Trump administration sending Congress $4.1 trillion budget

Trump administration sending Congress $4.1 trillion budget

Trump administration sending Congress $4.1 trillion budget

U.S. President Donald Trump wants lawmakers to slash $3.6 trillion in government spending over the next decade, taking aim in his first budget plan at healthcare and food assistance programs for the poor while boosting the military. The administration, MacGuineas points out, has put far too much pressure for the cuts on too small a sliver of the budget, that is, non-discretionary defense spending, rather than on entitlements, which make up the majority of the federal budget.

"The administration's goal is to seek long-term reforms on how infrastructure projects are regulated, funded, delivered and maintained", the White House said in a fact sheet.

Trump's plan for the budget year beginning October 1 makes deep cuts in safety net programs, including Medicaid and the Children's Health Insurance Program.

In all, Trump's budget cuts $780 million in US payments to worldwide organizations, and eliminates $1.6 billion in funding for climate change programs. There are no Medicaid cuts in the terms of what ordinary human beings would refer to as a cut.

Trump's proposal foresees selling half of the United States emergency oil stockpile, created in 1975 after the Arab oil embargo caused fears of price spikes.

White House Office of Management and Budget Director Mick Mulvaney briefed reporters on the budget, which he called a "Taxpayer First Budget" on Tuesday. "We have plenty of money in this country to take care of the people who need help".

Trump's budget, like all presidents', represents policy priorities and is an opening bid in negotiations with Congress over spending.

Mulvaney insisted the budget could be balanced through economic growth of three percent a year: well above the current level of 1.9 percent. So Obama's economics team figured that the economy would naturally rebound at a stronger pace than its average growth rate_the kind of acceleration that had previously happened coming out of downturn.

While the benefits and medical care for the retirees would be untouched as promised by Mr. Trump during the campaign, the healthcare support for the poor will see cuts.

Cuts in healthcare for the poor, food stamp, financial aid to the jobless and the disabled are among the features of the budget that the White House presented as the "first in a long time" that saw government spending from the perspective of the tax payer.

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-Medicaid would be reduced by more than $600 billion over 10 years by capping payments to states and giving governors more flexibility to manage their rosters of Medicaid recipients.

Food stamp cuts would drive millions from the program, while a wave of Medicaid cuts could deny nursing home care to millions of elderly poor people.

-A 10-year, $191 billion reduction in food stamps - nearly 30 percent - goes far, far beyond prior proposals by congressional Republicans. It would impose more stringent work requirements and limits on those receiving aid, including disability and food stamps, now known as the Supplemental Nutrition Assistance Program, or SNAP.

The tax on imports was a core facet of the Republican tax plan pushed by Ryan, created to offset revenue lost through tax cuts.

Titled "A New Foundation for American Greatness", the budget seeks Dollars 1.5 trillion in non-defence discretionary cuts and USD 1.4 trillion in Medicaid cuts over the course of a decade. "You can't use the growth benefits of tax cuts once to justify an optimistic baseline and then again to claim that the tax cuts do not cost revenue".

On taxes, Trump promises an overhaul that would cut tax rates but rely on economic growth and erasing tax breaks to avoid adding to the deficit.

Trump's budget proposes slashing the Social Security Disability Insurance (SSDI), a $31.4 billion change to the program that pays monthly benefits to over 10 million disabled individuals under the retirement age.

The Trump budget would lift the legal spending cap on defense and add $54 billion to its topline funds for 2018.

"What we've done is not to try and remove the safety net for folks who need it, but to try and figure out if there's folks who don't need that that need to be back in the workforce" Mulvaney said.

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