President Donald Trump’s $4.8 trillion election year budget seeks to balance painful reductions in domestic and foreign aid programs that are certain to draw scorn from lawmakers, with openings for bipartisan deals on prescription drug pricing and infrastructure.
The plan envisions steadily falling deficits — which are set to hit nearly $1.1 trillion this year — until ultimately they are eliminated after 15 years. No new tax cuts are proposed, but the budget asks to make individual tax cuts that are set to expire after 2025 permanent, at a cost of $1.4 trillion over 10 years. And Trump’s advisers have said more tax cuts could be floated later this year, as the legislative calendar winds closer to November, when the president faces voters once more.
Congress is unlikely to adopt many of the proposals in the budget. But a senior administration official, speaking on condition of anonymity to describe details in advance of Monday’s release, said the White House is optimistic about reaching an agreement with Congress on prescription drugs. Continue reading.