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.

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New York City schools will not fully reopen in fall

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New York City Mayor Bill de Blasio announced at a press conference on Wednesday that schools will not fully reopen in fall, and will instead adopt a hybrid model that will limit in-person attendance to just one to three days a week.

Why it matters: New York City, once the epicenter of the coronavirus outbreak in the United States, is home to the nation's largest public school district — totaling 1,800 schools and 1.1 million students, according to the New York Times. The partial reopening plan could prevent hundreds of thousands of parents from fully returning to work.

Treasury blames lenders for PPP disclosure debacle

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The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.

What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

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  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 2,996,679 — Total deaths: 131,486 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
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  4. Travel: How the pandemic changed mobility habits, by state.
  5. Education: Harvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.