Here are the biggest winners and losers in Trump's first budget

Skye Gould/Business Insider

President Donald Trump's administration released its first budget on Thursday that proposes to slash spending and shrink several key federal agencies, while vastly increasing defense and homeland security.

The Environmental Protection Agency, led by Scott Pruitt, would be the hardest hit, standing to see a 31% reduction in discretionary spending if the budget passes. The State Department follows in a close second with a 29% proposed reduction.

The biggest winner in the new budget would be the Department of Defense, which stands to see a 10% spending increase, amounting to about $54 billion. The Department of Homeland Security comes in a close second, with a 7% increase.

Trump promised during the 2016 campaign to make the government smaller - and, as with any budget, it's a zero-sum game. Though Trump's own secretary of defense warned that cutting the State Department's budget would force him to "buy more ammunition," the money ultimately has to come from somewhere for Trump to avoid increasing federal debt.