Trump Budget Timeline Mixes Deadlines, Uncertainty
President Donald Trump's release of a spending blueprint for the upcoming budget year will set in motion a debate that's full of uncertainty — and the potential for gridlock, even a government shutdown.
There's also a more immediate quandary: What to do about the current budget year?
None of the 12 annual appropriations bills has been enacted and a temporary funding measure expires next month. Trump's signature is needed on what promises to be an omnibus spending bill with a $1 trillion-plus price tag. The path toward passage may be rocky, given the political land mines such as the southern border wall and a budget-busting supplemental Pentagon request.
Some key dates in the process:
—Early March: With Wednesday's deadline to increase the government's borrowing authority looming, Treasury Secretary Steven Mnuchin said he would use bookkeeping measures to avert a first-ever government default on U.S. obligations such as Social Security benefits and interest payments. Such "extraordinary measures" will buy time until the fall for lawmakers to approve legislation increasing the debt limit.
—Thursday: Trump submits a budget covering only discretionary spending. That's the $1 trillion-plus portion of the $4 trillion federal budget that passes through Congress each year. Trump's plan would boost the Pentagon's budget by $54 billion — about 10 percent — while cutting domestic programs and foreign aid by an equal amount.
—April 28: A temporary, government-wide funding bill expires. Unless Congress passes and Trump signs a catchall spending bill or another extension, the government would partially shut down. Democratic votes are needed to pass the bill through the Senate, but any measure that satisfies Democrats is sure to alienate tea party Republicans.
—May: Trump reveals the remainder of his budget, including tax proposals, plans for curbing mandatory spending, economic projections — and large deficits. Around the same time, Congress is likely to work on its annual budget resolution, which promises to be very difficult but is a precursor to Trump's promise to overhaul tax laws.
—Summer-Fall: The Republican-run Congress tries to advance spending bills for the 2018 budget year, which begins Oct. 1. Meeting that deadline is highly unlikely, but at some point, budget talks probably will begin — assuming, as many do, that the regular process will have broken down.



Crash trends, insurance hikes linked to distracted driving
Advisor News
- Financially support your adult children without risking your future
- NY insurance agent and Ponzi schemer faces 4-12 years in prison
- Economic pressure makes boomerang living a new normal
- Millennials ready to bring their advisor to the family table
- The gap between policy awareness and investor conversations
More Advisor NewsAnnuity News
- A new opportunity for advisors: Younger indexed annuity buyers
- Most employers support embedding guaranteed lifetime income options into DC Plans
- InspereX Partners with AuguStar Retirement for Strategic Expansion into Annuity Market
- FACC and DOL enter stipulation to dismiss 2020 guidance lawsuit
- Zinnia’s Zahara policy admin system adds FIA chassis to product library
More Annuity NewsHealth/Employee Benefits News
- ACTING SUPERINTENDENT KAITLIN ASROW SECURES $2.25 MILLION CYBERSECURITY SETTLEMENT WITH DELTA DENTAL
- New Cigna CEO: Insurer to exit ACA, focus on ‘relentless’ push for affordability
- Thousands of Marylanders downgraded health plans on ACA marketplace amid rising premiums
- Trump’s Medicaid fraud crackdown may sound sensible, but it could harm Americans who require long-term care
- Elevance Health’s Affiliated Health Plans Deliver More Predictable, Lower Healthcare Costs for Small Businesses
More Health/Employee Benefits NewsLife Insurance News
- AM Best Affirms Credit Ratings of Old Republic International Corporation’s Subsidiaries
- Government seeks dismissal of Dean Vagnozzi’s lawsuit against SEC
- Symetra Promotes Nicholas Mocciolo to Chief Investment Officer of Symetra Financial Corporation
- NAIFA letter supports change to DOL independent contractor rule guidance
- Are you truly independent? 5 questions to ask
More Life Insurance News