Published: Tue, May 23, 2017
Medicine | By Earnest Bishop

Trump's budget proposes converting some military grants to loans

President Trump's fiscal 2018 budget proposes cutting funding for the National Institutes of Health by $5.8 billion, with the steepest cuts affecting NIH's National Cancer Institute.

According to the nonpartisan Congressional Budget Office, the White House on Tuesday is expected to present a budget plan that will include cutbacks to Medicaid of some $800 billion over a 10-year period, something that could deprive a minimum of 10 million low-income citizens of healthcare coverage. The plan - if agreed to by Congress - would cut $3.6 trillion in government spending over 10 years, balancing the budget by the end of the decade. The rest of the government bears the bulk of the reductions.

A Washington Post report said the budget plan assumes the same amount of cuts proposed in the American Health Care Act, the House GOP plan that would roll back parts of former President Barack Obama's health care law. It will be officially released on Tuesday.

The politically perilous cuts to Medicaid, college loans, food stamps and federal employee pension benefits guarantee Trump's budget won't go far in Congress.

AGRICULTURE - The White House budget proposed $46.54 billion in cuts to federal funding for the agriculture sector over the next 10 years, with the biggest cut in the form of a $38 billion bite out of farm supports, including new limits on subsidies for crop insurance premiums and caps for commodity payments.

FINANCIAL REGULATION - Two Wall Street financial regulators, the Consumer Financial Protection Bureau and the Securities and Exchange Commission, would face cuts or major structural changes under Trump's budget proposal. Those cuts follow a partial plan from March that targeted domestic agency operations and foreign aid that were quickly dismissed by lawmakers.

Ford appoints new CEO
He will also be required to invest in self-driving cars and other projects that could make the traditional business obsolete. Klevorn has served as group vice president, Information Technology and Chief Information Officer since January 2017.

The White House proposals could also include SNAP, a food program for low-income families that benefited some 44 million people in 2016.

The top Senate Democrat, Chuck Schumer of NY, says the only good news about the budget is that it's likely to be roundly rejected by senators in both parties.

That process would require a simple majority in the Senate, meaning Republicans would not need to count on any votes from Democrats and could more easily make the cuts, said Greenstein, president of the Center on Budget and Policy Priorities. The program serves about 42 million people.

Without the juiced-up growth projections, Trump's plan would be nearly $500 billion in the red instead of sporting a small surplus in 2027, the target year.

It also proposes $200 billion in funding to encourage state and local governments to boost spending on roads, bridges, airports and other infrastructure programs - even as it elsewhere cuts $95 billion from a highway funding program.

Central bankers have penciled in trend US growth of around 1.8 percent over the long run, while some Wall Street analysts think Trump's tax cuts could push growth to 2.3 percent in 2020.

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