Tag: Budget

The Trump budget’s crushing cruelty
Social Security Disability

The Trump budget’s crushing cruelty

House Democrats are slamming President Donald Trump’s proposed FY 2019 Budget, as well as his infrastructure proposal, with one Democrat saying “the American people got a pretty nasty valentine.”
(Feb. 14) AP On Monday, President Donald Trump released his proposed budget for 2019.
And the American people understand it,” Vermont’s independent senator, Bernie Sanders, said, railing against Charles and David Koch, the two billionaire industrialist brothers who have poured hundreds of millions of dollars into U.S. elections in order to promote their far-right agenda.
This is not a budget, as candidate Donald Trump talked about, that takes on the political establishment.
She explained on the “Democracy Now!” news hour: “Strike one was to actually transfer $1.3 trillion in wealth from working people and the poor to the wealthiest through the GOP tax scam.
To their credit, they are finally saying, in this budget, that those GOP tax cuts don’t pay for themselves, because they’re projecting these enormous deficits as a result of the tax cuts.
Strike two is that they’re essentially going to balloon the deficit, $7 trillion over 10 years, a trillion dollars next year alone.
A spending bill, passed with bipartisan support Feb. 9 in order to avoid a government shutdown, increased military spending, a Trump priority, as well as spending in domestic programs, which the Democrats wanted.
It also raised federal borrowing limits and spending caps.
Of course, these are the same people who said Trump had no chance of being elected.

Farm groups see Trump budget as a blow to family farmers
Welfare

Farm groups see Trump budget as a blow to family farmers

WASHINGTON – With a budget touted as “Efficient, Effective, Accountable,” the White House released its proposed fiscal year 2019 budget on Feb. 12 — a proposed $4.4 trillion budget with deep cuts to domestic programs.
Requesting a 16 percent decrease from 2017 levels, $47 billion in cuts over 10 years were listed in the budget, including cuts in crop insurance and other farm programs.
The cuts would also include reducing federal crop insurance subsidies, cutting spending for conservation programs and foreign food aid and slashing more than $17 billion from funds available to the Supplemental Nutrition Assistance Program (SNAP), or food stamps, over the next 10 years.
The NFU said, over the next decade, the $4.4 trillion budget would “severely cut many programs that family farmers and ranchers and rural Americans rely on,” including $48.6 billion from Farm Bill programs, $3.7 billion from the USDA, $213 billion from SNAP, $554 billion from Medicare and $250 billion from Medicaid.
“The proposed cuts in crop insurance and farm programs make this budget a non-starter.
(Photo: Contributed/American Soybean Association) “As the farm economy continues to struggle in its recovery, farmers cannot afford these backbreaking cuts.
“The President has proposed again to eliminate or shrink many programs that serve rural America, including those supporting rural businesses, cooperatives, and housing,” said Center for Rural Affairs policy associate Anna Johnson.
“The President is also calling for an investment of $50 billion in rural infrastructure, but this could put the onus on states already struggling with the economic fallout of depressed commodity prices.” In addition, Trump’s budget slashes working lands conservation programs by proposing the elimination of the Conservation Stewardship Program, according to the Center for Rural Affairs.
This competitive advantage for large farms has contributed to farm consolidation and shrinking rural communities.” Johnson said President Trump’s budget proposal would drain support for rural America.
Perdue, and their teams to cease these actions that undercut rural Americans and rural communities.” Infrastructure plan Trump met with state and local leaders on Monday to discuss his administration’s infrastructure plan.

Trump’s high-spending budget reverses longtime GOP dogma
Social Security Disability

Trump’s high-spending budget reverses longtime GOP dogma

The president’s spending outline for the first time acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not “pay for itself” as Trump and his Republican allies asserted.
If enacted as proposed, though no presidential budget ever is, the plan would establish an era of $1 trillion-plus yearly deficits.
That deal, which includes large increases for domestic programs, rendered Monday’s Trump plan for 10-year, $1.7 trillion cuts to domestic agencies such as the departments of Health and Human Services, Agriculture and Housing and Urban Development even more unrealistic.
The White House used Monday’s event to promote its long-awaited plan to increase funding for infrastructure.
Trump also is proposing work requirements for several federal programs, including housing subsidies, food stamps and Medicaid. “The Trump budget proposal makes clear his desire to enact massive cuts to health care, anti-poverty programs and investments in economic growth to blunt the deficit-exploding impact of his tax cuts for millionaires and corporations,” said Rep. John Yarmuth of Kentucky, the top Democrat on the House Budget Committee.
And that’s assuming Trump’s rosy economic predictions come true and Congress follows through — in an election year — with politically toxic cuts to social programs, farm subsidies and Medicare providers.
Last year Trump’s budget promised such ideas could generate a small budget surplus by 2027; now, his best-case scenario is for a $450 billion deficit that year, more than $300 billion of which can be traced to his December tax cut. “Not only will this tax plan pay for itself, but it will pay down debt,” Mnuchin declared in September.
They went nowhere last year.

