Signs Suggest Trump Budget Will Feature Unprecedented Cuts Plus Large Tax Cuts Favoring Wealthy
Mounting signs suggest that the forthcoming Trump budget may contain cuts harsher than those in House GOP budgets of recent years, which themselves would have slashed programs and services across much of the budget.
The budget that the Republican majority on the House Budget Committee approved last spring, for example, contained a stunning $6 trillion in domestic cuts over ten years, shrinking spending outside Social Security, Medicare, and interest payments to just 7 percent of gross domestic product by 2026. That’s less than three-fifths its average level over the past 40 years and little more than half its average level under President Reagan. The budget would have slashed non-defense discretionary programs (which include everything outside defense and entitlement programs) by roughly $1 trillion over ten years below the already austere levels set by the 2011 Budget Control Act (BCA) and the automatic “sequestration” cuts.