May 26 2017
The White House budget chief on Wednesday delivered a spirited defense of President Donald Trump's proposal to slash programs from food stamps to health care for the poor in the face of strong Democratic opposition and Republican skepticism.
"My understanding is over the course of the last couple administrations, some budgets have been five years, some have been seven ... we sort of settled on this 10-year budget window for the last couple of years", Mr. Mulvaney said.
"Either the $2 trillion of added cash inflows resulting from faster economic growth can pay for more government spending and reduce the need for government to borrow, or that $2 trillion can replace the cash lost to the government from cutting taxes and reduce the size of painful tax increases you need to propose", Hennessey wrote in a blog post on Tuesday.
The report could give talking points to House Republicans for their bill, or to Democrats who voted unanimously against it.
He suggests the budget's $191 billion cut to food assistance and $40 billion cut to public service loan forgiveness over the next decade are necessary sacrifices, but fails to mention that Trump's budget includes a $5.5 trillion tax cut that will mainly benefit the wealthy. People familiar with the plan were not authorized to discuss it by name and spoke on condition of anonymity. Scrapping the program would save about $499 million annually.
Trump's balanced-budget goal depends not only on 3 percent growth projections that most economists view as overly optimistic but also a variety of accounting gimmicks, including an nearly $600 billion peace dividend from winding down overseas military operations and assuming that overhauling the tax code in a way that provides no net tax cuts would spark that growth and generate more than $2 trillion in higher revenues.
The fiscal 2018 budget proposal, released by the White House on Tuesday, would cut the DOT's discretionary budget by almost 13 percent, to $16.2 billion.
Rep. John Carter, a Texas Republican who chairs the subcommittee, described the proposed cuts as "worrisome" and also questioned the need to add thousands of new immigration jail beds.
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Trump embraces Israel, but Russian ties still trail him
But Trump departed for Europe having offered no real indication of a path forward on one of the world's most intractable disputes. President Trump landed in Tel Aviv, Israel, on May 22, as part of his first worldwide trip as president.
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The budget, which will be delivered to Congress on Tuesday, is meant as a proposal and may not take effect in its current form. Saudi Arabia and non-OPEC Russia have been pushing to extend the cuts by nine months until March 2018.
To be sure, federal safety-net programs should not be immune from pruning; we've called for many such measures in previous editorials. The gross domestic product had plunged 2.7 percent in 2008. It would create three tax brackets - 10 percent, 25 percent and 35 percent - instead of the current seven. The budget plan includes a 29 percent cut to the food stamp program, a 19 percent cut to the Children's Health Insurance Program and double-digit cuts to Medicaid, unemployment insurance and Temporary Assistance for Needy Families (which has been continuously squeezed since its creation 20 years ago as part of welfare reform).
The proposal got a chilly reception from congressional Republicans and Democrats, who insist they will have the final say as they struggle to complete a health care bill and rewrite the tax code.
Republicans are still eying cuts to the program, but none as large as what Trump has proposed.
It is unclear if the Republican-controlled House and Senate will be able to pass a budget blueprint for the fiscal year starting on October 1.
The president's budget would also roll back investments in other programs that have propped up the Heartland, like cuts to rural business programs, hospital funding, and housing and infrastructure programs. Their budgets pass each year through annual appropriations bills.
The earlier blueprint proposed a $54 billion, 10 percent increase for the military above an existing cap on Pentagon spending, financed by an equal cut to nondefense programs, which meant slashing medical research and foreign aid.
Jordan Weissmann, Slate's senior business and economics correspondent, argued that Trump's budget is "frightening".
Trump administration critics were not as forgiving.
May 26 2017
LeBron James calls his pursuit of Michael Jordan a 'personal goal'
Through four games one thing has been made clear, the Cavaliers will not struggle if they are driving into the paint with success. He told Celtics coach Brad Stevens that he intends to get "one or two more opinions" before a course of action is set.
May 25 2017
Vehicle seats may not restrain child in crash
Expected to start July 17, the recall reportedly comes after the NHTSA discovered the webbing problem through a series of tests. Graco Children's Products Inc.is recalling eight models of their Graco My Ride 65 convertible child restraints.
May 24 2017
JP Morgan Raises Qualcomm (NASDAQ:QCOM) Stock To a "Overweight" Rating
Cowen and Company reduced their price target on shares of QUALCOMM to $73.00 in a research note on Thursday, January 26th. The company had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.86 billion.
May 24 2017
Loosen Up: NFL to allow some flair in celebrations
They also still aren't cool with players pulling sharpies out of their socks and autographing the ball for a fan. The player must be on IR for at least six weeks and they can return to games after sitting out eight weeks.
May 23 2017
English wedding: Pippa Middleton marries as royals look on
The wedding party included Prince George, a page boy at 3, and 2-year-old Princess Charlotte, a bridesmaid. Pippa Middleton has stunned the world again, at her wedding.
May 23 2017
Why Trump is on track to disappoint Israel's Netanyahu
The alleys and passageways of Jerusalem's ancient Old City, which Trump visited later in the day, were essentially under lockdown. That refrain echoed the Saudi King Salman's description of the Iranian government as "the tip of the spear of global terrorism".
May 23 2017
US extends 'temporary protected status' to Haitians until January
Senator Edward Markey. "Progress has been made in Haiti, but the country is still far from recovered". Stephanie Murphy and two Democratic gubernatorial candidates, Gwen Graham and Andrew Gillum .
May 23 2017
No serious impact in India due to ransomware: Ravi Shankar Prasad
Union law minister Ravi Shankar Prasad says a software patch has been installed in systems to counter the ransomware attack. Privacy experts say that this mess could have been prevented if people paid attention to Microsoft's software updates.
May 22 2017
Wisconsin unemployment lowest since February 2000
In a year-over comparison from 2016, growth was seen in federal government and "other services" as high as 20 percent. This post was updated to clarify that the new unemployment data is preliminary and add quotes from Matthew Barewicz.
May 22 2017
Hinting at secret tapes, Trump warns ousted Federal Bureau of Investigation director
For example, White House press secretary Sean Spicer has said the president fired Comey because he was advised to do so. The face-to-face meeting between the president and the director raised other concerns.
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