An Agency-by-agency Guide To Obama's 2014 Budget
Obama is proposing to cut Medicare spending about $400 billion over 10 years from currently projected levels. In percentage terms, that translates into a single-digit trim for the giant health program that serves seniors and disabled people. The biggest chunk, more than $130 billion, would come from drug company rebates, including a new proposal that speeds up closing Medicare's prescription drug coverage gap.
Upper middle-class and well-to-do seniors would face higher monthly premiums for outpatient care and prescriptions, an idea that Obama has floated before and that also has Republican support. Newly joining beneficiaries would pay somewhat more for home health care and for outpatient services.
The budget generally holds the line on funding for medical research, with about $31 billion for the National Institutes of Health.
The Centers for Disease Control and Prevention gets a boost from a new $40 million program to more quickly track emerging infections and determine if bugs are resistant to antibiotics. And there's a new $130 million initiative to expand mental health treatment and prevention, focusing on young people.--- Agency: Homeland Security Total Spending: $45.2 billion Percentage Change from 2013: 34.8 percent decrease Discretionary Spending: $44.6 billion Mandatory Spending: $572 million Highlights: Obama has proposed broad budget cuts for the Homeland Security Department to be spread over several agencies, including the Secret Service and the Coast Guard. The proposal includes a reduction of more than $100 million from the Secret Service budget for protection details for presidential candidates and several million dollars for other special security events. Last year the Secret Service was responsible for costly security details for both Obama as he campaigned for a second term and Republican presidential nominee Mitt Romney ahead of the November election. The agency was also responsible for providing security for several other international meetings, including the NATO Summit in Chicago. Obama's budget also proposes tens of millions of dollars in savings from a technology integration program.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts