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Trump Administration Releases 2020 ‘Budget for a Better America’
The Trump administration released its fiscal year 2020 budget Monday with a focus on “promises kept” and putting “taxpayers first.”
“America is roaring back, and now is the time to invest in the future of America,” President Donald Trump said of the newly released budget entitled, “A Budget for A Better America: Promises Kept. Taxpayers First.”
The administration sought to highlight three top-line aspects of the budget in a release Monday: moving economic prosperity forward, responsibility, and investment in America. One of the primary focuses was on reducing government spending.
Democrats Slam Trump’s Border Wall Request Despite Rising Migration
President Donald Trump’s $8.6 billion request for border-wall construction in 2020 should be denied, and the funds should be redirected to schools and “rebuilding America,” say top Democratic leaders.
The Democrats’ statement comes one week after a top security official said the cross-border flow of job-seeking migrants threatens to reach 900,000 in 2019.
“Our country faces challenges about jobs for the future, this money would be better spent on rebuilding America, and on education and workforce development for jobs for the 21st Century,” said a statement from House Speaker Nancy Pelosi and Senate Minority Chuck Schumer. The statement also stated that Democrats will block funding even if Trump refuses to sign Congress’ budget:
originally posted by: xuenchen
the funds should be redirected to schools and “rebuilding America,”
originally posted by: Allaroundyou
a reply to: xuenchen
I’ve not read all of it yet. Actually very little tbh.
But my biggest gripe is the cutting of $500mil to the NASA budget
Why oh why......I love me some NASA!
Ok let me clarify on this first. Sorry as I should have stated this in my first go around.
The budget for NASA is amazing but they did cut 500mil for the SLS system. Taking the new budget increase from $21.5 bill to $21 bil. Still a great increase but now we have an SLS that we sank so much money into to only say bye bye. I guess SpaceX is going to take that spot I imagine.
Reforms Student Loan Programs. In recent years, income-driven repayment (IDR) plans, which offer student borrowers the option of making affordable monthly payments based on factors such as income and family size, have grown in popularity. However, the numerous IDR plans currently offered to borrowers overly complicate choosing and enrolling in the right repayment plan. The Budget proposes to streamline student loan repayment by consolidating multiple IDR plans into a single plan. The Single IDR plan would cap a borrower’s monthly payment at 12.5 percent of discretionary income. For undergraduate borrowers, any balance remaining after 180 months of repayment would be forgiven. For borrowers with any graduate debt, any balance remaining after 30 years of repayment would be forgiven. To support this generous pathway to debt relief for all undergraduate borrowers, the Budget eliminates the Public Service Loan Forgiveness program, establishes reforms to guarantee that all borrowers in IDR pay an equitable share of their income, and eliminates subsidized loans. To further improve and simplify loan repayment, the Budget proposes auto-enrolling severely delinquent borrowers and instituting a process for borrowers to consent to share income data for multiple years. To facilitate these program improvements and to reduce improper payments, the Budget proposes to streamline the Department of Education’s ability to verify applicants’ income data held by the Internal Revenue Service. These reforms would reduce inefficiencies and waste in the student loan program, and focus assistance on needy undergraduate student borrowers. All student loan proposals would apply to loans originating on or after July 1, 2020, except those provided to borrowers to finish their current course of study.
he Department of Education and the Government Accountability Office (GAO) have both released reviews of PSLF that back up Frotman's CFPB findings. The department's recent report card for PSLF, the program's first, was a revelation, describing a scale of dysfunction that surprised many in the loan industry. It found that, over the past year, nearly 29,000 applications for Public Service Loan Forgiveness were submitted and processed.
Of those, 99 percent were denied, the vast majority for "not meeting program requirements." Ninety-nine percent. Just days after the Education Department released its data, the federal government's independent watchdog weighed in with the results of its own investigation. Investigators from the GAO found that, more than a decade into the program, many borrowers and servicers still appear confused about basic requirements.
Critics of President Donald Trump’s new budget are accusing him of breaking a key campaign promise ahead of his 2020 re-election bid.
His fiscal 2020 proposal unveiled Monday calls for reductions in funding for Medicare and Medicaid relative to current law. Over a decade, the plan would shave an estimated $800 billion or more off Medicare, which covers older Americans, according to the Kaiser Family Foundation and various reports. It would also cut spending on Medicaid, the federal-state program that insures low-income Americans, by more than $200 billion while setting up block grants to states.
The proposed Medicare changes aim to address waste and abuse in the system — efforts that both major parties have supported in the past. It is “hard to predict how these proposals would affect patient care if they became law,” said Tricia Neuman, director of the Kaiser Family Foundation’s Program on Medicare Policy. However, she expects hospitals and health providers to say the budget will harm seniors. AARP — a special interest group dedicated to older Americans — said it is “concerned about proposed cuts to programs important to seniors” in Trump’s budget despite his efforts to address drug prices. The White House has denied that Trump wants to gut Medicare — a widely popular program.
l On Monday, acting Office of Management and Budget Director Russ Vought said the president is “not cutting Medicare in this budget” but rather “putting forward reforms that are cutting drug prices.” Medicare spending would still rise “every year by healthy margins” and no “structural changes” would take place, he said.