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Trump addresses the crowd during the Opportunity Now summit at Central Piedmont Community College on Feb. 7 in Charlotte, N.C. Photo: Sean Rayford/Getty Images

President Trump's 2021 budget proposes $4.6 trillion in deficit reduction, but it would take 15 years to balance, according to a source familiar with the budget.

The big picture: The budget will project deficits until 2035 and rather than proposing a new round of tax cuts, it assumes the extension of Trump's 2017 tax bill through the next term.

Between the lines: On the 2016 campaign trail, Trump promised to eliminate the national debt in eight years. Not only has he failed to do that, but he's grown the debt by a trillion dollars each year he's been president. Even using optimistic scenarios, Trump's 2021 budget projects annual deficits to continue well beyond a second Trump term in office.

By the numbers: The Trump 2021 budget will propose a massive spending cut on nondefense activities — slashing almost $40 billion from the current levels to a proposed $590 billion, per sources familiar with the budget, and first reported by the Wall Street Journal.

  • Trump's budget "targets $2 trillion in savings from mandatory spending programs, including $130 billion from changes to Medicare prescription-drug pricing, $292 billion from safety-net cuts—such as work requirements for Medicaid and food stamps—and $70 billion from tightening eligibility access to federal disability benefits," per the WSJ.
  • The Environmental Protection Agency's budget would also be slashed by 26%, per the WSJ.

Trump will request $2 billion for his wall along the southern border, per a source familiar. That's less than half the $5 billion Trump requested for the wall in last year's budget.

  • "The president has kept his promise to secure the border," said a senior administration official. "With funding available, the administration will build up to approximately 1,000 miles of border wall along the southwest border."

Reality check: Budgets are best understood as outlines of the president's priorities — and opening bids for negotiations — rather than blueprints of what Congress will ultimately agree upon.

  • Lawmakers of both parties have ignored and stymied Trump's controversial requests, forcing him to resort to other legal avenues — such as declaring a national emergency to get money for his wall.

Go deeper

DOJ watchdog to probe whether officials sought to alter election results

Former President Donald Trump and former First Lady Melania Trump exit Air Force One in West Palm Beach, Florida, on Jan. 20. Photo: Alex Edelman/AFP via Getty Images

The Justice Department's inspector general will investigate whether any current or former DOJ officials "engaged in an improper attempt to have DOJ seek to alter the outcome" of the 2020 election, the agency announced Monday.

Driving the news: The investigation comes in the wake of a New York Times report that alleged that Jeffrey Clark, the head of DOJ's civil division, had plotted with President Trump to oust acting Attorney General Jeffery Rosen in a scheme to overturn the election results in Georgia.

2 hours ago - Podcasts

Google's chief health officer Karen DeSalvo on vaccinating America

Google on Monday became the latest Big Tech company to get involved with COVID-19 vaccinations. Not just by doing things like incorporating vaccination sites into its maps, but by helping to turn some of its offices and parking lots into vaccination sites.

Axios Re:Cap goes deeper into what Google is doing, and why now, with Dr. Karen DeSalvo, Google's chief health officer who previously worked at HHS and as health commissioner for New Orleans.

Biden signs order overturning Trump's transgender military ban

Photo: Tom Brenner/Getty Images

President Biden signed an executive order on Monday overturning the Trump administration's ban on transgender Americans serving in the military.

Why it matters: The ban, which allowed the military to bar openly transgender recruits and discharge people for not living as their sex assigned at birth, affected up to 15,000 service members, according to tallies from the National Center for Transgender Equality and Transgender American Veterans Association.