Trump’s budget balloons deficits, cuts social safety net
Social Security Disability

Trump’s budget balloons deficits, cuts social safety net

The president’s spending outline for the first time acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not “pay for itself” as Trump and his Republican allies asserted.
If enacted as proposed, though no presidential budget ever is, the plan would establish an era of $1 trillion-plus yearly deficits.
That deal, which includes large increases for domestic programs, rendered Monday’s Trump plan for 10-year, $1.7 trillion cuts to domestic agencies such as the departments of Health and Human Services, Agriculture and Housing and Urban Development even more unrealistic.
The White House used Monday’s event to promote its long-awaited plan to increase funding for infrastructure.
Trump also is proposing work requirements for several federal programs, including housing subsidies, food stamps and Medicaid. “The Trump budget proposal makes clear his desire to enact massive cuts to health care, anti-poverty programs and investments in economic growth to blunt the deficit-exploding impact of his tax cuts for millionaires and corporations,” said Rep. John Yarmuth of Kentucky, the top Democrat on the House Budget Committee.
And that’s assuming Trump’s rosy economic predictions come true and Congress follows through — in an election year — with politically toxic cuts to social programs, farm subsidies and Medicare providers.
Last year Trump’s budget promised such ideas could generate a small budget surplus by 2027; now, his best-case scenario is for a $450 billion deficit that year, more than $300 billion of which can be traced to his December tax cut. “Not only will this tax plan pay for itself, but it will pay down debt,” Mnuchin declared in September.
They went nowhere last year.

Donald Trump’s Nasty Budget
Welfare

Donald Trump’s Nasty Budget

During his presidential campaign, Donald Trump told the “forgotten men and women of our country” that he would champion them.
As evidence that he was a different kind of Republican, he promised not to cut Medicare, Medicaid and other programs that benefit poor and middle-class families.
On Monday, President Trump proposed a budget that would slash spending on Medicare, Medicaid, food stamps, transportation and other essential government services, all while increasing the federal deficit.
Mr. Trump’s 2019 budget, combined with the tax cuts Republicans passed last year, would amount to one of the greatest transfers of wealth from the poor to the rich in generations.
The proposal would raise military spending by 14.1 percent while cutting funding for the State Department — the agency that has a mandate to resolve problems without going to war — by 26.9 percent.
Medicare and Medicaid, which benefit one-third of Americans, are targeted for cuts of hundreds of billions of dollars.
Over all, the administration wants to reduce the Department of Transportation’s budget by nearly a fifth.
The budget would also effectively cut the Highway Trust Fund by $122 billion over a decade.
The White House suggests that the federal government would put up only $200 billion, which would be enough to get state and local governments and the private sector to supply the rest of the money.
After all, Congress last week passed, and Mr. Trump signed, a two-year bipartisan budget that authorizes a significant increase in domestic, as well as military, spending.

What’s in the Trump budget?
Welfare

What’s in the Trump budget?

The administration calls for directing $17 billion to fight and address the scourge of opioid addiction, which Trump labeled a national health emergency in October.
This includes funding for traditional efforts, such as grants and Medicare funding for treatment programs.
The outline includes an $18 billion request to fund construction of a border wall, including $1.6 billion for “approximately 65 miles of border wall in south Texas.”
The administration is also asking for funding for technology improvements to make the immigration system more efficient.
The proposal also calls for states to create paid family leave programs similar to the unemployment insurance system.
The proposal calls for a fairly substantial overhaul of the Education Department’s student loan programs, including consolidating the increasingly common income-based repayment plans into a single program.
It also proposed changes to aid programs for low-income students, such as turning the Federal Work Study program into a job training initiative.
The proposal outlines how several government departments are focusing resources and time on fossil fuel programs, largely at the expense of renewable energy and climate change programs.
The Defense Department is asking for a major boost in military spending for 2019, requesting Congress approve a budget of $686 billion — one of the largest in its history.
The Community Development Block Grant, or CDBG, provides funding to organizations like Meals on Wheels; the program received an outpouring of support last year when the administration also proposed eliminating CDBG.

Same old, same old and 6 other takeaways on Trump’s budget
Social Security Disability

Same old, same old and 6 other takeaways on Trump’s budget

Unveiled Monday, the $4.4 trillion spending plan now heads to the GOP-controlled Congress where it’s expected to get a cool reception even from key Republican lawmakers who already rejected many of the same cuts proposed in the president’s 2018 budget plan Trump proposed last year.
In addition, Senate Democrats are likely to fight Trump’s decision not to recommend funding domestic programs as much as a recently negotiated congressional spending deal would allow.
The plan also proposes deep domestic cuts to health assistance, foreign aid, and housing programs and slashes state grants for education, the environment and community redevelopment.
While Trump promised during his presidential run not to cut Medicare, Medicaid or Social Security, he continues to propose changes to those programs.
In addition to seeking major savings in Medicaid for the second year in a row, Trump also wants to find more than $554 billion in Medicare savings.
Programs for poor take a hit As he did last year, Trump is proposing major cuts in safety-net programs.
The budget proposal also axes a grant program for states used to support social services such as child care assistance.
It would also end after two years the private insurance subsidies for people who don’t get coverage through a government program or an employer, while giving states grants to develop their own programs.
More: Trump budget proposes again to cut federal funding for Amtrak in half, which Congress has rejected The budget deal made a difference The congressional budget deal that lifted spending caps known as the “sequester” that Congress imposed in 2011 seems to already be making a difference.
Both defense and non-defense spending would see a boost in Trump’s proposal, though the president is not proposing to spend as much as the caps allow because of the increase to the national debt.

