The Federal Budget and You

The California Budget Project has released a report on wha the latest federal budget cuts (in the wake of Katrina) mean for California. The left-leaning budget analysis group has this to say: Eight House committees have adopted proposals to reduce spending in a range of federal “entitlement” programs, as well as other spending. Net reductions total approximately $50 billion and affect programs ranging from child support to student loans. House leaders have defended the proposed reductions as necessary to offset the costs of Katrina-related relief efforts and reduce the federal deficit. However, the proposals would take a significant toll on programs that affect low-income families and children without scaling back the benefits of recent tax cuts that were largely targeted at the wealthy. Read the whole report here.