Today, President Donald Trump released his budget that includes the following:
- $639 billion of discretionary spending for the Department of Defense, a $52 billion increase above 2017.
- $44.1 billion for the Department of Homeland Security and $27.7 billion for the Department of Justice for law enforcement, public safety and immigration enforcement programs and activities.
- $2.6 billion in high-priority tactical infrastructure and border security technology including funding to plan, design, and construct a physical wall along the southern border.
- $1 trillion infrastructure plan that combines new federal funding and incentivized non-federal funding.
- Providing new mothers and fathers and adoptive parents with six weeks of paid family leave.
- $3.6 trillion in spending reductions over 10 years including anticipated economic gains that will result from fiscal, economic, and regulatory policies, the deficit will be reduced by $5.6 trillion compared to the current fiscal path.
- $250 billion in deficit savings associated with healthcare reform as a result of the president’s plan to repeal and replace the Affordable Care Act.
- An $800 billion dollar reduction in Medicaid spending over the next 10 years.
The president’s Budget Blueprint for 2018 called for $57.3 billion cut in discretionary programs, including $26.7 billion in program eliminations and $30.6 billion in reductions. Details on these spending reductions are included in a separate Major Savings and Reforms volume.
NJBIA will continue to review the president’s budget proposal and will be sending updates on the potential impact on New Jersey businesses.
Please feel free to contact me with any questions.
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