White House · Donald Trump · US Congress · Axios
Trump's all guns, no butter budget proposal
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As always, the presidential budget is more of a statement of the White House's goals than a road map that is likely to be enacted by Congress.
Key facts
- The White House proposes a $1.5 trillion military budget for the 2027 fiscal year, up 42% from 2026
- The intrigue: In the administration's economic assumptions, GDP growth clocks 3.5% this year and 3.1% from 2027 to 2029
- The projections have the 10-year U.S. Treasury yield falling to 3.5% in 2027 and even further in ensuing years
- As always, the presidential budget is more of a statement of the White House's goals than a road map that is likely to be enacted by Congress
Summary
A sharp rise in defense spending. That is the Trump administration's formal 2027 budget proposal, in a nutshell. It is premised on a period of much more robust growth than is envisioned by other forecasters, and a steep decline in interest rates from current levels. The proposal does not contain projections of how the administration's fiscal agenda would affect deficits and debt, normally a mainstay of these documents.