On Feb. 10, President Trump released his Fiscal Year (FY) 2021 Budget proposal which details plans for defense and non-defense discretionary spending. The budget blueprint outlines $4.8 trillion in annual spending and estimates the deficit would be cut in half by 2024, however such a drop is unlikely given the steep spending cuts Trump proposed for many agencies and somewhat unrealistic assumptions for economic growth.Among the agencies targeted for cuts is the U.S. Small Business Administration which would receive a 25 percent cut in funds from the 2020 enacted level. Other major proposed cuts include: Commerce Department cut by 37 percent; Department of Labor cut by 11 percent; State Department cut by 21 percent; the Education and Energy Departments cut by eight 8 percent each; Environmental Protection Agency cut by 27 percent; and the Department of Health and Human Services by 9 percent.

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