• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
LeadershipWhite House

6 Things to Know About President Trump’s New Budget

Alana Abramson
By
Alana Abramson
Alana Abramson
Down Arrow Button Icon
Alana Abramson
By
Alana Abramson
Alana Abramson
Down Arrow Button Icon
May 22, 2017, 9:00 PM ET

The White House on Tuesday will release its budget blueprint for the 2018 fiscal year, which begins Oct. 1. Titled “A New Foundation for American Greatness,” the budget calls for $3.6 trillion in spending reductions to balance the budget by 2027 and lift annual economic growth to 3%.

“This is the first time in a long time an administration has written a budget through the eyes of the people actually paying the taxes,” Office of Management and Budget Director Mick Mulvaney told reporters Monday during a briefing.

Of course, this doesn’t mean the budget the White House proposes automatically becomes law — far from it. The budget committees in each chamber of Congress still have to write their own blueprints, which Congress will have to approve. And the budget that Congress passes is a resolution, not a law — it is the framework under which Congress will work to pass legislation, and doesn’t require the President’s signature.

Here are six things to know about the new version of the White House budget, which members of the Trump Administration will take to Capitol Hill to promote this week.

The budget calls for six weeks of paid family leave

The budget proposes six weeks of paid family leave for new mothers and fathers, including adoptive parents, and suggests states establish their own parental leave policies “most appropriate for their workforce and economy.”

The measure was orchestrated by First Daughter Ivanka Trump, according to the White House, who created an interagency working group for a variety of issues, including this one. The proposal is likely to face stiff opposition in Congress on both sides of the aisle. Mandated paid family leave rarely garners support among Republican lawmakers, and some Democrats are already arguing the plan is insufficient.

“The Administration’s plan does not address the issue in the comprehensive way that is needed for hard working Americans,” Connecticut Democratic Rep. Rosa DeLauro said. “We need a policy that includes paid time off to care for a seriously ill or injured family member, which includes parents and children, as well as for workers who themselves have a serious health issue and for military families — not just for the birth or adoption of a child.”

Its rosy deficit projections assume Obamacare will be repealed and tax reform will pass

Mulvaney said the biggest factor in decreasing the deficit will be the repeal of former President Barack Obama’s health care reform law. But the Republican repeal law, the American Health Care Act, has only passed narrowly the House, it remains hugely unpopular, and Senate Republicans have been in no rush to bring it to a vote in the upper chamber, content to go through their own legislative process.

The Congressional Budget Office has not even released its projections for the impact that the House-passed version of the AHCA would have — it is slated to do so on Wednesday. So the projections for deficit reduction could change based on how the health care debate unfolds, and whether or not Obamacare actually gets repealed.

Mulvaney also said a deficit-neutral tax reform was factored in. But even as Trump Administration officials and Republican leaders in Congress have identified tax reform as a key legislative priority, little progress has been made amid chaos in Washington over Trump’s firing of FBI Director James Comey and its aftermath.

Medicaid could be in for some big cuts

Under the White House budget, states would assume control for the provision of Medicaid through block grants they could distribute as they see fit. This is aligned with the current version of the American Healthcare Act, which the CBO estimates will ultimately cut Medicaid by $880 billion.

The budget also prohibits any funding for groups that provide abortions, including Planned Parenthood. Mulvaney said the budget defunds Planned Parenthood on the assumption that the American Healthcare Act — which has a provision to defund the organization — will become law.

But the proposal does not include any cuts to core Social Security benefits and Medicare.

Restrictions on welfare programs like food stamps could get tighter

The budget will recommend tightening restrictions on eligibility for assistance programs — like food stamps — in an effort to increase the number of people in the workforce and grow the economy. The SNAP program better known as food stamps is up for a $193 billion cut.

“We need people to go to work,” Mulvaney said. “If you’re on food stamps and you’re able bodied we need you to go to work. If you’re on disability insurance and you’re not supposed to be — you’re not truly disabled — we need you to go to work. We need everybody pulling in the same direction.

The budget has more money for border security

The White House budget would allocate $44.1 billion for the Department of Homeland Security, $2.6 billion of which would go toward border infrastructure and technology, including the border wall Trump repeatedly promised to build during the campaign.

This will likely be one of the more contentious parts of the budget hashed out in Congress. Legislation signed authorizing spending through the rest of the 2017 fiscal year excluded funding for a border wall after the measure encountered opposition on both sides of the aisle.

And more money for the military

Trump is requesting $54 billion for defense spending in his 2018 budget, $52 billion of which would go toward the Department of Defense. The spending would go toward growing military ranks by 56,400 service members, and investing in fighter planes and ships.

About the Author
Alana Abramson
By Alana Abramson
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

AI poised to tilt job market leverage toward older workers
AIHiring
AI poised to tilt job market leverage toward older workers
By Victor Swezey and BloombergMay 16, 2026
2 hours ago
tarot
AICulture
We talked to 12 tarot card readers who are using AI. They split in 2 camps, with big implications for the technology
By Ziv Epstein, Farnaz Jahanbakhsh, Vana Goblot and The ConversationMay 16, 2026
10 hours ago
mustafa suleyman
AIMicrosoft
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
13 hours ago
Kevin O'Leary wears a suit and gestures
Future of Workwork-life balance
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
By Jacqueline MunisMay 16, 2026
13 hours ago
tom
SuccessEntrepreneurs
Top Chef’s Tom Colicchio got a 15x return on a tech company most Americans have never heard of. He thinks his own industry is broken
By Nick LichtenbergMay 16, 2026
14 hours ago
bhaskar
Economydisruption
The prophet of the ‘Wired Belt’ says capitalism is finally eating itself
By Bhaskar ChakravortiMay 16, 2026
15 hours ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
13 hours ago
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
3 days ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
4 days ago
Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
Future of Work
Meet the 20-year-old CEO who launched a company in high school to solve Gen Z's entry-level job crisis
By Jake AngeloMay 16, 2026
17 hours ago
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
Future of Work
‘You’re not a hero, you’re a liability’: Shark Tank’s Kevin O’Leary warns Gen Z founders to stop glorifying hustle culture
By Jacqueline MunisMay 16, 2026
13 hours ago
Current price of oil as of May 15, 2026
Personal Finance
Current price of oil as of May 15, 2026
By Joseph HostetlerMay 15, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.