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Trump's 2026 budget claws back $163 billion in domestic spending while boosting defense

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Trump budget moves to claw back $163 billion in domestic spending while boosting defense
President Trump's proposed budget for 2026 aims to significantly reshape federal spending by cutting domestic programs while increasing defense expenditures. The budget proposal includes a $1.7 trillion reduction in non-defense discretionary spending over the next decade, targeting programs like food stamps, Medicaid, and housing assistance. Conversely, defense spending is set to rise by $750 billion over the same period, reflecting Trump's commitment to bolstering military capabilities. This budget also proposes tax cuts for corporations and high-income individuals, which critics argue will exacerbate income inequality and strain social safety nets. The plan faces strong opposition from Democrats and some Republicans, who are concerned about the impact on essential services and the potential for increased deficits.

Read the Full Fortune Article at:
[ https://fortune.com/article/trumps-2026-budget-domestic-spending-defense/ ]