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Good morning.

Here’s what you need to know:

Budget and political statement

• President Trump has proposed steep cuts to domestic programs and large increases in military spending as part of a $4.4 trillion budget proposal that he sent to Congress on Monday.

Although it has little chance of being enacted as written, the plan would add $7 trillion to the deficit over the next 10 years. Republicans have traditionally embraced balanced budgets.

“I probably could have made it balance,” Mr. Trump’s budget director, Mick Mulvaney, said, but “it would have taken funny numbers to do it.” We outlined the administration’s proposal.