The budget outline of President Donald Trump’s first budget proposal on Thursday contains $1.6 trillion over a decade in spending cuts, including $1,000 for every person in the U.S. with a high school diploma.
Trump’s proposed budget outline for the first fiscal year of his presidency contains $5 trillion in spending cutbacks.
The spending blueprint, which is being released on Thursday, contains the largest cuts to domestic programs since President Barack Obama’s first $5.9 trillion budget was unveiled in 2011.
“I would hope to achieve that goal,” Trump told a news conference, adding that he would not be satisfied until the U,S.
was “as rich as the Middle East.”
The outline contains a range of measures that could reduce federal spending on domestic programs such as food stamps, Medicaid and housing assistance.
Trump has proposed reducing the amount of food stamp benefits, a program that serves the nation’s poorest, and the amount that the U to provide housing assistance to low-income people, as well as eliminating tax breaks for certain employers and businesses.
The White House is also proposing cutting $5 billion from the Department of Housing and Urban Development, the agency that oversees federal assistance programs for low- and moderate-income families.
A separate $1 billion cut from the department of transportation and $200 million in funding to the Office of Personnel Management is also included in the proposal.
The proposed budget would slash $1 for every $1 a household earns.
Trump would also reduce the amount the federal government pays out in unemployment benefits by $1 per week, a proposal that the White House has not explained how he would pay for.
But the budget also includes $1 in taxes, which Trump has not said how he plans to pay for his plan.
Trump’s proposal does not include any money for a tax on financial transactions such as stock trading or hedge funds.
It also includes a plan to eliminate tax breaks on health care plans.
On Thursday, Trump signed an executive order that would allow the government to immediately start dismantling Obamacare and create a “Medicare for all” system.
President Donald Trump signs an executive executive order on Thursday.
Trump’s proposal would eliminate a program called “Medicaid Expansion.”
The president has said that his administration would use that money to expand coverage to millions of people, and he has proposed making a 10 percent payroll tax on employers to fund the program.
And he has pledged to continue cutting federal spending, which could include $200 billion in cuts to Medicare, Medicaid, and other programs.
In the fiscal year that begins July 1, Trump proposed cutting $6.9 billion in spending by repealing a tax break for private health insurance companies, a $2 billion increase for unemployment insurance benefits and a $200,000 increase in the federal minimum wage.
More: Trump’s budget outline contains $6 trillion in cuts over a 10-year period, including over $1 million for every child in the country with a secondary educationSource: The Hill | Permalink