• Reuters

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U.S. President Donald Trump will release a $4.8 trillion budget on Monday that will propose steep cuts to social safety net programs and foreign aid, the Wall Street Journal reported on.wsj.com/37hXtbj on Sunday.

The budget will raise military spending by 0.3 percent to $740.5 billion for the fiscal year 2021, starting Oct. 1, the Journal reported, citing a senior Trump administration official.

It will also propose higher outlays for defense and veterans, according to the report.

Trump, a Republican, on Monday planned to release his budget, a blueprint for administration spending proposals that is unlikely, again, to be passed by the Democratic-controlled House of Representatives, particularly in an election year.

According to the Journal, the White House proposes to slash spending by $4.4 trillion over 10 years. The Trump budget targets $2 trillion in savings from mandatory spending programs, the newspaper said.

That includes $130 billion from changes to Medicare prescription-drug pricing, $292 billion from cuts in safety net programs — such as work requirements for Medicaid and food stamps — and $70 billion from tightening eligibility rules for federal disability benefits, the Journal reported.

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