If all of President Trump's proposals were implemented, CBO estimated that the sum of the deficits (debt increases) for the 2018–2027 period would be reduced by $3.276T, resulting in $6.836T in total debt added over the period. Deficits: CBO estimated that based on the policies in place as of the start of the Trump administration, the debt increase over the 2018–2027 period would be $10.112T.Trump's budget proposal was not sufficiently specific to score other tax proposals these were simply described as "deficit neutral" by the Administration. Revenues would be reduced by $1 trillion, mainly by repealing the ACA, which had applied higher tax rates to the top 5% of income earners.Other discretionary spending (cabinet departments) would be reduced by $1.548T. This includes reduced spending of $752 billion for overseas contingency operations (defense spending in Afghanistan and other foreign countries), which is partially offset by other increases in defense spending of $448B, for a net defense cut of $304B. Discretionary spending: The budget cuts discretionary spending by a net $1.851 trillion over the 2018–2027 period.These savings would be partially offset by $200B in additional infrastructure investment. This includes reduced spending of $1.891T for healthcare, mainly due to the proposed repeal and replacement of the Affordable Care Act (ACA/Obamacare) $238 billion (B) in income security ("welfare") and $100 billion in reduced subsidies for student loans. Mandatory spending: The budget cuts mandatory spending by a net $2.033 trillion (T) over the 2018–2027 period.The Congressional Budget Office reported its evaluation of the budget on July 13, 2017, including its effects over the 2018–2027 period. There have been six laws passed that funded pandemic relief (CPRSA, FFCR, CARES, PPP & HCE, CRRSA, and ARP) that have been distributed to 17 spending categories as of March 2022.CBO chart explaining the impact of the 2018 budget on spending, tax revenue, and deficits over the 2018–2027 periods ![]() The following table shows an overview of federal spending in response to the COVID-19 pandemic broken down by spending category and pandemic response legislation. The spending categories include federal program administration and oversight global assistance public services state, local, and tribal governments health care individuals unemployment veterans broadband and technology education farming industry financial institutions and federal reserve Paycheck Protection Program (PPP) small businesses transportation private sector pensions and tax credits.įederal spending in response to the coronavirus (COVID-19) pandemic The federal government has allocated $5.2 trillion to 17 spending categories in response to the COVID-19 pandemic as of March 2022. The following chart shows the total federal spending in response to the COVID-19 pandemic broken down by category. Total federal spending in response to the coronavirus (COVID-19) pandemic Financial institutions and federal reserve.Federal program administration and oversight.The funding from the above laws was distributed to the following 17 spending categories: American Rescue Plan Act of 2021 (117-2) (ARP).The Coronavirus Response and Relief Supplemental Appropriations Act (116-260) (CRRSA).Paycheck Protection Program and Health Care Enhancement Act (116-139) (PPP & HCE).The Coronavirus Aid, Relief, and Economic Security Act (116-136) (CARES).The Families First Coronavirus Response Act (116-127) (FFCR).The Coronavirus Preparedness and Response Supplemental Appropriations Act (116-123) (CRPSA).The following list includes the six pieces of pandemic response legislation: The laws distributed the funding according to 17 spending categories. 3 Federal spending in response to the coronavirus (COVID-19) pandemicĬongress has passed six laws aimed at funding pandemic relief as of March 2022. ![]() ![]()
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