President Trump will propose massive spending cuts, tax cut extension in upcoming budget

President Donald Trump will unveil a budget proposal on Monday that outlines the direction of his administration in a second term, including spending cuts totaling more than $4 trillion.

The budget will dramatically decrease foreign aid and social safety-net spending, while increasing funds for NASA, Homeland Security, and the Department of Veterans Affairs. The proposal also allocates $2 billion for the border wall, while slashing the Environmental Protection Agency's budget by a whopping 26 percent, the Wall Street Journal reported.

In total, the budget proposes $4.4 trillion in budget cuts over the next decade.

More from NBC News:

That includes $130 billion from changes to Medicare prescription-drug pricing, $292 billion from cuts in safety net programs — such as work requirements for Medicaid and food stamps - and $70 billion from tightening eligibility rules for federal disability benefits.

Trump's foreign aid proposal seeks $44.1 billion in the upcoming fiscal year compared with $55.7 billion enacted in fiscal year 2020, an administration official said.

The budget proposal totals $4.8 trillion in spending per year. It would only marginally decrease deficits, from an estimated $1 trillion in 2020 to $966 billion.

Trump will also propose an extension of the tax cuts passed by Republicans in 2017 through the year 2035.

However, it is unlikely that the budget will ever become law because the Democrat-controlled House will almost certainly reject it.