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The Week Ahead: What Will We See in the Federal Budget?

On Wednesday, the U.S. Treasury will release its Federal Budget Statement. Each month, the Bureau of Fiscal Service releases a report of the monthly receipts/outlays and deficits/surplus of the United States.

This comes on the heels of President Trump’s budget cut announcement in March. The president’s “America First” 2018 budget blueprint announced plans to reduce spending  in nearly every department, including the Department of Housing and Urban Development, and move the difference into defense spending. HUD specifically will see a $6.2 billion budget cut on 2018, a 13.2 percent decrease from the 2017 annualized CR level.

The discretionary budget plan released today by President Trump aligns with Agency plans to provide rental assistance to low-income and vulnerable households and to help families achieve self-sufficiency," said HUD Secretary Ben Carson in a statement. "The budget also promotes fiscal responsibility at HUD by promoting better efficiencies and leveraging IT modernization. I look forward to working with the President and remain keenly focused on HUD’s mission and core values.”

The proposed plan will cut funding for the Community Development Block program, an estimated $3 billion. The Federal Government has spent over $150 billion on the program since its inception in 1974. Reasoning behind the cut is that the program is not well-targeted to the poorest populations, and has not yielded results. Other low-priority HUD programs slated to be cut are the HOME Investment Partnerships Program, Choice Neighborhoods, and the Self-help Homeownership Opportunity Program, saving $1.1 billion.

This Week’s Schedule

Lenders One Cooperative: Mortgage Lenders Maintain Positive Sentiment for 2017, Tuesday, 9 a.m. EST

Neel Kashkari Speaks at meeting of the Minnesota Business Partnership, Tuesday, 1:45 p.m. EST

MBA Mortage Applications, Wednesday 7 a.m. EST

Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EST

About Author: Seth Welborn

Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.

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