Search ForexCrunch

President Trump’s record $4.5 trillion budget plan for the 2020 fiscal year delivered to Congress on Monday called for increased military spending and sharp cuts to domestic programs like education and environmental protection, according to The New York Times.  

Key points

Includes a nearly 5 percent increase in military spending and an additional $8.6 billion for construction of a wall along the border with Mexico.

The plan proposed shaving $818 billion from projected spending on Medicare over 10 years and cutting nearly $1.5 trillion from projected spending on Medicaid.

The budget forecasts trillion-dollar deficits for four straight years, starting in 2019.