The KUIK Morning Market Report for Tuesday, May 23:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
11
points
20,907
7:05 AM
S&P500
Up
0.1%
percent
2,395
1.16
Nasdaq Composite
Down
-0.1%
percent
6,130
(4.11)
30 Year Treasury
Unchanged
–
Basis Points
2.91
Annual Yield
According to Office of Management and Budget Director Mick Mulvaney speaking to reporters yesterday, President Trump’s budget would limit eligibility for the Earned Income Tax Credit and the Child Tax Credit to recipients “who are authorized to work in the U.S.” Both credits benefit low to moderate income households. Changes to those two programs are estimated to save about $40 billion over a decade. Reforming anti-poverty programs such as the Supplemental Nutritional Assistance Program, or SNAP commonly known as food stamps would see a $193 billion cut under the Trump proposal.
President Trump’s budget estimates over $2 trillion in savings will result under the ambitious 3% economic growth assumed in the proposal. The budget, to be released today, assumes savings of $2.1 trillion under what the White House calls the effects of economic feedback or growth. The administration forecasts the deficit will widen by $3.15 trillion over a decade.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
