President Donald Trump on Monday, March 11, unveiled a budget plan to reinforce the pro-growth policies, cut wasteful spending, and balance the budget in 15 years.

In the 20 years from 1997 to 2017—President Trump’s first in office—America’s national debt nearly quadrupled from just over $5 trillion to more than $22 trillion. And it’s projected that interest payments on the national debt will exceed military spending by 2024, according the remarks by Office of Management and Budget acting Director Russell Vought.

Russ Vought explained: “It’s not that Americans are taxed too little, it’s that Washington spends too much. The president’s budget was written with the everyday American taxpayer in mind. All across the country, hardworking taxpayers have to balance their household budgets, finding ways to do more with less, and save for the future. Our federal agencies and departments should be held to the same level of responsibility and accountability.”

He continued: “President Trump unveils A Budget for a Better America; a new outline for government spending that invests in critical national priorities while restraining spending to give taxpayers the best value for their tax dollar. In total, the president’s 2020 Budget keeps his promise of a 5 percent cut to nondefense discretionary spending, reduces deficits by over $2.7 trillion over 10 years, and balances the budget in 15 years, by 2034.”

Here’s the summary of President Trump’s budget plan:

  • Taxpayers first. The issue isn’t that Americans are taxed too little—it’s that Washington spends far too much. President Trump’s 2020 proposal reduces spending by $2.7 trillion and balances the Federal budget in 15 years.
  • Promises kept. This budget prioritizes the government’s core responsibilities to its citizens. It allocates $32.5 billion for border security and immigration enforcement, more than $80 billion to fully support medical care for veterans, and $750 billion to continue rebuilding American national defense.
  • Government waste slashed. Few Americans know that every year, the federal government spends $68 million on international labor activities, such as promoting unions in South America. Or that Washington spends $35,000 per student—more than tuition at many top universities—to send tens of thousands of young people to “Jobs Corps” centers with an abysmal safety and security record. This type of underreported, unchecked waste and abuse must end.

By the numbers: President Trump’s 2020 budget plan.

Senator Mike Enzi (R-Wyo.), chairman of the Senate Budget Committee, issued the following statement after the President’s fiscal year 2020 budget proposal was released.

“The president’s annual budget proposal is the first step in the federal budget process and will allow us to consider how his priorities align with the priorities of Congress,” said Chairman Enzi.“I look forward to working with my colleagues and the president to curb federal overspending and help bring our deficits and debt under control.”

The Senate Budget Committee will hold a hearing on the president’s fiscal year 2020 budget proposal at 2:30pm on Wednesday, March 13, 2019, in the Dirksen Senate Office Building Room 608. Testifying will be Russell T. Vought, acting director, Office of Management and Budget.

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