U.S. Department of the Treasury Secretary Steven Mnuchin today expressed his approval of President Donald Trump’s newly released budget proposal.
Mnuchin explained the proposal will focus the Treasury on managing the nation’s debt and increasing and modernizing efficiencies.
“President Trump’s budget focuses Treasury on our core missions of collecting revenue and managing the nation’s debt, while modernizing, streamlining and increasing efficiencies to reduce operating expenditures,” Mnuchin said. “It prioritizes investments in cybersecurity, and maintains critical funding to implement sanctions, combat terrorist financing, and protect financial institutions from threats.”
“The President’s budget will achieve savings through reforms that prevent taxpayer bailouts and reverse burdensome regulations that have been harmful to small businesses and American workers,” he said. “These initiatives, coupled with comprehensive tax reform and other key priorities, will move America one step closer to sustained economic growth of three percent or higher.”
Earlier this year, the Trump administration released its preliminary budget proposal, which outlined several of its priorities, including a $6.2 billion budget cut for the U.S. Department of Housing and Urban Development.
Then Friday, a leaked document showed the HUD budget cut will eliminate many affordable housing programs.
Diane Yentel, National Low Income Housing Coalition president, said the spending plan is “immoral.”
However earlier this year, HUD Secretary Ben Carson voiced his support for the budget cuts, saying it promotes fiscal responsibility.