Donald Trump has called for a $4.6tn cut to projected spending over the next decade, in a budget proposal that slashes key planks of the US social safety net while preserving sweeping tax cuts in an effort to draw a sharp contrast with policies proposed by Democratic presidential candidates.

The $4.8tn plan released on Monday was Mr Trump’s last annual budget before the November presidential vote, in which he can expect to face a Democratic candidate calling for higher taxes on the wealthy to boost funding for a vast array of government programmes. 

Although the US president campaigned on a pledge to rein in America’s national debt, Mr Trump has presided over increasing annual budget deficits since he entered office, with the fiscal gap estimated to hit nearly $1.1tn this year, or 4.9 per cent of gross domestic product.