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Trump will ask $8,600 million for border wall in his 2020 budget

Trump will ask $8,600 million for border wall in his 2020 budget

To try to extract more funds, Trump last month declared a national emergency and said he would redirect more than $6.7 billion from other programs to build even more sections of the wall.

'As you know this is an area where we're exhausted of being right, ' said acting Office of Management and Budget director Russ Vought on CNBC on Monday morning. Back in 2016, Mr. Trump suggested he would force Mexico pay for the border wall by threatening to cut off billions of dollars in money transfers that Mexicans who are living in the US send home. With Democrats in control of the House, it is unlikely that anything resembling the Trump administration's budget will be passed. Furthermore, the budget would preclude the Defense Department from any funding caps that are set to take place during fiscal year 2020-all positive news for the Direxion Daily Aerospace & Defense Bull 3X Shares (NYSEARCA: DFEN). The president has resisted big, bipartisan budget deals that break the caps - threatening to veto one previous year - but Congress will need to find agreement on spending levels to avoid another federal shutdown in the fall.

"Congress refused to fund his wall and he was forced to admit defeat and reopen the government".

House Speaker Nancy Pelosi of California and Senate Minority Leader Chuck Schumer of NY said on Sunday they would block efforts by Trump to get $USD8.6 billion to build his wall.

The Trump administration's emphasis on funding the Pentagon over diplomacy has alarmed retired military leaders, who said Sunday that squeezing the State Department budget undermines U.S. security and leadership.

Trump called for defense spending to rise by 4 percent to $750 billion, using the emergency Overseas Contingency Operations (OCO) account - derided by conservatives as a slush fund - to skirt spending caps set out in a 2011 fiscal restraint law.

The Center on Budget and Policy Priorities, a Washington-based think tank, criticized the tax cut extension.

"There is much to be concerned by in the Trump Administration's proposed budget, which is chock-full of short-sighted, draconian cuts to critical programs like medical research, education, environmental protection, transportation, and health care". The budget proposal will be released on Monday, March 11, 2019.

"In the last two years, President Trump and this administration have prioritized reining in reckless Washington spending", acting Office of Management and Budget Director Russ Vought said in a statement, adding that the budget "will balance in 15 years, end runaway spending, and secure prosperity for future generations".

But the cuts would not be enough to balance the budget in that timeframe.

"The Trump Administration's budget fails the Great Lakes and the communities which depend on them for their drinking water, public health, jobs, and quality of life", said a statement from Lord.

The 2020 White House budget will aim to address deficit spending, which has skyrocketed under Trump.

The budget arrives as Trump's Republican allies in the Senate, uneasy over the emergency declaration, are expected this coming week to debate terminating it. The $2.7 trillion in proposed spending cuts is higher than any administration in history, they say. Now that he's president, Trump is doing the exact opposite.

Pro-Left Trump wants steep cuts to domestic programs.

Since becoming president, Trump has changed his description of how the wall would be financed, at first saying Mexico would eventually pay the U.S. government back, and later scrapping any mention of Mexico sending money to the United States. He also told "Fox News Sunday" that there was no reason to "obsess" about deficits, and expressed confidence that economic growth would top 3 percent in 2019 and beyond.

Trump's new request for wall funding comes just weeks after he ended a record 35-day partial government shutdown, a dispute that centered on his request for $5.7 billion for wall construction money. He said the economic policies it contains would "generate more than enough revenue to pay" for tax cuts passed on Trump's watch. Some of the plans resemble proposals unsuccessfully offered by President Barack Obama in his time in the White House.


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