President Trump released a $4.8 trillion budget proposal on Monday that includes a familiar list of deep cuts to student loan assistance, affordable housing efforts, food stamps and Medicaid, reflecting Mr. Trump’s election-year effort to continue shrinking the federal safety net.

The financial future of the part of Medicare that pays older Americans’  hospital bills has deteriorated significantly, according to an annual government report that forecasts that the trust fund will be depleted by 2026 — three years sooner than expected a year ago. According to the report, less money will be flowing into the hospital-care trust fund in part because the tax law passed this year will cause the government to collect less in income taxes.

ُThink about why Trump is asking for rapid action on the 2019 appropriations: He wants even more spending. Even though his policies have spiked the annual budget deficit to a new normal of a $1 trillion (with $2 trillion  definitely within view) and interest rates are now starting to go up in large part because of his out-of-sync-with-the-economy stimulative fiscal policy, Trump is demanding that federal spending and the government's red ink be increased even further.

President Trump on Monday sent Congress a $4.4 trillion budget with steep cuts in domestic programs and entitlements, including Medicare, and large increases for the military, envisioning deficits totaling at least $7.1 trillion over the next decade. The blueprint, which has little to no chance of being enacted as written, amounts to a vision statement by Mr. Trump, whose plan discards longtime  Republican orthodoxy about balancing the budget, instead embracing last year’s $1.5 trillion tax cut and new spending on a major infrastructure initiative.

Left-leaning economists hate the timing and the composition. But the expansionary fiscal policy they sought is on the way. The fiscal austerity that drove the budget deficit from around 9 percent of G.D.P. in 2010 to 3 percent in 2016 has, for practical purposes, been abandoned. First, Republicans passed a $1.5 trillion tax bill in December that sharply cut rates on businesses. Then last week they made a deal to undo budget caps demanded by the Republican House in 2011. President Trump signed that bill on Friday.

In a stunning move, the Republican-led U.S. Senate has just passed a  concurrent budget resolution that will increase the federal debt by a whopping 10 trillion dollars. Under the questionable leadership of Senate Majority Leader Mitch McConnell, the Senate voted to authorize a national debt of over $29 trillion over the next years.