Steven Mnuchin

Expert Voices

Planned cuts to U.S. development funds could hurt world's neediest

Bags of grain from USAID on a truck bed
Bags of sorghum from USAID being unloaded at a port in Sudan. Photo: Ashraf Shazly/AFP/Getty Images

The Office of Management and Budget (OMB) is reportedly preparing to submit this week a rescission package that could cut billions in foreign development funding — a move that would have a long-term impact on both the federal budget process and vulnerable populations around the world.

Why it matters: OMB’s plan could target global programs that reduce food insecurity, improve public health, expand energy access and combat corruption. And it would upend decades of bipartisan consensus that development funds are a valuable tool to advance America’s values and foreign policy, national security and economic interests.

Senate passes $2.7 trillion budget deal

Illustration: Aïda Amer/Axios

The Senate voted 67-28 to pass a $2.7 trillion budget deal Thursday that would suspend the debt ceiling through 2021, sending the package to President Trump's desk after the House passed it last week.

Why it matters: The Congressional Budget Office projected that the national debt would reach "unprecedented levels" in the next 30 years should laws remain the same. It exceeded $22 trillion in February, and the federal deficit has grown 23% this fiscal year.