Spending will remain high. Good programs will be cut (as in ones that return more than they cost), such as clean water grants, education and infrastructure investments. Bad programs (return less than they cost) will be expanded, such as war, military spending, immigrant bashing, in the name of God programs, etc.
Revenue will decrease or hold flat due to misguided attempts to cut taxes to stimulate job creation leaving us in a huge deficit. Debt will continue to grow.
More than likely austerity type measures will be enacted placing downward pressure on wages and benefits of the average person. The economy will tighten and contract.
It is very likely they will invent some type of bubble (such as the housing bubble) so that rich people will still have a way to invent wealth (and eventually screw regular folks when it pops).
Wouldn't be surprised if they find a new war to fight. They seem to, for whatever reason, love wars.
The real issue to watch out for in my opinion, is cuts to programs which funnel money to states and localities. I think there are a lot of busted budgets and huge debts sitting in cities and counties all over the place. Reduced federal dollars could push these places over the edge. That could be very bad.
And he will choose the wrong side regarding the environment, renewable energy, education, infrastructure, and world politics.
Other than that, it is all rainbows and puppy dogs.