White House Budget cuts State Department funds; Boosts Defense Budget

In recent proposal, US President Donald Trump seeks to slash budgets for foreign aid, the Environmental Protection Act, and the US State Department, in order to boost the country’s funding for military and defense department. Trump’s administration has recently proposed to cut around 31% of Environment Protection Agency’s budget.

The budget proposal is set to be released on Thursday, where Trump’s administration will show designated allocation of the budget cuts and where these funds will be focused on, which will be included in a 2018 budget blueprint. However, most analysts believe that this budget outline will only state broad political targets and statements, rather providing specific numbers and data to support the proposal.

According to previous reports, Trump mentioned that he planned to allocate around $54 billion of the government’s funds to its Military Department, an increase of the spending by 10% from the previous administration’s allocated budget, bringing back America’s strength against other countries, and keeping to his famous slogan, “Make America Great Again.”

Meanwhile, some of the departments of the government that will suffer from the proposal as their budgets will be slashed in order to increase funding for Defense Department. Some of these are the US’s State Department, its Environment Protection Act, and budget for foreign aid. The development and economic aid budget will be trimmed down from $36.7 billion to $25.6 billion.

In addition to that, Trump’s budget has also called for a 35% reduction from the previous year for Treasury International programs, equal to $1.5 billion. Another reduction of budget is likely to be for America’s operations in war-torn countries, down to a $12 billion budget proposal, from the previous year’s $20 billion budget.

Overall, economists estimate that the State Department’s budget could shrink to as low as $37.6 billion, which is lower than the original budget of $52.8 billion.

“The president wants to spend more money on defense, more money securing the border, more money enforcing laws, and more money on school choice, without adding to the deficit. If they have a different way to accomplish that, we are more than interested in talking to them,” said White House budget director Mick Mulvaney.

In addition to increased budget for Defense, Trump plans to allocate some of the slashed funds as a partial down payment to start with his another proposal, which is the Mexico-US border wall.

Should the US Congress approve of this proposal, this will mark the start of America’s drastic shift of administrative management and its foreign policy.

So there we have it! Be enlightened with the latest news on online trading, commodities, stocks, technology, and economy. Subscribe now! Trade12 Reviews waits for you. Visit our broker website here and start trading!

You can now download the Trade12 app for your smartphones, both available for iOS and Android users! Download now!