Published: Wed, May 24, 2017
Local | By Vivian Poole

Trump administration sending Congress $4.1 trillion budget

President Donald Trump speaks on the phone with Russian President Vladimir Putin in the Oval Office of the White House, January 28, 2017 in Washington, DC.

President Donald Trump on Tuesday sent Congress a $4.1 trillion federal spending plan that promises faster economic growth and steep cuts to programs for the poor in a bid to balance the government's books over the next decade.

The following are stories and tables about President Donald Trump's proposed budget for the fiscal year 2018 starting October 1, unveiled by the White House on Monday and due to be delivered to Congress on Tuesday.

The president's absence, which his aides dismissed as a mere coincidence of the calendar, seemed to highlight the haphazard way in which his White House has approached its dealings with Congress.

U.S. President Donald Trump's proposed budget would slash almost a third in funding for diplomacy and foreign aid including global health and food aid, peacekeeping and other forms of non-military foreign involvement. Our orb-fondling, foot-swallowing POTUS imagines a vastly restructured government without the Affordable Care Act, reshaped by tremendous lacerations to Medicaid, food stamp, and student loan programs. The proposal is laced with cuts to domestic agencies, food stamps, Medicaid, highway funding and medical research. John Hoeven, R-N.D., a member of the Senate Appropriations Committee.

Africa on top of India's priority as growth pole: PM
During the Third India-Africa Forum Summit, India offered 10 billion dollars for development projects over the next five years. He said two crucial factors behind India's growth story were universal banking and universal biometric identification.

If a budget proposal is a message about priorities, it's clear entitlement reform isn't even on President Trump's radar. It also cuts Social Security disability insurance benefits and income disbursements under Social Security Insurance for poorer seniors, disabled adults and children.

"We need people to go to work", White House budget director Mick Mulvaney told reporters Monday. This debate over cutting nonmilitary spending to pay for Trump's preferred efforts has a long way to go, but the president will need to find a way to attract far more support from his own party if he expects to get the new HHS budget in place in line with what he's proposing.

Trump's budget would increase military spending by 10 percent while dropping domestic spending (again, outside of military and homeland security) by 10.6 percent.

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. It calls for an increase in military spending of 10 percent, spending more than $2.6 billion for border security - including $1.6 billion to begin work on a wall on the border with Mexico - as well as huge tax reductions and an improbable promise of 3 percent economic growth. It projects that if Trump's initiatives are adopted the deficit will start declining and actually disappear by 2027. Family leave is a cause embraced by the president's daughter, Ivanka Trump.

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.

Senate confirms Branstad as new US ambassador to China
Corning didn't mention her role as lieutenant governor in the obituary she wrote, the Des Moines Register reported. With more than 22 years at the helm of state government, he is the country's longest-serving governor, ever.

-A 10-year, $191 billion reduction in food stamps - nearly 30 percent - goes far, far beyond prior proposals by congressional Republicans.

Foreign aid makes up roughly 1% of the federal budget and includes a host of programs meant to help implement national security policy.

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.

That includes cuts to pensions for federal workers and higher contributions toward those pension benefits, as well as cuts to refundable tax credits paid to the working poor. Trump's budget cuts TANF by 13 percent over that time span. The Republican agenda to cut business tax rate from 35% to 15%, and also reduce personal tax brackets from seven to three has struggled since President Trump fired FBI Director James Comey.

U.S. Treasury Department Imposes Sanctions on Venezuelan Supreme Court
OPEC member Venezuela officially said on Tuesday that it is supporting the proposal for a nine-month extension of the deal. The court said the National Assembly was in contempt over vote-buying acc us ations against three lawmakers.

Like this: