The President's Budget for Fiscal Year 2. Our unemployment rate is below five percent for the first time in almost eight years. Nearly 1. 8 million people have gained health coverage as the Affordable Care Act has taken effect. And we have dramatically cut our deficits by almost three- quarters and set our Nation on a more sustainable fiscal path. Yet while it is important to take stock of our progress, this Budget is not about looking back at the road we have traveled.
It is about looking forward and making sure our economy works for everybody, not just those at the top. It is about choosing investments that not only make us stronger today, but also reflect the kind of country we aspire to be – the kind of country we want to pass on to our children and grandchildren. The Budget makes critical investments in our domestic and national security priorities while adhering to the bipartisan budget agreement signed into law last fall, and it lifts sequestration in future years so that we continue to invest in our economic future and our national security. It also drives down deficits and maintains our fiscal progress through smart savings from health care, immigration, and tax reforms. The Budget shows that the President and the Administration remain focused on meeting our greatest challenges – including accelerating the pace of innovation to tackle climate change and find new treatments for devastating diseases; giving everyone a fair shot at opportunity and economic security; and advancing our national security and global leadership – not only for the year ahead, but for decades to come.
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It lifts sequestration in 2. It also drives down deficits and maintains our fiscal progress through smart savings from health care, immigration, and tax reforms. A Record of Job Growth and Economic Expansion.
Under the President’s leadership, the U. S. American businesses have added 1. Our unemployment rate is below five percent for the first time in almost eight years.
And the economy added 9. Nearly 1. 8 million Americans have gained health insurance under the Affordable Care Act and our high school graduation rate is at an all- time high.
Reflecting on Our Fiscal Progress. We have made remarkable economic and fiscal progress, showing what’s possible when strategic investment to grow our economy is paired with smart reforms, for example to our health care system, that address the true drivers of our long- term fiscal challenges. Since 2. 00. 9, under the President’s leadership, Federal deficits have fallen by nearly three- quarters – the most rapid sustained defi. The annual deficit in 2. Gross Domestic Product (GDP), the lowest level since 2. Building on Our Success for a Stronger Economy.
The President’s Budget continues that approach, investing in America’s future and laying out a path to address our greatest challenges. It builds on the bipartisan budget agreement secured last fall, adhering to the discretionary levels provided for 2. America’s edge as the leader in innovation and cutting- edge science. The Budget proposes a number of reforms – including a detailed international tax reform plan – that would modernize the business tax code to make it fairer and more efficient, and to create jobs. The Budget also finishes the job the past two bipartisan agreements started by preventing the return of harmful sequestration funding levels in 2. The Budget more than pays for all new investments, achieving $2. The Budget includes roughly $3.
ACA with further incentives to improve qual. The Budget achieves more than $9. The Budget includes investments in: Building a 2.
Century Transportation System. The Budget invests $3. Century that speeds goods to market while reducing America’s reliance on oil, cutting carbon pollution, and strengthening our resilience to the effects of the changing climate.
The Budget sustains the Administration’s consistent prioritization of R& D with an invest. Since the President took office, the Administration has made the largest investments in clean energy in American history. The Budget provides $7. R& D across 1. Mission Innovation, the landmark agreement currently among 2.
R& D over five years. Supporting Basic Research. The Budget provides $1. National Science Foundation, the Department of Energy’s Office of Science, and the National Institute of Standards and Technology, which invest in basic research – the type of R& D that is most likely to have spillover impacts to multiple endeavors and in which the private sector typically underinvests. Supporting a Cancer Moonshot. During his 2. 01.
State of the Union Address, President Obama called on Vice President Biden to lead a new, national “Moonshot” initiative to eliminate cancer as we know it. The Budget provides $3. National Institutes of Health (NIH), providing about 1. NIH grants that will help us better understand the fundamental causes and mechanisms of disease, like the BRAIN Initiative and Precision Medicine.
Revitalizing American Manufacturing. The Budget invests in coordinated, cutting- edge manufacturing R& D, while also expanding industry- driven workforce training and providing additional resources through the Manufacturing Extension Partnership to help America’s small manufacturers access the technology and expertise they need to expand. It includes investments to grow the National Network of Manufacturing Innovation, a national network of innovative R& D centers to help keep U. S. In addition, the Budget makes new investments to sustain America’s leading edge in the development of autonomous vehicle technologies and self- driving cars.
Investing in Civil Space Activities. The Budget provides robust funding to support space exploration, monitor the Earth’s weather and climate from space, develop new space technologies, and partner with the private sector to reinforce the Nation’s leadership and take the next step on the journey to Mars. Addressing Challenges in Agriculture through R& D. Recognizing the importance of science and technology to meet challenges in agriculture, the Budget invests in three major ar. The Research and Experimentation (R& E) Tax Credit is an important Federal incentive for private- sector research investments, and last year, the President signed legislation to make the credit permanent and expand the incentive for R& D investments by small businesses. The Budget simplifies and expands the tax credit for companies investing in innovation. Protecting and Expanding the Nation’s Water Supply.
The Budget supports the Administration’s two- part water innovation strategy to boost water sustainability and reduce the price and energy costs of new water supply technology to increase the resilience of our Nation’s water supplies to stressors like climate change and population growth, among others. Supporting Adoption of Clean Energy. In addition to Mission Innovation funding, the Budget provides over $1. Partnering with Communities to Tackle Climate Risk. The Budget invests in programs that advance our scientific understanding of projected climate impacts, including changes in droughts, wildland fires, and coastal and inland flooding; assist communities in planning and preparing for future risks; and support risk- reduction and adaptation projects on the ground. Protecting and Preserving Public Lands and Oceans.
The Budget includes robust funding to support proven programs like the Land and Water Conservation Fund that allow Federal agencies and their partners to enhance the resilience of our lands and waters, and continue to preserve and share our cultural and historical identity. Leading Global Efforts to Cut Carbon Pollution and Enhance Climate Change Resilience. In support of the President’s Climate Action Plan, the Budget provides $1. Global Climate Change Initiative (GCCI) through important multilateral and bilateral engagement with major and emerging economies.
This amount includes $7. U. S. In today’s global economy, our competitiveness depends on tapping the full potential of all Americans. To address this challenge, the Budget supports education; training and support for workers and their families; access to health care; and other investments to ensure that all Americans contribute to and benefit from our economic growth. High- quality child care and early education for young children support parents in the workforce and help foster healthy child development and school readiness. The Budget aims to ensure that children have access to high- quality learning starting at birth by: Expanding access to quality child care for working families. Overall, this will expand access to high- quality care for more than 1.
Cutting taxes for families paying for child care with a credit of up to $3,0. Within this total, the Budget provides an additional $2. Head Start in a full school- day and - year program, which research shows is more effective than programs of shorter duration and also helps meet the needs of working parents.
Supporting universal preschool. With the support of Federal funding made available through the PDG program, 1. States are currently developing and expanding high- quality preschool programs in targeted, high- need communities. Investing in voluntary, evidence- based home visiting. The Budget extends and expands evidence- based, voluntary home visiting programs, which enable nurses, social workers, and other professionals to connect families to services to support children's healthy development and learning. Invests in early learning for children with disabilities.
We have made significant progress in expanding educational opportunities and we are getting results: high school graduation rates are up, drop- out rates are down, and far more students are attending college than in 2. But there's more we must do to ensure that all children get a high- quality education that allows them to reach their full potential.