sees Joe Biden and Michael Bloomberg as formidable contenders for the White House.
Read more »
The Democrats risk having no clear nominee to challenge Donald TrumpPete Buttigieg narrows the gap with Bernie Sanders in New Hampshire, as Joe Biden flails
Read more »
President Trump calls for Pete Rose to be inducted into the Baseball Hall of FameThe president tweeted support for the former slugger, who had been banned from baseball since 1989.
Read more »
Attention Attenborough (and Trump), Greta Thunberg gets a BBC seriesAnd in other climate-related news, Bill Gates is NOT buying $644 million hydrogen-fueled mega-yacht just yet.
Read more »
Manchin: Trump needs 'to act like a responsible adult, and he's not'Manchin’s retort followed three straight days of attacks by the president on Twitter.
Read more »