President Trump’s 2021 fiscal year budget proposal has created yet another firestorm of controversy.
The proposal calls for a decrease in non-defense discretionary spending of 2 percent annually over the next decade and an increase in defense spending of 1.3 percent per year. This will set off another battle in Congress between Democrats, who support increased non-defense spending, and Republicans, who, generally speaking, want more defense spending.
The likely outcome of this battle in Congress will be a so-called “compromise” similar to this year’s budget resolution that boosted non-defense and defense spending above what the president proposed.
What is unique in the 2021 budget proposal is that Trump is the first president to call for a rules-based fiscal policy. This is not just a proposal to restore budget process rules, such as discretionary spending caps and PAYGO—rules that Congress suspended in recent years. Trump proposed new spending rules that are similar to the fiscal rules used in other countries, including Switzerland, Sweden, and Germany. The purpose of these rules is to balance the budget in the near term and reduce debt to sustainable levels in the long run. […]
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