Trump Administration Releases FY18 Budget Proposal

On Wednesday this week, the Trump Administration released their FY 2018 Budget proposal. Please recall that in March the Administration released a budget blueprint, which only outlined President Trump’s discretionary funding proposals.  The release of the full budget document now includes federal mandatory budget proposals; however, the released budget does not provide any details on tax reforms.  Broadly speaking they are proposing a total FY 2018 budget of $4.094 trillion, but it also includes nearly $3.6 trillion in cuts over the next ten years.

Administration officials characterized the FY 2018 budget as a “Taxpayer First Budget” and that this proposal would usher in a sustained period of strong economic growth.  Democrats immediately denounced the plan with House Minority Leader Nancy Pelosi calling it “literally a killer” for the American people.  Senate Majority Leader, Mitch McConnell, acknowledged that Republicans would eventually have to negotiate with Senate Democrats on a “top line” agreement.

CHEAC’s summary of the President’s budget proposal can be found here.  Staff will continue to monitor developments as budget negotiations progress.