The Trump administration is set to unveil its fiscal year 2018 budget proposal Tuesday. Budget Director Mick Mulvaney explained this problem away (with Trump in Israel) by asserting in a Monday night briefing that proposals in the plan to cut Social Security disability benefits don't count because they're not retirement payments.
Such an overreliance on growth may make it hard for the budget proposal to gain support on Capitol Hill, particularly in the wake of President Trump's proposed series of tax cuts, which could cost the federal government up to $5trn in lost revenue. A 10-year, $193-billion (172.3-billion-euro) reduction in funding for the food stamps program is bound to drive millions of people off the scheme, with cuts to Medicaid also a headache for many lawmakers.
Donald Trump's business-mogul ways (which include wanting to sell half of USA strategic oil reserves to ease the national debt) have led to a proposed budget that would heavily gut the EPA and State Department. "I say 'assumed economic growth, ' because they don't show us any math of how they get there".
Administration officials say they want to tighten work requirements to get millions of people off government support programs and back into the labor force, saying that will help them achieve their ambitious goal of boosting economic growth on a sustained basis to 3 percent annual gains.
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Under Trump's proposal, the Title II Food Aid program, which makes up the bulk of US worldwide food assistance, would be eliminated entirely, representing a $1.7 billion cut. For years now, our nation has continued to saddle future generations with increasing debt financed by out-of-control deficit spending.
President Trump is submitting a budget that balances in ten years, making numerous tough choices to get the nation's finances back on track without touching Social Security or making changes to Medicare beyond rooting out fraud.
Trump would keep campaign pledges to leave core Medicare and Social Security benefits for the elderly alone and his cuts to domestic spending would be redirected to the Pentagon.
"I appreciate the president's commitment to cutting the deficit and balancing the budget for the first time in several years".
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Another politically fraught line item is a proposal to cut $46 billion over a decade from the U.S. Postal Service.
Manchin is a member of the U.S. Senate Appropriations Committee.
Mulvaney said that part of the savings, listed in the budget as $1.4 trillion over 10 years, would come from a "two-penny plan" which will cut non-defense discretionary spending by 2 percent each year over the next decade. This would undoubtedly lead to many Medicaid enrollees losing their current coverage; it's impossible to cut the program in half and expect it to function as it does now.
The White House proposed changes that would require more childless people receiving help from the Supplemental Nutrition Assistance Programme, better known as food stamps, to work.
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Analysts say Trump's budget proposal is unlikely to resemble what makes its way into law, based on what's reported to be included. Programs slated for the chopping block include Medicaid, food stamps, student loans and disability benefits, The Wall Street Journal reports. The president is also calling for $25bn to introduce the US' first nationwide paid parental leave programme. The CFPB, created to protect borrowers from predatory lending, would undergo a "restructure" that would cut the federal deficit by $145 million, while the SEC, which polices securities markets, would have its reserve fund used to supplement its budget.