This week the Trump administration released a 2018 budget proposal which would slash nondefense discretionary funding by more than $1.4 trillion. Titled, “A New Foundation for American Greatness,” the plan would make major changes to the social safety net, but would leave Medicare and the retirement portion of Social Security untouched. (The plan would make cuts to Social Security Disability Insurance) The budget proposal would increase defense spending by $43 billion next year. “It probably is the most conservative budget that we’ve had under Republican or Democrat administrations in decades,” said Congressman Mark Meadows (R-NC).
A report by The Hill lists the 66 federal programs which would be completely eliminated by the budget. Leaders in the House and Senate have said they will create their own budget and put the White House plan aside. This morning Secretary Mnuchin testified on the budget proposal before the Senate Finance Committee.
This week the Office of Management and Budget Director Mick Mulvaney announced the debt limit may have to be raised prior to the August recess. Secretary Mnuchin echoed this concern, telling the Ways and Means Committee, “I urge you to raise the debt limit before you leave for the summer. We can all discuss how we cut spending in the future and deal with the budget going forward.”