A proposed $4.4 federal budget for 2018-19 unveiled Monday by President Donald Trump will provide more money for defense, and make major cuts for domestic programs such as Medicare.
It would help push the budget deficit to $1 trillion, according to an analysis by the Associated Press. The president is asking for a record $686 billion for military uses, an increase of 13 percent. The budget also includes money to construct 65 miles of a wall between Mexico and south Texas.
“We’re going to have the strongest military we’ve ever had, by far,” Trump said. “In this budget we took care of the military like it’s never been taken care of before.”
Medicare would be reduced by $554 million over a decade, a 6 percent cut. Other reductions would hit Medicaid for the poor and disabled ($250 million).
Tax revenue would drop by $3.7 trillion over the coming decade.
Winter Olympics underway; U.S. in fifth
The 2018 Winter Olympics in PyeongChang, South Korea are underway. As of mid-afternoon (Pacific time in the U.S.), Norway had won the most medals, with nine total (two gold, four silver and three bronze).
Following are Germany (seven medals, four gold), Netherlands (seven, three gold), Canada (seven, two gold) and the United States (four medals, two gold).
Stocks bounce back on Monday
The U.S. stock market shook off last week’s up-and-down rhythms on Monday, showing increases in all three major trading venues.
The Dow Jones Average rose of 409 points (1.7 percent), while Standard and Poor’s 500 and Nasdaq were up by about 1.5 percent each.
Boeing and Apple each showed gains of about 4 percent, while General Electric had a loss.
Categories: The Wider World