Trump's budget plan promises to balance the federal ledger by the end of a 10-year window, even while exempting Social Security and Medicare retirement benefits from cuts.
"The president's budget release shows that Trump isn't even trying to hide his true motives: huge tax cuts for the richest Americans and big corporations, all to be shouldered by middle- and working-class Americans".
"With this budget, the President betrays his promises to many voters who placed his trust in them".
Congress will soon have its say on the matter, and it's certain that Democrats and moderate Republicans will recoil from some of the harsh cuts Trump is proposing for domestic programs.
Trump does not offer any new details on plans for a Republican overhaul of the federal tax code. For years now, our nation has continued to saddle future generations with increasing debt financed by out-of-control deficit spending.
"The Fiscal Year 2018 budget released today by the White House disproportionately harms children". He indicated the priorities set out in the budget will serve as "guideposts" for the Senate Budget Committee.
"Let's put an end to the days of continuing resolutions and massive omnibus funding bills".
$2.6 billion for border security in fiscal 2018, which would include $1.6 billion to build new and replace existing fences and barriers along the U.S. -Mexico border. "We are going to measure our compassion and success by actually helping people and by respecting taxpayers who pay for it in the first place", he said. The sales from the reserve would gradually rise over the following years, peaking at almost $3.9 billion in 2027, and totaling almost $16.6 billion from 2018 to 2027.Читайте также: Liam Payne 'angry' Cheryl didn't give him standing ovation on X Factor
The proposal projects that this year's deficit will rise to $603 billion, up from the actual deficit of $585 billion last year, But the document says if Trump's initiatives are adopted the deficit will start declining and actually reach a small surplus of $16 billion in 2027.
Trump's plan promises that overhauling the tax code and easing regulations will lift economic growth from the lackluster 2.1 percent average rate of recent years to sustained annual gains of 3 percent or better. Without more than $2 trillion in such "economic feedback" over the coming decade, the budget would never reach balance and would run a deficit of nearly $500 billion.
Trump's first full budget would slash funding for health care and food assistance programs that help the poor while it trims the deficit.
"We think it's wrongheaded", said Rep. Mike Conaway, R-Texas, chairman of the House Agriculture Committee, when asked about looming cuts to farm programs.
"That assumes a pessimism about America, about the economy, about its people, about its culture, that we're simply refusing to accept", White House budget director Mick Mulvaney told reporters on Monday. "We'll go to work from there", said Sen. The rationale is that the cuts would force Americans back to work.
Funding for food stamps, now formally known as Supplemental Nutrition Assistance Program, would fall by 25 percent over several years.
Trump's budget holds true to his campaign pledge to leave Medicare and Social Security pension benefits alone and contains spending increases for the military and veterans, but it treats most of the rest of the government as fair game.
Overall, the budget would reduce spending on means-tested anti-poverty programs by $272 billion over the next 10 years.
Even so, the GOP backlash to Trump's budget was striking, as few lawmakers apart from the top leaders in the House and Senate seemed inclined to give the president much deference. Trump would also shift a portion of the costs for the food stamp program to states.
The budget would also limit the earned income tax and child care tax credits - crucial supports for low-income workers - by requiring that they only be available to those with Social Security numbers.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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