Tax Reforms and Spending Cuts to Balance Trump's Budget Plan
- Author: Zachary Reyes May 26, 2017,
May 26, 2017, 12:10
President Donald Trump's comprehensive budget for 2018 is putting pressure on Republicans who want to preserve expanded Medicaid, as it calls for additional cuts to the program on top of those proposed by the American Health Care Act.
However, it also claims those same tax cuts will help the USA economy achieve three per cent growth - effectively counting them twice.
A $1.9 trillion pass-through tax cut for the wealthy.
But the centerpiece is the Trump tax plan. Without that growth, he warned, it will become increasingly hard to cut budget deficits.
A MI group is calling on lawmakers to pay attention to the President's budget and the cuts they say will hurt MI families.
Mnuchin has urged lawmakers to move quickly to remove investor doubt about any potential default. "But we'll need your help, so if you've ever had any experience with the federal government, if you've had good stories or bad stories about how the federal government has served or failed to serve you, or just ideas that you might have generally about how we can fix things, this needs to be fixed".
White House budget director Mick Mulvaney warned lawmakers on Wednesday that they may have to vote to increase the government's borrowing authority sooner than previously thought.
-Science: The American Association for the Advancement of Science estimates the budget proposal would cut overall federal spending on scientific research by 16.8 percent.
How would Trump's proposed budget affect Americans?Investors can monitor budgetary spending and reforms in order to understand the economic background of their investments.
President Trump's budget proposal would place an undue burden on Idaho's budget, as the state continues to dig out from the effects of the Great Recession.
Ryan Brown, the chief communications officer for the South Carolina Department of Education said several Every Student Succeeds Act programs would be eliminated, Carl D. Perkins Career and Technical Education Grants would be cut by $166 million, almost 15 percent, and Individuals with Disabilities Education Act grants would be cut by $112 million.
Military aid to Israel and Egypt, two close United States allies in the Middle East and the biggest recipients of USA military assistance, will remain unchanged, Mulvaney said.
Mulvaney will be back on Capitol Hill to testify before the Senate Budget Committee on Thursday.
Treasury Secretary Steven Mnuchin had expected the government to hit the legally mandated debt ceiling - now about $20.1 trillion - in early September.
For his part, U.S. Sen. Who will that hurt most?
During the campaign, Trump attacked the weak economic growth of the Obama years, and pledged that his economic program would boost growth from the lackluster 2 percent rates seen since recovery began in mid-2009. John McCain, R-Arizona, called the budget "dead on arrival", and Rep. Hal Rogers, R-Kentucky, predicted that foreign aid cuts in the budget "will not stand" and called other cuts "draconian, careless and counterproductive".
DeVos is getting some pointed questions from Democrats on a House committee about using public money to help students pay for private school tuition.
And while this is certainly a discouraging development for those hoping the White House is capable of rudimentary governmental competence - $2 trillion isn't exactly a rounding error - what makes this especially fascinating to me is what Trump World is saying now that "the mystery money" problem has been exposed.