The President released his budget proposal for Fiscal Year 2021 and made his priorities clear: he continues to put the wealthiest Americans first at the expense of working families. The House Budget Committee can use this year to continue its work to restore Congress’ power of the purse and rein in the unprecedented abuse of budget law and executive power that have occurred under this Administration.

Revenue, meanwhile, would grow from 16.7 percent of GDP in 2020 to 17.3 percent in 2025 and 17.6 percent of GDP in 2030. Similar to the previous three years, the budget relies on overly optimistic economic assumptions and budget gimmicks that inflate its savings and distract from its actual policy reforms.

The House Budget Committee looks forward to drafting a 2022 budget, when the budget resolution will once again be the principal tool for establishing and enforcing Congress’ fiscal plans.The BBA19 replaced the harmful, unrealistically low caps with a usable budget complete with:With a bipartisan budget for 2021 already in place, Congress is ready to move forward with the appropriations process and make the necessary investments in our nation’s future. Note: numbers are adjusted for timing shifts.

The U.S. Government Publishing Office (GPO) and the Office of Management and Budget (OMB) will be releasing President Donald J. Trump’s Fiscal Year 2021 Budget on February 10, 2020. Absent these assumptions, debt under the President’s budget would be much worse.
The budget proposal makes tax cuts for the wealthy permanent while breaking his promises to working families on health care, the economy, and other areas that help Americans get ahead and keep them safe. The largest spending cut in the budget comes from $1.55 trillion in cuts to non-defense discretionary programs, generated by reducing nominal spending 5 percent between 2020 and 2021 and an additional 2 percent each year thereafter. The blueprint is expected to be declared dead on arrival in Congress.

Missile Defense Fiscal Year 2021 Budget Request Briefing Officials from the Missile Defense Agency spoke with reporters on President Trump’s fiscal year 2021 budget …
President Trump proposed steep cuts to foreign aid and other programs in his budget for fiscal year 2021.

Significant further savings are generated from changes to health care, welfare programs, and reductions and reforms to other parts of the budget.Committee for a Responsible Federal Budget, All rights reservedThe budget also assumes in its baseline the extension of the individual income tax provisions in the Tax Cuts and Jobs Act (TCJA) beyond their December 2025 expiration. Debt would be $4.5 trillion higher in 2030, and it would rise to roughly 89 percent of GDP rather than falling to 66 percent by 2030.Source: Office of Management and Budget. Moments ago, President Trump released his Fiscal Year (FY) 2021 budget proposal, outlining his tax and spending proposals and their effects on the federal budget for the next decade.

President Donald Trump's budget request for fiscal year 2021 arrives at the House Budget Committee on Capitol Hill in Washington, Monday, Feb. 10, 2020. This is estimate is about 50 percent higher than those from other forecasters, who project annual growth around (and in some cases less than) 2 percent per year. Later today, we will be publishing our full analysis of the President’s budget. The budget assumes annual real GDP growth at 3.1 percent for 2021, 3 percent through 2025, and averaging 2.9 percent over the decade. This alone adds $1.5 trillion to the debt, reducing net savings to $3.2 trillion.As a result of these policies and current law trends, spending under the President's budget would fall from 21.6 percent in 2020 to 19.1 percent by 2025 and 18.4 percent in 2030. With a bipartisan budget for 2021 already in place, Congress is ready to move forward with the appropriations process and make the necessary investments in our nation’s future. Copies of President Donald Trump's budget for Fiscal Year 2021 are prepared for distribution at the Government Publishing Office on Thursday, Feb. 6, 2020.

It was signed by President Trump on August 2, 2019.

Stay tuned to the Committee for a Responsible This blog provides a brief overview of the budget and its contents. GPO works with OMB to produce and distribute the President’s Federal Budget, an annual tradition since the Budget and Accounting Act was established in 1921.

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