The Trump administration released a $4.8 trillion budget for fiscal year 2021 on Feb. 10. It forecasts a deficit of 4.1% of GDP for 2021, with the national debt held by the public increasing to 81% of GDP. The budget cuts non-defense discretionary programs by 5% in fiscal year 2021.
The budget increases funding to the National Science Foundation by over 70% from the previous budget for grants related to artificial intelligence and interdisciplinary research institutes. It also proposes a $1 trillion infrastructure plan that allocates $25 billion to revitalize rural America, including improving broadband access.
The budget assumes the economy will grow by 2.8%, in real terms, in calendar year 2020, 3.1% in 2021, and not fall below 3% until 2026. It also assumes the annual average of the 10-year Treasury note will be 2% in calendar year 2020, 2.2% in 2021, and no more than 3.2% through 2030. The next step would be for Congress to draw up a budget resolution that would then be voted on by both the House of Representatives and the Senate.
Three_Guineas No way there is 2nd term to this smudge.