Daily Rewind: Trump’s first budget
💰 President Trump released his first budget proposal today. The $4.1 trillion plan offers big cuts for the poor — and big gifts for the rich. Here’s the breakdown:
Trump’s $4.1 trillion budget includes…
- Cuts to Medicaid (by over $600 billion in the next decade).
- Cuts to food stamps, known as SNAP ($193 billion over 10 years).
- Cuts to student loans ($143 billion over 10 years).
- Cuts to federal worker retirement programs ($63 billion over 10 years).
- Cuts to disability programs and insurance.
- First-ever federal paid family leave program.
- Increased spending on defense, border security and infrastructure.
- Getting rid of the estate tax (which only applies to estates worth over $5.5 million).
- Selling off half of America’s emergency oil reserves.
- Eliminating the Obamacare surcharge on wealthy investors.
- Tax breaks for rich investors (who earn over $200,000 a year).
What experts have to say…
- The White House says Trump’s budget would reduce overall spending by $3.6 trillion over the next 10 years. But experts across the aisle say the math doesn’t add up. The budget would almost certainly add trillions to the debt.
- The budget will likely hit a “brick wall” in the Senate, given how many Americans — including those who voted for Trump — rely on programs like food stamps. That’s according to Greg Valliere, chief strategist at Horizon Investments.
Other important news to know:
Ariana Grande suspends tour following the Manchester terror attack. The pop star suspended her “Dangerous Woman” tour in light of yesterday’s deadly terror attack, sources told CNN. The deadly explosion killed 22 and injured 59 at her concert at Britain’s Manchester Arena. Grande, who was physically unharmed, expressed her sorrow on Twitter hours after the attack. The Manchester concert was scheduled to be the first of three concerts in Britain. ISIS has claimed responsibility, and the attacker has been identified as 22-year-old Salman Abedi. Read more from CNN Media.
Want more important news? Check these stories out:
*Snapchat unveils a new custom stories feature (The Verge)
*Microsoft announces Surface Pro Laptop update (TechCrunch)
*U.S. sues Fiat Chrysler over diesel emissions (Bloomberg)
That’s all for today. We’ll see you again tomorrow!
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