politics
April 3, 2026
Trump's All Guns, No Butter Budget Proposal
It shows a president eager to spend big on the military while bringing austerity to the rest of the federal budget.
TL;DR
- The Trump administration's 2027 budget proposal includes a sharp rise in defense spending and cuts elsewhere.
- The White House proposes a $1.5 trillion military budget for fiscal year 2027, a 42% increase from 2026.
- Non-defense discretionary spending is projected to be cut by 10%, totaling $73 billion.
- Steepest proposed cuts are for the Small Business Administration (67.2%), National Science Foundation (54.7%), and EPA (52.4%).
- The administration's economic assumptions forecast GDP growth of 3.5% this year and 3.1% from 2027-2029, higher than other forecasts.
- The proposal assumes a fall in 10-year U.S. Treasury yields to 3.5% by 2027.
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