FOX Business reported that President Trump’s proposed $4.8 trillion fiscal year 2021 budget could run a deficit of $1 trillion, but could lead to a balanced budget within 15 years.
Trump’s budget calls for $4.4 trillion in spending cuts over a decade including mandatory spending cuts of $2 trillion of 5% discretionary spending cuts, plus 2% annual cuts for each following year.
Included in Trump’s proposed budget is $47.9 billion in funding for the Department of Housing and Urban Development. The funding would be used to assist the department fight against homelessness, boost the promotion of homes, and help America’s low-income families pay rent.
“The President’s budget proposal provides HUD with the resources to serve America’s most vulnerable populations in an efficient and compassionate manner,” said HUD Secretary Dr. Benjamin Carson. “We must remember, compassion is not always how many people we can get on a government program, but rather how many people we can help graduate out of a program and into financial independence. The road to self-sufficiency is one that is sure to improve the lives of all Americans.”
The proposed budget for HUD is $8.6 billion less than the enacted level for 2020.
Included in the budget is $41.3 million to help Americans pay rent. HUD says there are currently more than 4.6 million low-income families paying rent with federal support, and more than half a million homeless people.
The release by HUD states the President’s budget funds the department so it can continue its “critical work” to help citizens secure housing. The proposed budget supports the same number of rental-assisted households as last year.
Trump’s budget also reintroduced its plan for reforming the nation’s housing finance system.
“The plan ensures the Federal Housing Administration (FHA) and Government National Mortgage Association (GNMA or Ginnie Mae) will continue to perform their important missions effectively, responsibly, and sustainably for many years to come,” HUD states.
Also included in the proposal is $100 million for the Office of Housing’s Rental Assistance Demonstration (RAD) program. The program is a tool that gives public housing authorities the resources needed to “preserve and improve” public housing properties and address the backlog of deferred maintenance.