Congress, which approved the budgets presented by previous presidents to President Donald Trump, are to blame for the nation’s accumulated federal deficit, according to John R. Smith, chairman of BIZPAC, the Business Political Action Committee of Palm Beach County.
Smith reminds us that according to the Constitution it is Congress that decides the amount of federal taxes, and how much the federal government will spend and not the president.
The White House published President Trump’s proposal for the 2021 budget, financing all federal departments and other agencies, with reductions for several federal agencies and taking care of the Pentagon, Medicare, and Social Security.
President Trump plans to reduce federal spending by $4.4 trillion over the next 10 years, seeking to balance the deficit in 15 years that has accumulated over the decades.
It should be noted that Congress mandates that two-thirds of all federal spending be formula-based and then enacts the mandates that the president eventually signs. It also determines the process for implementing the other third of the budget.
The process of approving the budget is not easy given that the majority of representatives in the House of Representatives belong to the Democratic Party, and the stated opposition of the Speaker of the House Nancy Pelosi.
If the budget were approved, it would reduce the federal bureaucracy, reshape the federal government, and produce a budget surplus by 2035.
In terms of savings, the budget presented by President Trump would involve a $135 billion decrease over the next 10 years, through comprehensive drug pricing reform.
Several of the budget proposals in the budget’s projections would strengthen Medicare’s finances.
In addition, 89% of hospital insurance (HI) will be paid for with money raised from payroll taxes and other revenues.
The Department of Health and Human Services estimates that HI would get its funding for the next 25 years, according to the progressive Center on Budget and Policy Priorities (CBPP), which also believes that Medicare would be weakened.
President Trump’s stewardship of his three years in office has brought the nation’s economy to high levels of performance, and these results are working in his favor to get the 2021 budget approved.
“Deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans, and many other hardworking Americans,” Trump’s national press secretary, Kayleigh McEnany, told Fox News.