Trump endorses Republican budget that cuts Medicaid and benefits wealthy

Read Time:1 Minute, 52 Second

Trump is supporting a House Republican budget proposal that includes deep cuts to Medicaid, food aid and student aid, while providing significant tax breaks for wealthy individuals and corporations. His approval emerged in a few hours after his promise that Medicaid would remain the same. The budget proposed by Jodey Arrington, chairman of the Housing Budget Committee, has been criticized for prioritizing the wealthiest Americans over working families. Experts warn that the plan could leave millions of people without health coverage, increase education costs and put more people in financial difficulties. The proposed budget could result in 36 million people losing Medicaid coverage as Republicans pushed $880 billion in cuts over the next decade. This could force state and local governments to bear the financial burden or leave millions of dollars out of life-saving care. More than 40 million Americans rely on Snap (food stamps) may reduce their gains, and many lose access altogether. The budget will cut $330 billion toward higher education programs, making federal student loans more expensive. The approximately 5 million undergraduates who rely on federal aid may face higher borrowing fees and may cut Pell's grants to keep colleges away from low-income families. Despite this, these deep spending cuts, the budget allows the budget to have a $4.5 trillion tax break. , $1.1 trillion went directly into the highest 1% of income. Families that earn $743,000 or more a year in high-income families could make an average annual tax cut of $62,000, while working families work for rising costs of food, health care and education. With significant reductions in federal funding, states and cities may have to raise taxes or cut basic services such as education, health care and infrastructure. Wealthier countries may be able to make up for the lost funds, but poorer states may see a sharp decline in public services. While House Republicans claim the budget has reduced the deficit, independent estimates suggest it could increase national debt by $1.6 trillion over the next decade due to the expensive tax cuts. Meanwhile, millions of Americans face higher cost of living, fewer health care opportunities, and fewer opportunities to afford college.

Source link