US President's Budget FY 2018: A new foundation for American greatness

Office of Management and Budget released its budget for the fiscal year 2018 titled: "A New Foundation for American Greatness"

Key highlights:

• The Budget Blueprint outlined a plan to reduce non-defense discretionary spending by $54 billion in 2018. As part of the plan to achieve a balanced budget by 2027
• The Budget includes $35 billion in savings to be realized through reforms that prevent bailouts and reverse burdensome regulations that hinder financial innovation and reduce access to credit for hardworking American families
• The President’s Budget includes $639 billion of discretionary budget authority for the Department of Defense (DOD), a $52 billion increase above the 2017 annualized continuing resolution (CR) level
• The President’s Budget includes $44.1 billion for the Department of Homeland Security (DHS) and $27.7 billion for the Department of Justice (DOJ) for law enforcement, public safety and immigration inforcement programs and activities
• The President’s Budget secures the borders of the United States by investing $2.6 billion in high-priority tactical infrastructure and border security technology
• The Budget reflects the proposal to shift the air traffic control function to an independent, non-governmental organization beginning in 2021, with a cap reduction in discretionary spending of $72.8 billion, and reduction in aviation excise taxes of $115.6 billion
• The Budget includes $200 billion in outlays related to the infrastructure initiative