President Bush unveiled his proposed budget, another recording setting development: the largest budget in our nation's history totals $3.1 trillion.
The plan seeks to cut spending on Medicare and Medicaid, boosts military spending and projects the deficit this year and next will hit near-record levels. Pentagon spending would rise 7.5 per cent to $515 billion, the 11th consecutive year of increases.
Programs in the departments of education, interior, transportation, justice and agriculture would be reduced. The nation's budget deficit will reach $410 billion this year, up from a $162 billion deficit in the last federal budget, even with the suggested cuts in major social and community development programs.
The $3.1-trillion budget represents a 6 per cent increase from estimated spending of $2.93 trillion for the year that ends Sept. 30, 2008. The White House maintains the budget would have a surplus of $48-billion in 2012 if adopted.
As in previous years, the Administration’s proposed budget represents significant cuts to low income housing programs. The President cites “turbulence” in the U.S. housing market as a core issue to be addressed in the FY09 federal budget; nonetheless, the proposed budget weakens programs that assist the lowest income people find and keep affordable housing.
Go figure.
One of the most effective housing resources for low-income, working families, the Housing Choice Voucher program, is under funded in the proposed budget by about $1.5 billion if the nation's goal is to fund simple renewals for the vouchers and not grow the program. According to the Center on Budget and Policy Priorities, this will mean a loss of 100,000 vouchers currently in use nationwide. In addition, several other programs for low-income and disabled persons will be eliminated completely.
As he has for the past several years, President Bush again proposes to eliminate the HOPE VI program that provides for the renovation and dispersion of public housing developments like we have witnessed at Roseland Homes where we have been working since 1996. The HOPE VI program has been an effective community redevelopment catalyst for several key neighborhoods here in Dallas.
The Community Development Fund receives a $900 million cut, with the Community Development Block Grant (CDBG) program receiving an 18 percent, or $659 million, cut. Cities like Dallas use these funds to encourage economic and community development initiatives in low-income neighborhoods. This year Central Dallas Ministries will receive almost $1 million in CDBG funds for use in our downtown affordable housing development, citywalk @akard, and for employment training efforts.
The President's budget requests a 27% cut to Section 202 housing for the elderly, and a 32% cut to Section 811 housing for people with disabilities.
Reactions?
.
The plan seeks to cut spending on Medicare and Medicaid, boosts military spending and projects the deficit this year and next will hit near-record levels. Pentagon spending would rise 7.5 per cent to $515 billion, the 11th consecutive year of increases.
Programs in the departments of education, interior, transportation, justice and agriculture would be reduced. The nation's budget deficit will reach $410 billion this year, up from a $162 billion deficit in the last federal budget, even with the suggested cuts in major social and community development programs.
The $3.1-trillion budget represents a 6 per cent increase from estimated spending of $2.93 trillion for the year that ends Sept. 30, 2008. The White House maintains the budget would have a surplus of $48-billion in 2012 if adopted.
As in previous years, the Administration’s proposed budget represents significant cuts to low income housing programs. The President cites “turbulence” in the U.S. housing market as a core issue to be addressed in the FY09 federal budget; nonetheless, the proposed budget weakens programs that assist the lowest income people find and keep affordable housing.
Go figure.
One of the most effective housing resources for low-income, working families, the Housing Choice Voucher program, is under funded in the proposed budget by about $1.5 billion if the nation's goal is to fund simple renewals for the vouchers and not grow the program. According to the Center on Budget and Policy Priorities, this will mean a loss of 100,000 vouchers currently in use nationwide. In addition, several other programs for low-income and disabled persons will be eliminated completely.
As he has for the past several years, President Bush again proposes to eliminate the HOPE VI program that provides for the renovation and dispersion of public housing developments like we have witnessed at Roseland Homes where we have been working since 1996. The HOPE VI program has been an effective community redevelopment catalyst for several key neighborhoods here in Dallas.
The Community Development Fund receives a $900 million cut, with the Community Development Block Grant (CDBG) program receiving an 18 percent, or $659 million, cut. Cities like Dallas use these funds to encourage economic and community development initiatives in low-income neighborhoods. This year Central Dallas Ministries will receive almost $1 million in CDBG funds for use in our downtown affordable housing development, citywalk @akard, and for employment training efforts.
The President's budget requests a 27% cut to Section 202 housing for the elderly, and a 32% cut to Section 811 housing for people with disabilities.
Reactions?
.