Seven takeaways from Trump’s 2019 budget proposal
Welfare

Seven takeaways from Trump’s 2019 budget proposal

Unveiled Monday, the $4.4 trillion spending plan now heads to the GOP-controlled Congress where it’s expected to get a cool reception even from key Republican lawmakers who already rejected many of the same cuts proposed in the president’s 2018 budget plan Trump proposed last year.
In addition, Senate Democrats are likely to fight Trump’s decision not to recommend funding domestic programs as much as a recently negotiated congressional spending deal would allow.
The plan also proposes deep domestic cuts to health assistance, foreign aid, and housing programs and slashes state grants for education, the environment and community redevelopment.
While Trump promised during his presidential run not to cut Medicare, Medicaid or Social Security, he continues to propose changes to those programs.
In addition to seeking major savings in Medicaid for the second year in a row, Trump also wants to find more than $554 billion in Medicare savings.
Programs for poor take a hit As he did last year, Trump is proposing major cuts in safety-net programs.
The budget proposal also axes a grant program for states used to support social services such as child care assistance.
It would also end after two years the private insurance subsidies for people who don’t get coverage through a government program or an employer, while giving states grants to develop their own programs.
More: Trump budget proposes again to cut federal funding for Amtrak in half, which Congress has rejected The budget deal made a difference The congressional budget deal that lifted spending caps known as the “sequester” that Congress imposed in 2011 seems to already be making a difference.
Both defense and non-defense spending would see a boost in Trump’s proposal, though the president is not proposing to spend as much as the caps allow because of the increase to the national debt.

President Trump’s Budget Would Add $7.2 Trillion in Federal Deficits Over 10 Years
Welfare

President Trump’s Budget Would Add $7.2 Trillion in Federal Deficits Over 10 Years

(WASHINGTON) — President Donald Trump unveiled a $4.4 trillion budget for next year that heralds an era of $1 trillion-plus federal deficits and — unlike the plan he released last year — never comes close to promising a balanced ledger even after 10 years.
Tax revenue would plummet by $3.7 trillion over the 2018-27 decade, the budget projects.
The spending spree, along with last year’s tax cuts, has the deficit moving sharply higher with Republicans in control of Washington.
Trump’s plan sees a 2019 deficit of $984 billion, though $1.2 trillion is more plausible after last week’s budget pact and $90 billion worth of disaster aid is tacked on.
That’s more than double the 2019 deficit the administration promised last year.
All told, the new budget sees accumulating deficits of $7.2 trillion over the coming decade; Trump’s plan last year projected a 10-year shortfall of $3.2 trillion.
The 2019 budget was originally designed to double down on last year’s proposals to slash foreign aid, the Environmental Protection Agency, home heating assistance and other nondefense programs funded by Congress each year.
“A lot of presidents’ budgets are ignored.
“In fact, Congress passed a law last week that basically undid the budget before it was even submitted.” In a preview of Monday’s release, the White House on Sunday focused on Trump’s $1.5 trillion plan for the nation’s crumbling infrastructure.
The White House is putting focus this year on Trump’s long-overdue plan to boost spending on the nation’s crumbling infrastructure.

White House budget to project 3% growth
Unemployment

White House budget to project 3% growth

The White House’s budget proposal — to be released Monday — assumes the economy can grow at a much stronger pace than independent forecasters expect and with lower inflation and government borrowing costs than officials projected last year, according to a preview of the proposal.
Many private forecasters also expect economic growth to pick up this year because of consumer and business spending encouraged by tax cuts signed by the GOP president in December, plus a two-year, $300 billion funding deal signed Friday.
On Friday, economists at J.P. Morgan said they now expect the economy to grow 2.6% this year and 1.9% next year.
The White House expects that without its policy changes, the economy would grow at a 2.2% rate over the coming decade, Mr. Hassett said.
The administration sees around half of the increase to 3% growth coming from last year’s $1.5 trillion tax cut, and the rest from a combination of reducing regulations, attracting new private and local spending on infrastructure and policies to boost labor-force participation.
When the economy grew consistently at a 3% or higher rate in the 1990s and early 2000s, the average 10-year Treasury moved in a range between 4% and 7%.
Higher budget deficits from the tax cuts and spending deal could also push up yields on government bonds.
Tax cuts and government spending could boost the economy in two ways.
If Fed officials conclude the tax cut is boosting demand without boosting the economy’s potential — for example, because inflation begins rising too much — the Fed might boost borrowing costs more aggressively.
This would lead the Fed to raise interest rates higher than now planned.