Trump’s budget seeks 5% cut in non-defense spending
Reuters is out with the additional details of the US fiscal 2020 budget to be published by President Donald Trump on Monday at 1530 GMT on the Office of Management and Budget’s (OMB) website.
The White House budget office noted on Sunday that Trump will propose that the US Congress cut non-defense spending by 5% while boosting spending on the military, veterans’ healthcare and border security.
Trump will propose a 5 percent increase for the Department of Homeland Security to help pay for his border wall and hire more immigration and border enforcement officials.
The budget was expected to boost defense spending, although details were not immediately available.
The OMB said the budget would propose $2.7 trillion in spending cuts over a decade, which it said would be more than any other administration had ever planned.
But the cuts would not be enough to balance the budget in that timeframe. The OMB said the budget was designed to balance by 2034, exceeding the traditional 10-year period that previous administrations targeted.
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Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
