2018 Budget Released by Trump AdministrationMay 24, 2017
The Trump administration has officially unveiled its budget seeking $1.5 trillion in non-defense discretionary cuts and $1.4 trillion in Medicaid cuts over the course of a decade, while adding nearly half a trillion dollars to defense spending, for a total of $3.6 trillion in spending cuts. The plan, titled “A New Foundation for American Greatness,” would dramatically reshape federal spending, cutting anti-poverty and safety net programs, while leaving Medicare and the retirement portion of Social Security untouched.
In total, the budget plans to trim $3.6 trillion in spending over 10 years across all discretionary spending and non-discretionary spending lines, in order to enable tax reductions across the board. If enacted, the Trump administration would implement the deepest cuts to government programs in a generation, delivering the opening salvo in a new round of budget battles in Washington.
As far as the Small Business Administration (SBA) budget, there is little change from the overview that was issued in March. The president’s 2018 Budget requests $826.5 million for the SBA, a $43.2 million or 5.0 percent decrease from the 2017 annualized Continuing Resolution (CR) level, which ends on Sept. 30.
Specifically for the SBA, the 2018 budget would reduce from $46 billion to $45 billion the cap in 7(a) loan guarantees, SBA’s flagship loan program and 504 lending demand. The budget projects a 4.9 percent cut, and the blueprint suggests that most of the $42 million in cuts to the SBA budget would come from the various counseling and entrepreneurial development programs that the SBA supports. The budget says it would save $12 million by zeroing out three small grant programs: PRIME technical assistance for microenterprises, regional innovation clusters where the government partners with research and financing institutions, and growth accelerators for start-ups.
To read the full 2018 Budget, please click here.