Trump Budget Proposal to be Released as Households without College Degrees Struggle
May 22, 2017
The White House will submit its budget proposal to Congress on Tuesday as President Trump is abroad on his trip to the Middle East and Europe. The proposal is expected to include large cuts to the EPA and social safety net programs while increasing spending on national security, border protection, and infrastructure. This is right after the Federal Reserve has released its annual survey of U.S. households, which found that households with higher education are continuing to improve, however, those high school or less education are increasingly struggling.
- White House to Release President’s Budget Proposal Tuesday. President Trump’s first complete budget will be submitted to Congress this week while Mr. Trump is overseas on a nine-day foreign trip to the Middle East and Europe, which could diminish the attention the event might ordinarily attract. Top administration officials will testify on the budget on Capitol Hill beginning Wednesday, the same day the Congressional Budget Office is set to release a highly anticipated analysis of the Republican health care bill approved by the House earlier this month. Officials last week reported that Mr. Trump’s budget will propose large cuts to domestic programs and safety-net spending, including Medicaid, food assistance, and other anti-poverty efforts, to balance the budget over the coming decade without impacting the largest drivers of federal spending – Social Security and Medicare. In sum, the budget will reduce funding by $1.7 trillion over a decade to entitlement programs such as Medicaid and food assistance. The president will also propose increases in military funding, infrastructure, and border security. The spending cuts that Mr. Trump may outline include up to a 40% reduction in non-defense spending compared with current projections, a nearly 10% increase in defense funding for the fiscal year beginning in October, offset by $54 billion in cuts to foreign aid, environmental, housing, and science and research funding. [WSJ]
- President’s fiscal 2018 budget to cut EPA spending by over 30%. President Trump’s fiscal 2018 budget request would decrease EPA spending by almost a third, according to a copy of the President’s budget proposal obtained by CNN. The budget blueprint, which the White House will submit to Congress on Tuesday, would cut the EPA’s total budget by more than 30% and its operational budget by 35% compared to current funding levels. Some of the largest cuts would go to categorical grants for science and technology and environmental program and management spending, which would have 40% and 35% decreases, respectively. Some of the programs that would be most affected include clean air efforts in the environmental program and management category, which would be cut nearly in half. The budget would also eliminate funding for states with problems such as non-point source pollution, radon, lead, underground storage tanks, pollution prevention, and beach protection. [CNN]
- Americans Doing Better Financially, Except Those Without a College Education. According to a Federal Reserve survey released on Friday, the overall financial situation of U.S. households continues to improve; however, Americans without a college degree feel that they are struggling more compared to last year. The annual survey, conducted in October 2016, is now in its fourth year and acts as a check on the financial well-being of U.S. families. 70 percent of those surveyed said that they were either “living comfortably” or “doing okay,” an improvement from 69 percent last year and 62 percent in 2013. The improving statistics reflect an improved job market, rising U.S. stocks prices, and home prices. However, 40 percent of respondents with a high school degree or less said that they were struggling financially, one percentage point more than in 2015, at a time when those with more education felt their situation had improved. The survey tallied responses of 6,643 adults ages 18 and over. [Reuters]