US Treasury Bond Buybacks Fall Short Despite Expanded $6 Billion Cap 
Asian Stocks Rise as Chipmakers Rally on Micron Earnings 
Oil Prices Surge as U.S.-Iran Tensions Fuel Supply Fears 
Scope Warns US Debt Could Hit 160% of GDP 
Dollar Hits Three-Month High as US Treasury Yields Surge 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
G20 Divided Over US Push to Curb Industrial Overcapacity 
Tokyo Inflation Jumps to 2.7%, Boosting BOJ Rate Hike Expectations 
AI Agents Could Disrupt Financial Services, Bernstein Says 
Gold Prices Slip as High Treasury Yields Weigh on Bullion 
Oil Prices Steady as Middle East Crude Flows Recover 
South Korea Exports Surge 83.5% on AI Chip Boom 
Add as a preferred source on Google
US President Donald Trump released his budget proposals for 2018 and it looks just as he said it might. Among $3.9 trillion US budget, only 27 percent or about $1.1 trillion is under discretionary segment and rest is mandatory spending. Every year, the congress and the President fight over this 27 percent. More than 50 percent of this discretionary budget is spent on the military.
As promised, President Trump has proposed,
Spending increase:
- 9 percent increase in Military spending which is about additional $52 billion.
- 6 percent increase in Veteran affairs which is about $4.4 billion.
- 7 percent increase in Homeland Security, which is about $2.8 billion.
These three areas are the only where proposed spending have been increased.
Spending reduced:
- 31 percent proposed cuts in Environmental Protection Agency (EPA), which is about $2.5 billion.
- 29 percent proposed cuts in State department, USAID, which is about $10.9 billion.
- 21 percent proposed reductions in Agriculture, which is about $4.7 billion.
- 21 percent proposed cuts in Labor department, which is about $2.6 billion.
- 18 percent proposed reduction the department of Health and Human services, which is about $15.1 billion.
- 16 percent proposed cuts in Commerce department, which is about $1.4 billion.
- 14 percent proposed reductions in Education department, which is about $9.2 billion.
- 13 percent proposed reductions in Housing and Urban development, which is about $6.2 billion.
- 13 percent proposed reductions in Transportation, which is about $2.4 billion.
- 12 percent proposed reductions in Interior, which is about $1.6 billion.
- 5 percent proposed reduction for Small Business Administration and that is about 0.1 billion.
- 6 percent proposed cuts in Energy department, which is about $1.7 billion.
- 4 percent proposed cuts in the Justice department, which is about $1.1 billion.
- 4 percent proposed cuts in Treasury department, which is about $0.5 billion.
- 1 percent proposed reductions in NASA and that is $0.1 billion.
This skinny but strong proposal has triggered furor among both Democrats and Republicans. The budget is unlikely to get passed as is.
