Published: Wed, May 24, 2017
Money | By Armando Alvarado

United States seeks $3.6 trillion spending cut to balance budget


Rep. Nancy Pelosi, D-Calif., says the budget cuts Social Security Disability Insurance and would trim the National Institutes of Health budget by almost 20 percent. Trump's budget cuts to Social Security disability are so severe that they would have the impact of turning the program into a block grant, and block grants are a problem because historically, block granted programs lose 25%-51% of their funding.

Two of his first major policy proposals completely break that promise.

In addition to the wall money, another $1 billion would cover investments at the border like aircraft, communications equipment, weapons, surveillance technology, road infrastructure and inspection equipment, according to budget documents provided by the White House.

Bobby Kogan at the Center for American Progress posted a version of this chart on Twitter last night.

Almost $3 billion would be invested in border security in fiscal year 2018 - $1.6 billion of which would be allocated to brick and mortar to build Mr. Trump's proposed southern border wall.

The groups also argue that proposed cuts to crop insurance by prior administrations were unpopular and "soundly rejected" by Congress.

"I think it's sad that the CBO assumes that we'll never grow more than 1.9 percent ever again out into infinity", he said.

The budget will make further requests for immigration enforcement, including $300 million to support recruiting, hiring and training for the vast increase in agents for Customs and Border Protection and Immigration and Customs Enforcement that Trump has called for.

The budget recommends that Congress spend $4.1trn in the next year, slightly more than the current public spending bill, while reducing spending by federal bodies by as much as $3.6trn over the next 10 years.

How Many Tempur Sealy International Inc (NYSE:TPX)'s Analysts Are Bullish?
The stock of Tempur Sealy International Inc (NYSE:TPX) earned "Buy" rating by Stifel Nicolaus on Wednesday, September 28. On Monday, May 8 Nabi Usman bought $29.46M worth of Tempur Sealy International Inc (NYSE:TPX) or 610,000 shares.

President Donald Trump is proposing to balance the federal budget within a decade by making sharp cuts to social safety-net programs while offering optimistic estimates of economic growth.

Dubbed "A New Foundation for American Greatness", the Trump budget would cut within the course of the next decade $800 billion from Medicaid, $272 billion from welfare programs overall, and $192 billion from nutrition assistance programs, according to a report by The New York Times.

Trump is calling for six weeks of national paid leave to be made available to new mothers and fathers, including those who adopt.

Trump's plan, drawn up by White House budget director Mick Mulvaney, lands as Trump's GOP allies in Congress are grappling with repealing and replacing former President Barack Obama's health care law and looking ahead to a hard rewrite of the loophole-clogged USA tax code.

The president would cut the Supplemental Nutritional Assistance Program, or SNAP, by $193 billion over a decade, a reduction of about 30 per cent from current levels.

The budget does, however, seek steep cuts to retirement benefits for federal workers as part of US$63 billion in savings over 10 years for the Office of Personnel Management.

Senators know that these programs touch nearly every part of the country.

"Hopefully we will be able make that argument to our friends in Congress that what DOE is involved with plays a vital role, not only in the security of America but the economic well-being of the country as we go forward", Perry said. Bernie Sanders, I-Vt., calls the budget a massive transfer of wealth from working families and the elderly to the wealthiest 1 percent. She appeared to be referring to the skeletal plan Trump described in the summary of his 2017-18 budget released in March.

The GOP health care bill states that in 2020, states that expanded Medicaid would no longer receive enhanced federal funding to cover low-income adults.

Like this: