Published: Wed, May 24, 2017
Medicine | By Megan Pierce

Highlights of Trump's budget proposal

Highlights of Trump's budget proposal

The proposal is laced with $3.6 trillion in cuts to domestic agencies, food stamps, Medicaid, highway funding, crop insurance and medical research, among others.

A 2018 fiscal year budget plan released Monday by the Trump Administration proposes slashing the Department of Transportation's budget by almost $17 billion annually by 2022, as well as allowing more tolls on U.S. Interstates and boosting efforts to draw private investors to fund highways. Mexico emphatically rejects that notion. That is nearly 10 per cent higher than current budget caps but only 3 per cent more than former President Barack Obama had sought in his long-term budget plan. Higher growth means lower deficits and Trump's plan folds in more than $2 trillion in unspecified deficit savings over the coming decade from "economic feedback" to promise balance. Ryan sidestepped a question on whether the economic assumptions that allow the balance to budget were realistic, but praised the administration for embracing the goal of economic growth.

"If you're thinking about things from a conservative perspective, they've got the good part of what the tax plan does, which is the growth, but they don't have the bad part, which is the reduced Treasury receipts", Alan Cole, an economist at the Tax Foundation told The Washington Post.

One of the biggest costs in President Trump's proposed federal budget: his broken promises.

Yet Trump promised during the campaign not to touch these middle-class favorites, and his budget apparently honors that pledge - with the possible exception of Social Security's disability program, which primarily helps low-income beneficiaries. Dick Durbin of IL.

The most recent scores by the Congressional Budget Office predict the Social Security trust fund will be exhausted by 2030 and that by 2047, Medicare, Social Security, and Medicaid would make up for half of all federal noninterest spending, compared with today's proportion of about two-fifths of all such spending.

Democrats have warned that an additional $800 billion would be cut from federal funding of Medicaid with passage of the controversial Republican health care bill, which seeks to replace Barack Obama's health reforms.

The plan also proposes an 8.4-percent cut for the Broadcasting Board of Governors, the federal agency that oversees USA civilian worldwide media operations.

But it would cut hundreds of billions of dollars over the next decade from other social programs, including Medicaid and food stamps. The program serves about 42 million people. He's also proposing severe cuts to foreign aid and tighter eligibility for tax cuts that benefit the working poor.

Let's take a look at how a few of the cuts they plan to use to work toward economic growth.

The budget also calls for a 15 percent, or $7.4 billion reduction, in housing and community development assistance.

The plan shrinks the current system from seven brackets to just three: 10 percent, 25 percent and 35 percent.

But the budget has virtually no detail to prove it would deliver on Trump's promise for "massive" tax cuts. "We're not going to measure our success by how much money we spend but by how many people we actually help".

President Donald Trump's budget proposal contains $200 billion for an infrastructure program.

Like this: