Washington: US President Donald Trump presented to Congress a budget proposal for fiscal year 2020 that contained stiff spending cuts across non-defence federal agencies and a hike in defence money.
According to the USD 4.7 trillion budget proposal, the Trump administration reportedly plans to cut domestic spending by 5 percent over the next year, or a nearly USD 30-billion-dollar, involving programs on education, health care and environment protection, among others.
The budget blueprint proposes a USD 2.7 trillion spending cuts over the next decade, including USD 1.9 trillion in cuts to mandatory programmes, a senior administration official told a briefing on Monday. The official said that the budget "will have more reductions in spending than any president in history has even proposed."
The budget plan foresees a USD 1.1 trillion deficit in 2019, 2020 and 2021 and a 1-trillion-dollar deficit in 2022. The administration predicts that the United States will return to budget balance in 2034.
The budget roadmap, designed for fiscal year 2020 that starts on Oct. 1, would increase defence spending by nearly 5 percent to USD 750 billion from USD 716 billion in fiscal year 2019.
It also seeks USD 8.6 billion for constructing additional sections of a wall along the US border with Mexico -- USD 5 billion in funding for the Department of Homeland Security and USD 3.6 billion for the Department of Defense's military construction fund.
With inputs from IANS.
Also read: Income Tax Return Filing: Know simple tax saving options
