June 28, 2017

President Trump's budget does not add up ($2 trillion math error)

29 May 2017, 03:09 | Archie Newman

The Latest: Mulvaney defends plans to cut social programs

Eric Ueland Republican staff director Senate Budget Committee holds a copy of President Donald Trump's fiscal 2018 federal budget before distributing them to congressional staffers on Capitol Hill in Washington Tuesday

Panel Democrats charged that President Trump's cuts would rip apart the social safety net. All Americans. A budget without a heart should be dead on arrival.

Warren pointed to a recent Congressional Budget Office analysis that found the House-passed AHCA would cut $834 billion from Medicaid and leave 23 million additional people uninsured in 2026 compared to the Affordable Care Act - a law under which she argued the uninsured rate for veterans decreased by almost 40 percent.

On numerous occasions, Mulvaney was required to tell Congress that most Americans do not understand the specialized Washington jargon in which an increase in government spending is called a decrease in government spending. When confronted about this during a press conference on Tuesday, Office of Management and Budget Director Mick Mulvaney argued that the administration "did [the double count] on goal..."

USA military personnel wait in line for Thanksgiving dinner at a coalition air base in Qayara south of Mosul, Iraq, Thursday, Nov. 24, 2016. Trump repeatedly promised voters during the campaign that Mexico would pay for the wall, a notion that Mexican officials rejected.

Some Republicans don't seem too fond of President Donald Trump's budget plan. He balances his numbers with fictional economic growth and a wide range of cuts - to the Medicaid program he had promised not to cut, to children's health care, to food for poor people and needy senior citizens, to public schools and college aid, and to many more of the programs that struggling Americans need.

Mr Mulvaney responded by pointing out that there were 47 million people on Snap at the height of the recession, and now there's 42 to 44 million.

"It cuts Social Security, decimates Medicaid and ends the Children's Health Insurance Program (CHIP) - it is an extreme document that reads like a wish list of special interest giveaways and is riddled with broken promises", he said. "They're not mere shavings, they're deep, deep cuts".

"Idaho simply can not afford to absorb the costs we would incur if a version of this budget is approved by Congress", center director Lauren Necochea said. To account for this, the Trump administration said the economic growth from tax cuts would make up the difference.

Also on the block are student loan subsidies, highway money for the states and a crop insurance program. "Come on. That doesn't add up".

But the plan does cut nearly $3.6 trillion from an array of benefit programs, domestic agencies and war spending over the coming decade - an nearly 8 percent cut - including repealing former President Barack 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.

At the same time, the budget calls for slashing spending by about $3.6 trillion over the course of a decade without increasing taxes or touching benefits in the two big entitlement programs of Social Security and Medicare.

Other News

Trending Now

Dario Franchitti, Scott Dixon robbed at Taco Bell drive-thru
Last year's Indy 500 pole starter, James Hinchcliffe, secured the 16 spot with his qualifying average of 229.860 miles per hour . Other short odds to win are Juab Pablo Montoya , Helio Castroneves and Tony Kanaan , who each have 8/1 odds to win.

Trump reports weigh on global stocks and the dollar
The dollar index, which tracks the US currency against a basket of six major rivals, was last at 98.118, flat on the day. Even with Wednesday's declines, the S&P 500 stock index is up 10.2 percent since last November's US elections though.

Manchester attack: Police hunt 'network' behind bomber
Joseph Carozza, a representative from Grande's USA record label, said the singer is OK and they are investigating what happened. France, which has repeatedly been hit by devastating militant attacks since 2015, extended emergency powers.

FA Cup hero Ramsey calls for Wenger to stay
But any sense of disappointment at Chelsea will be short-lived after Conte's brilliant first season at Stamford Bridge. They've united and responded. "It's one of the proudest moments of my career - no one gave us a chance", Wenger said.