President Trump has released a $1.7 trillion budget proposal for the 2026 fiscal year, outlining a conservative vision for Washington and significantly reducing the federal government's reach. The plan would cut $163 billion in spending,

Trump’s budget generally left the Treasury Department alone — except for the IRS. The budget seeks to cut IRS funding by $2.5 billion. The agency has already frozen hiring, initiated broad-based layoffs and paused a Biden-era technology modernization process under the direction of officials from the U.S. DOGE Service.