“This is not a budget,” William Hoagland, a senior vice president at the Bipartisan Policy Center in Washington, said during a Thursday call to discuss release of President Donald Trump’s “America First” budget blueprint.
“I’ve heard comments made that [Trump’s] $1 trillion budget has been released, but the federal government’s budget is $4 trillion … we’re only looking at one-third of the budget” and it’s only for 2018, Hoagland said on a call with reporters.
Budgets normally cover a “10-year span,” he added. “In a crude way, we have one-third of a budget for one-tenth of the time frame equaling one-thirtieth of the total budget,” he said, criticizing the Office of Management and Budget’s “anemic” plan for not including economic forecasts, revenue projections or entitlement spending.
“This one really is dead on arrival” in Congress, Hoagland said.
BPC anticipates a fuller budget release this spring, possibly in May.
Rep. Maxine Waters, D-Calif., ranking minority member on the House Financial Services Committee, called Trump’s skinny budget a “dangerous” budget. “Trump’s massive cuts to housing and economic development programs would put millions of Americans and their communities at risk. But this is only part of the story: Trump’s budget is silent on the future of Wall Street’s cop, the Securities and Exchange Commission, and the job-creating Export-Import Bank.”
Senate Minority Leader Chuck Schumer, D-N.Y., also criticized OMB’s proposed budget as “clobbering” middle-class programs, noting that “investments in infrastructure, education, scientific research that leads to cures for diseases all take big hits.”
Democrats in Congress, Schumer said, “will emphatically oppose these cuts and urge our Republican colleagues to reject them as well.”
Greg Valliere, chief global strategist for Horizon Investments, said Thursday, however, that Trump’s budget cuts “will be softened by the GOP, they won’t take a meat-ax” to the State Department or National Institute of Health.