Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the statement below in response to President Trump’s budget blueprint:
“This a dangerous budget, but we only know part of it. Trump’s massive cuts to housing and economic development programs would put millions of Americans and their communities at risk. But this is only part of the story: Trump’s budget is silent on the future of Wall Street’s cop, the Securities and Exchange Commission, and the job-creating Export-Import Bank.”
“The Administration’s plan to cut $6.2 billion from the U.S. Department of Housing and Urban Development’s budget would be catastrophic for American communities and vulnerable families. Those cuts – which include drastic cuts to HUD’s major rental assistance programs and the elimination of funding for the Community Development Block Grant and HOME programs - would create suffering for whole communities, increase poverty, hunger and homelessness, and reduce economic development opportunities across the country.
“Further, this plan would eliminate the U.S. Interagency Council on Homelessness at a time when over half a million people in this country are without a place to live, impeding progress toward preventing and ending homelessness.”
“The Administration’s plan also removes all funding for Community Development Financial Institutions, which work in communities to increase economic opportunity and extend credit and capital to help meet the needs of the underserved.
“The plan is also an attack on Americans with flood insurance policies, as it would raise the cost of flood insurance, despite the fact that many of them are already struggling with unaffordable premiums.”
“This budget blueprint illustrates that Trump is more concerned with threatening the world with another nuclear arms race and sinking billions into a border wall than ensuring that all Americans have a home, good schools, access to affordable health care, and the financial security to retire. Make no mistake, this proposed budget would strip housing and critical social safety net programs from seniors, veterans, people with disabilities, and families with children. Meanwhile, it does nothing to rein in Wall Street or create jobs.”