The Trump team is reportedly working on a budget that cuts $10.5 trillion in spending over 10 years

President-elect Donald Trump's transition team has prepared a drastic plan to cut the federal budget, The Hill reports. The planned changes reportedly aim to shrink federal spending by $10.5 trillion over 10 years.

Among the budget-slashing proposals are reducing funding for the Commerce and Energy departments, including eliminating certain programs altogether; imposing significant budget cuts on the departments of State, Transportation, and Justice; privatizing the Corporation for Public Broadcasting, which distributes funding to nearly 1,500 locally owned public radio and TV stations; and eliminating the National Endowment for the Arts and National Endowment for the Humanities, which disperses grants to cultural institutions and humanities programs.

As The Hill notes, the Trump team's proposed budget aligns closely with a budget proposal published last year by the conservative Heritage Foundation, and resembles past outlines that have been supported by congressional Republicans. It is as yet unclear whether the transition team's proposed budget would address Social Security and Medicare, which contribute largely to the federal deficit.

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The budget proposal — which The Hill calls the "skinny budget" — should be released within 45 days of Trump taking office. Read more about the incoming administration's budget ideas at The Hill.