Winners and losers under Trump’s budget plan. Homeland Security Veterans Affairs and the Pentagon are WINNERS
President Trump has asked Congress to cut $54 billion from federal agencies to fund defense spending. Here are the agencies that would see the biggest cuts under the White House proposal:
1. EPA — 31.4 percent cut
2. State Dept., USAID, Treasury International Programs — 28.7 percent cut
State and USAID would see a $10 billion cut from last year’s level. While funding for embassy security and diplomatic duties wouldn’t be crimped, foreign aid and support for multilateral organizations would be.
3. Dept. of Agriculture — 20.7 percent cut
The Department of Agriculture would be slashed by $4.7 billion, with cuts to a range of programs.
4. Dept. of Labor —20.7 percent cut
The Department of Labor would lose $2.5 billion in funding, with cuts to some job training programs.
5. Health and Human Services — 16.2 percent cut
The Department of Health and Human Services would see a $15.1 billion reduction, and the National Institutes of Health would see a $5.8 billion cut.
6. Dept. of Commerce — 15.7 percent cut
The Department of Commerce would lose $1.5 billion through cuts to grant-making programs.
7. Housing and Urban Development — 13.2 percent cut
HUD would get a $6.2 billion spending cut, reflecting the elimination of a number of programs, including Community Development Block Grants.
8. Dept. of Transportation — 12.7 percent cut
The Department of Transportation would lose $2.4 billion, including cuts to Amtrak and privatization of the Federal Aviation Administration.
9. Dept. of Interior — 11.7 percent cut
The Department of Interior would see $1.5 billion lower spending, with cuts to “duplicative” grants and fewer land acquisitions.
10. Dept. of Energy — 5.6 percent cut
The Energy Department’s budget would be chopped by $1.7 billion, which would fall on research programs and interventions at the state level.
11. Dept. of Treasury — 4.4 percent cut
Secretary Steven Mnuchin’s Treasury Department would only lose $519 million in funding, through cuts to some of the IRS’ functions that the administration sees as “antiquated” and workforce reductions.
12. Dept. of Justice — 3.8 percent cut
Trump would boost funding for the FBI and some other law enforcement agencies, but get savings from eliminating some ineffective programs and increasing bankruptcy fees.
Spending increases: Defense, Homeland Security, Veterans Affairs
Trump’s budget would use the savings from other agencies to increase funding at the Pentagon by 10 percent, or $52.3 billion.
Homeland Security would get a 6.8 percent boost, or $2.8 billion.
The Department of Veterans Affairs, meanwhile, would get $4.4 billion more, an increase of 5.9 percent.
More workers quit in January than at any time since 2001, the Department of Labor reported Thursday.
More quits are generally viewed as a good sign for the economy, since they suggest that workers are comfortable enough with their prospects to leave an existing position.
In January, 3.2 million workers quit their jobs, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey. That was the most since February of 2001, in the wake of the dotcom bubble.
In comparison, only about 1.6 million people quit their jobs each month during the worst of the recession.
The quit rate rose to 2.2 per 100 jobs, matching the highest level of the recovery.
The survey published Thursday is released with a lag of a month behind the monthly payroll jobs report. But it is still valued by investors and policymakers because it includes detail about gross hiring and layoffs not available in the jobs report.
Federal Reserve chairwoman Janet Yellen, in particular, has said that she looks at the quit rate as one of the measures of how the labor market is performing.
Other details from Thursday’s report showed that the jobs market hasn’t changed much to start 2017.
At 5.6 million, total advertised job openings weren’t much changed on the month or year. Actual hiring has risen steadily for four straight months, to 5.4 million in January.