Trump sends to Congress $4.1 trillion budget plan

Trump sends to Congress $4.1 trillion budget plan

"The budget will not pass in its current state, but people will keep an eye on any sort of indication of corporate tax reform as well as infrastructure spending", said Nadia Lovell, US Equity Strategist at J.P. Morgan Private Bank in NY. Changes in SNAP alone would save $191 billion. The government's health program for the poor would be out $800 billion over the next ten years.

According to budget tables released by the administration, Trump's plan cuts nearly $3.6 trillion from an array of benefit programs, domestic agencies and war spending over the coming decade - an nearly 8 per cent cut - including repealing and replacing Obama's health law, cutting Medicaid, eliminating student loan subsidies, sharply slashing food stamps, and cutting $95 billion in highway formula funding for the states.

"What it fails to recognize is that our national security involves more than just military spending", he said in a statement. A work requirement for those without dependents would be also phased in for the program, which now serves about 4.5 million California residents. In 2008, there were 28 million recipients.

"We're no longer going to measure compassion by the number of programs or the number of people on those programs, but by the number of people we help get off those programs", Mulvaney said Tuesday at a press briefing.

"During the previous administration the pendulum went too far to one side where we were spending too much of your money on climate change and not very efficiently".

"I don't need to take this much of your money and to bury it in the ground out in western Texas someplace for domestic security and national security reasons when we have domestic surpluses like we do", he added.

The announcement surprised oil markets and briefly pulled down United States crude prices.

Priyanka Chopra's new bikini pictures from Miami Beach look hotter than summers
The actress finished her look with open tresses, glares and something that we haven't seen her doing before. The Bollywood actress Priyanka Chopra has spread her wings high in the worldwide film industry.

It also completely eliminates the country's flagship program of worldwide food aid, called Food For Peace. Ryan sidestepped a question on whether the economic assumptions that allow the balance to budget were realistic, but praised the administration for embracing the goal of economic growth. He says he looks forward to working with Budget Committee leaders to "pass a balanced budget".

The Trump budget would eliminate the Obama administration's TIGER grant program, saving $5 billion over 10 years in the program that has funded transit projects. In states that reinstated the limit, such as Kansas and ME, many of those who had their benefits stopped were still not working a year later. A CRFB analysis shows there are several key factors beyond "pessimism" that make it exceedingly hard for the U.S.to achieve three percent economic growth: an aging population and "a slowdown in the growth of labor, capital, and productivity". Rachidi said she would prefer a broader plan on how to help people get back to work. Then her boss proposed ending all US funding to the organization. The proposal also includes big cuts in Social Security's disability program. Trump's administration has tried to restrict funding to so-called "sanctuary" cities - jurisdiction that don't enforce federal immigration priorities and cooperate fully with federal authorities - but their efforts were halted by the courts.

Mulvaney said that aid to Pakistan would be reduced, though he did not give concrete details.

The budget also calls for a 15 percent, or $7.4 billion reduction, in housing and community development assistance. And the proposed $143 billion reduction in student loans would jeopardize the futures of young people struggling to afford college and begin work.

"You have to have compassion for folks who are receiving the federal funds, but also you have to have compassion for the folks who are paying it", he told reporters.

"This budget proposal is based on utterly bogus economic assumptions", said California Gov. About $60 billion of that is annual "mandatory spending", including road repairs paid through gas tax collections.

All told, non-defense discretionary spending would be slashed by $1.6 trillion over the next decade, while defense discretionary accounts would be boosted by $489 billion. "We'll talk to other states; it touches an bad lot of states".