Budget Hawks Say Trump Could Slash up to $1.4 Trillion in Federal Spending Just by Reversing Some of Biden’s Executive Actions

President-elect Trump and Elon Musk want to slash government spending massively. Before the incoming administration begins, an organization focused on addressing the federal deficit and sound fiscal policy, the Committee for a Responsible Federal Budget, is offering a blueprint to cut nearly $1.4 trillion. Budgetary analysts have raised questions about how easy it will be for Mr. Musk to accomplish his goal of cutting $2 trillion of federal spending. However, the CRFB says Trump could save more than $1 trillion dollars simply by reversing some of President Biden’s executive actions. In a report released on Tuesday, the CRFB says it found “$700 billion of ‘easy’ and relatively bipartisan deficit reduction” options. “Through either legislation or new executive action, we find the incoming administration and Congress could save up to $1.4 trillion, or up to $830 billion if certain rules are withdrawn and/or the courts rule various executive actions canceling student debt to be illegal,” the report states. The most significant opportunity for slashing spending, according to the CRFB, is Mr. Biden’s student debt cancelation policies, assuming courts do not strike them down.The Supreme Court struck down his $400 billion debt cancellation plan in 2023, and lower courts have blocked some of his subsequent debt relief efforts. However, other cases involving his debt forgiveness plans are still pending. The report says Trump could save up to $275 billion by repealing the SAVE Income-Driven Repayment plan. Another up to $150 billion could be saved by reversing a rule that cancels interest on student loans and up to $110 billion by blocking a cancellation plan for borrowers facing hardships.When it comes to the student debt policies, the CRFB notes, “it will not be possible to save money from reversing them if they are already ruled illegal or if they are withdrawn.”Regarding healthcare, the report says Trump could save as much as $385 billion. The committee says up to $40 billion could be saved by blocking a proposed rule that would have Medicare cover the cost of obesity drugs. Another $140 billion could be saved by reversing Medicaid grants to states, $75 billion could be saved by repealing new rules for Medicaid eligibility, and $65 billion could be saved by changing the definition of negotiated prices for Medicare Part D rebates.The report also says $25 billion could be saved by ending Medicaid minimum staffing standards for nursing homes. Additionally, it estimates that $40 billion could be saved by reversing an “administrative fix” regarding how the affordability of employer-sponsored healthcare plans is determined under the Affordable Care Act.Trump could save $180 billion by reversing the Thrifty Food Plan, which “substantially” increased Supplemental Nutrition Assistance Program benefits, and $150 billion by blocking the implementation of a new limit on vehicles’ carbon dioxide emissions, the report says. Additionally, lawmakers could save $80 billion by restricting presidents’ ability to cancel student debt, increase SNAP benefits, or increase agriculture subsidies unilaterally.All told, the CRFB says Trump could save at least $750 billion and up to $1.3 trillion by repealing regulations implemented by Mr. Biden.“Unlike most deficit reduction measures, reversing costly executive actions from the Biden Administration would not require Congressional action, and could be done through the rulemaking process — although Congress could also act to reverse these costs and prevent future administrations from reimplementing them,” the report says. “Along with other changes, this could help to put the country on a more sustainable fiscal path.”Trump’s pledge to cut spending comes as the national debt passed $36 trillion, less than four months after it passed the $35 trillion mark.

Budget Hawks Say Trump Could Slash up to $1.4 Trillion in Federal Spending Just by Reversing Some of Biden’s Executive Actions

Budget Hawks Say Trump Could Slash up to $1.4 Trillion in Federal Spending Just by Reversing Some of Biden’s Executive Actions

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