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U.S. Government Budget Summary - Fiscal Year 2018

Core Content

The Fiscal Year 2018 U.S. Government Budget outlines a comprehensive plan to restore American economic growth, reduce the national debt, and prioritize national security and public safety. It is framed as a "New Foundation for American Greatness" and is presented as a bold reversal of previous economic and policy trends.

Main Viewpoints

• Economic Stagnation and Debt Crisis: The U.S. inherited a $20 trillion national debt and a stagnant economy, with GDP growth averaging 1.3% over the last nine years, far below the 3.5% average from World War II to 2007. This has led to a significant decline in real wages and labor force participation, particularly among younger and prime-age workers.

• Reforms to Restore Prosperity: The budget emphasizes eight pillars of reform, including:

  • Health Reform: Repealing and replacing the Affordable Care Act (Obamarcare) to restore choice, competition, and affordability in healthcare.
  • Tax Reform and Simplification: Reducing the corporate tax rate and simplifying the tax code to boost economic growth and free up resources for businesses and individuals.
  • Immigration Reform: Focusing on policies that protect American workers, reduce burdens on taxpayers, and direct federal funds to underserved communities.
  • Federal Spending Control: Implementing significant spending cuts across the federal government to bring the budget into balance within 10 years.
  • Regulatory Rollback: Eliminating outdated and burdensome regulations that hinder job creation and economic activity.
  • Energy Development: Promoting American energy resources to enhance national security, lower energy costs, and support economic growth.
  • Welfare Reform: Encouraging work and reducing dependency by reforming welfare programs.
  • Education Reform: Returning education decisions to state and local levels to increase choice and improve outcomes for students and parents.
  • Fiscal Discipline: Emphasizing a return to budgetary restraint and long-term economic stability.

• Key Spending Increases:

  • Department of Defense: $639 billion in funding, a $52 billion increase from the 2017 continuing resolution, to modernize and strengthen the military.
  • Border Security and Immigration Enforcement: Increased funding for the Department of Homeland Security and Justice to build a border wall, expand detention capacity, and combat violent crime and opioid abuse.
  • Infrastructure Investment: A plan to support $1 trillion in private/public infrastructure investment.
  • Support for Working Families: Initiatives such as paid parental leave and other family-friendly policies.

Key Information

• Budget Goals:

  • Reduce the national debt to 60% of GDP by the end of the 10-year budget window.
  • Achieve a balanced budget within 10 years through $3.6 trillion in spending reductions.
  • Reduce the deficit by $5.6 trillion compared to the current fiscal path through economic and regulatory reforms.

• Fiscal Year 2018 Overview:

  • The budget includes detailed summary tables and analytical perspectives to provide a comprehensive view of spending and economic data.
  • It also contains the President's Budget Message, which outlines the vision for American Greatness and calls for action to address the nation's economic and fiscal challenges.

• Supplemental Materials:

  • Available online and on CD-ROM, including budget tables by agency, function, and program.
  • Historical tables provide data from 1940 or earlier to 2018 or 2022.

• Electronic Access:

  • All budget documents are available at www.budget.gov/budget.
  • Contact numbers are provided for assistance with accessing electronic versions of the budget.

Additional Notes

• Fiscal Year vs. Calendar Year: Unless otherwise noted, all budget data refers to fiscal years, while economic data refers to calendar years.
• Continuing Resolution Context: At the time of the budget, only one of the 2017 annual appropriations bills had been enacted, and the remaining programs operated under a continuing resolution.
• Rounding: Some details in the document may not add up to the totals due to rounding.

Summary Tables

• S-1. Budget Totals: Overview of total federal spending and revenue.
• S-2. Effect of Budget Proposals on Projected Deficits: Analysis of how proposed changes will impact the deficit.
• S-3. Baseline by Category: Baseline spending by major categories.
• S-4. Proposed Budget by Category: Detailed breakdown of proposed spending.
• S-5. Proposed Budget by Category as a Percent of GDP: Comparative analysis of spending in relation to GDP.
• S-6. Mandatory and Receipt Proposals: Overview of mandatory spending and revenue proposals.
• S-7. Proposed Discretionary Caps for 2018 Budget: Caps on discretionary spending for 2018.
• S-8. 2018 Discretionary Overview by Major Agency: Discretionary spending by major federal agencies.
• S-9. Economic Assumptions: Underlying assumptions for economic projections.
• S-10. Federal Government Financing and Debt: Information on federal financing and debt levels.

Conclusion

The 2018 Budget is a call to action for Congress to restore economic vitality, reduce the national debt, and prioritize national security and public safety. It represents a shift from previous policies, aiming to unleash the potential of American workers and businesses through deregulation, tax reform, and a focus on fiscal responsibility.