President Trump unveiled a $4.8 trillion budget proposal for the 2021 fiscal year, thought to be a taste of his re-election strategy, notable for steep reductions in social services like Medicaid, disability insurance, and higher budgets for defense, including the president’s promised southern border wall. The plan seeks to reduce deficits by $4.6 trillion in the next 10 years.
The plan, which needs Congressional approval, proposes increasing military spending slightly and lowering non-defense spending by nearly 5 percent, which seems to buck the agreement made by Congressional leaders and the White House this summer that passed both chambers with bipartisan support.
Trump’s budget proposal cuts spending on federal disability benefits, student loan forgiveness, foreign aid spending, and eliminates funding for the Corporation for Public Broadcasting. It will also further extend the income tax cuts that are currently set to expire in 2025. Other departments receiving a big cut: the Environmental Protection Agency, whose budget would be slashed by 26 percent, and a 9 percent reduction for the Health and Human Services department, which includes the National Institutes for Health and the Centers for Disease Control and Protection. CDC cuts would not be expected to include funding for infectious disease activities
Senator Mike Enzi (R-Wyo.), Chairman of the Senate Budget Committee, said in a statement that “presidents’ budgets are a reflection of Administration priorities, but in the end, they are just a list of suggestions, as the power of the purse rests with Congress. Bipartisan consensus will be necessary to bring our debt and deficits under control.”
The plan would also cut more than $5.5 billion in spending for the Education Department, which is slightly less than what was proposed last year. Those domestic spending slashes will likely be rejected by lawmakers and stand in contrast to messaging from the eventual 2020 Democratic nominee.
Trump also promised to send astronauts to the moon by 2024, a promise he presumably hopes to fill with a 12 percent budget increase in NASA funding.
Congressman John Yarmuth (D-Ky. 3rd District) who chairs the House Committee on the Budget said in a statement that the plan, by a “destructive and irrational president,” is backpedaling on a bipartisan deal. “He has broken his promises to the American people. Defaulted on the bipartisan budget deal he made with Congress. And we will stand firm against this warped ‘vision’ for our nation’s future,” Yarmuth said.
Though the president’s budget plan sheds light on his policy ambitions, a Democrat-controlled House means a spending bill in the Senate would require bipartisan support, which looks unlikely.
Senate Minority Leader Chuck Schumer tweeted, “With his latest budget proposal, it’s hard to imagine that President Trump could do any more to double-cross the very American workers and middle-class families he promised to help just last week in his State of the Union address.” He noted that by proposing “severe cuts to Medicaid and Medicare, President Trump’s latest budget is simply a continuation of his war to rip away health care from millions of Americans.”
The budget plan carries weight for the president’s platform heading into an election year, although it’s a shift from his 2016 campaign when he promised to protect funding for Medicare and Medicaid. The president even stated via a tweet as recently as the Saturday that he would not be "touching" Medicare before the release of the proposed budget that does just that.
U.S. officials spoke to Russian leaders for nearly eight hours earlier this week, in hopes of reducing tensions between Russia and Ukraine. Russia forced the west to the negotiating table by massing 100,000 troops near the Ukrainian border, sparking fears of an invasion, and then submitted a set of demands which the west rejected. Joel Rubin, former Deputy Assistant Secretary of State & President at Washington Strategy Group explains what the rest of the week might look like, and why other European nations may be on the side of the U.S.
Chicago schools opened their doors again following a dispute between the teachers union and the city over as the omicron variant continues to surge, but the safety issues they fought over weren't just limited to the Windy City. Dr. Bayo Curry-Winchell, family medicine and urgent care doctor, joined Cheddar in discussing concerns of parents, teachers, and students as schools try to operate amid COVID and noted what she's been observing as the number of infections among children rises. "I am seeing them contract the illness from so many different aspects," she said. "It could be from a fellow classmate. It could be from a parent. All of those things really play in the effect of transmission as well as contracting the illness."
Sen. John Hickenlooper (D-Colo.) is looking for clarification about a federal standard regarding THC impairment while driving. "I think in terms of marijuana, the fact that it's still a Schedule 1 narcotic — it's treated the same as heroin and cocaine — it means that we can't get standards developed," he said about the lack of cohesive regulations. The lawmaker also explained his previous opposition to cannabis legalization in Colorado when he was governor and why his position changed.
With Martin Luther King Jr. Day fast approaching, Rep. James Clyburn (D-S.C. 6th District), the House Majority Whip, talked about the importance of honoring the iconic civil rights activist. "As we consider the life and celebrate the legacy of Martin Luther King Jr., let's think about who and what we are as a country, and whether or not we're going to give up on the ideals of this country or continue to press forward," he said. Clyburn also discussed the push for new voting legislation, the For the People Act and the John Lewis Act, as well as the fate of the Senate filibuster.
One year after the attack on Capitol Hill, America is still deeply divided and politically broken. Zoe Tillman, senior reporter for BuzzFeed News, breaks down President Biden's remarks on January 6, and why the country disagrees on its views over the violent insurrection.
While the pandemic caused financial troubles for many, the unique circumstances of the last two years proved helpful to many Americans. Whether it was the federal government's stimulus checks, expanded unemployment insurance, or general lockdowns, recent data reveals that the covid-19 pandemic helped many reach financial security. Neale Godfrey, Financial Expert and New York Times #1 Best Selling Author joined Cheddar's Opening Bell to discuss.
U.S. markets opened higher despite red-hot inflation data which showed the highest surge in nearly 40 years. Jon Maier, CIO, GlobalX ETFs joined Cheddar's Opening Bell to discuss this historic report.
Meta's request to have a Federal Trade Commission antitrust lawsuit dismissed was rejected by a federal judge. Prosecutors presented enough evidence in their latest filing to go forward with the case accusing the tech giant of operating a social networking monopoly through Facebook, Instagram, and WhatsApp.
Covid cases have started to spike again across the nation, and this time they seem to be hitting some of our youngest and most vulnerable - school-aged children. School districts across the nation - including the country's largest public school system in New York City- are all grappling with what to do as teachers and students alike continue to miss school in droves.
Katie Honan, reporter for the New York City-based non profit news organization, The City explains how educational leaders across the country are handling covid demands from both teachers and parents alike.
Last week, the Supreme Court began here to hear arguments on two of the President's COVID-19 vaccine mandates. The vaccine or testing requirement for employees of large businesses, as well as the vaccine mandate for health care providers who get funding through either Medicare or Medicaid. The justices in DC will ultimately decide whether or not federal agencies even have the authority to issue these types of mandates. Editor at large of employment at Law 360, Vin Gurrieri, joined Cheddar to discuss more.
