President Trump will propose massive spending cuts, tax cut extension in upcoming budget

The Trump train steams full-power ahead

President Donald Trump will unveil a budget proposal on Monday that outlines the direction of his administration in a second term, including spending cuts totaling more than $4 trillion.

The budget will dramatically decrease foreign aid and social safety-net spending, while increasing funds for NASA, Homeland Security, and the Department of Veterans Affairs. The proposal also allocates $2 billion for the border wall, while slashing the Environmental Protection Agency's budget by a whopping 26 percent, the Wall Street Journal reported.

In total, the budget proposes $4.4 trillion in budget cuts over the next decade.

More from NBC News:

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.

Trump's foreign aid proposal seeks $44.1 billion in the upcoming fiscal year compared with $55.7 billion enacted in fiscal year 2020, an administration official said.

The budget proposal totals $4.8 trillion in spending per year. It would only marginally decrease deficits, from an estimated $1 trillion in 2020 to $966 billion.

Trump will also propose an extension of the tax cuts passed by...

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