February 6, 2016 at 10:00 AM ET by Shaun Donovan
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Next week, the President will release his Budget for Fiscal Year 2017. Here’s a sneak preview.
Under the President’s leadership, we have turned our economy around and our businesses have created 14 million jobs since February 2010. But as the President said in his final State of the Union address, there is more work to be done to meet our greatest challenges and seize the opportunities before us.
The President’s Fiscal Year (FY) 2017 Budget—which is fully offset—will show that the President and the Administration remain focused on the biggest challenges facing the Nation, not just for the coming year but for decades to come.
The Budget, which will be released on Tuesday, makes smart investments to accelerate the pace of innovation to tackle climate change and find new treatments for devastating diseases; give everyone a fair shot at opportunity and economic security; and advance our national security and global leadership.
Over the past few weeks, we offered a sneak peek of some of the Budget’s investments and you can read more about them below. But there is more to come, so check back next week for the full details on the President’s final Budget.
Accelerating the Pace of American Innovation and Preserving our Nation’s Treasures
- 21st Century Clean Transportation System: The President’s Budget lays out a new plan for building a 21st Century Clean Transportation System funded by a new fee paid by oil companies. The President’s plan would increase American investments in clean transportation infrastructure by roughly 50 percent while reforming the investments we already make to help reduce carbon pollution, cut oil consumption, and create new jobs.
- Mission Innovation: In November, President Obama and other world leaders came together in Paris to launch Mission Innovation, a landmark commitment to dramatically accelerate public and private global clean energy innovation. Through the initiative, 20 countries committed to double their governments’ respective R&D investments in this domain over five years. Today, President Obama announced the next step in advancing that goal, laying out his proposal to double the Federal investment in clean energy R&D from $6.4 billion in FY 2016 to $12.8 billion in FY 2021.
- “Moonshot” to Cure Cancer: This week, we announced a new $1 billion investment to jumpstart the national “moonshot” initiative to eliminate cancer as we know it and provide the funding necessary for researchers to accelerate the development of new cancer treatments.
- Agriculture and Food Research Initiative (AFRI): The Budget will invest a total of $700 million for the Agriculture and Food Research Initiative (AFRI) to ensure U.S. agricultural research continues to be the world's gold standard. In the seven years since AFRI was established, the program has led to true innovations and ground-breaking discoveries in agriculture.
- Land and Water Conservation Fund (LWCF): Created 50 years ago, the LWCF is used to preserve historic resources, protect endangered wildlife, restore forest ecosystems, and provide recreational opportunities for millions of Americans in iconic places that range from Grand Canyon National Park to local parks in nearly every county across the Nation. Through the LWCF, the Budget will invest $900 million annually into conservation and recreation projects to conserve lands in or near national parks, refuges, forests, and other public lands.
Expanding Education and Skill Opportunities
- Computer Science for All: To continue the real progress we’ve made in education and address the new skills needed in our rapidly shifting economy, the President unveiled his plan to give all students across the country the chance to learn computer science (CS) in school. The President’s Computer Science for All Initiative seeks to expand CS education by providing $4 billion in funding for States and $100 million directly for districts to increase access to K-12 CS by training teachers, expanding access to high-quality instructional materials, and building effective regional partnerships.
- Pell Grant Reforms: To help ensure every American gets the postsecondary education and training they need to find a good-paying job, the Administration is calling for an additional $2 billion investment in the federal Pell Grant program — the cornerstone of college affordability. The two new Pell proposals in the 2017 Budget will help students to accelerate progress towards their degrees by attending school year-round and encourage students to take more credits per term, increasing their likelihood of on-time completion.
- Community College Partnership Tax Credit: As a part of the President’s America’s College Promise (ACP) plan to make two years of community college free for responsible students, the Budget will propose a new Community College Partnership Tax Credit to encourage employers to play a more active role in funding.
- Connect Young Americans with Jobs and Skills: The President’s Budget will include nearly $6 billion in new funding to help more than 1 million young people gain the work experience, skills, and networks that come from having a first job. This plan includes nearly doubling last year’s budget request for supporting young people who are out of school and work.
Supporting a Modern Workforce
- Unemployment Insurance (UI) System: The Budget will propose a cost-neutral set of reforms to strengthen and modernize the UI system to reflect the modern economy and workforce. These reforms ensure more hardworking Americans have access to UI if they lose a job, provide new protections for workers who take a pay cut in order to get back into work, strengthen the program’s connection to work, make the program more responsive to economic downturns, and ensure State programs have enough resources to protect workers in the midst of a recession.
- Saving for Retirement: The Budget will include a package of proposals aimed at increasing access to retirement plans and increasing the portability of retirement savings and benefits. These proposals aim to ensure near-universal access to workplace retirement savings accounts and test new approaches to making retirement benefits more portable across jobs.
Helping Families Achieve Financial Security
- Medicaid Expansion: The Budget will include a legislative proposal to provide any State that takes up the Medicaid option the same three years of full Federal support and gradual phase down that those States that expanded in 2014 received, no matter when the State takes up the option.
- Improving the Excise Tax on High-Cost Employer-Sponsored Health Coverage: The President’s Budget will include improvements to the excise tax on high-cost employer-sponsored health coverage, sometimes called the Cadillac tax. It will propose carefully-tailored changes that protect the tax’s benefits for our health care system and our economy, while making the tax even better targeted and improving its long-run sustainability.
- Promoting Economic Mobility: In an effort to expand economic opportunity, increase mobility, and revitalize communities, the 2017 Budget will include investments that would increase access to neighborhoods of high opportunity through a $15 million mobility counseling pilot; fund a new Emergency Aid and Service Connection Grants initiative to test innovative State and local approaches to aid families facing financial crisis; and provide $128 million for the Department of Education’s Promise Neighborhoods program and $200 million for the Department of Housing and Urban Development’s Choice Neighborhoods program to help improve the educational and life outcomes of residents of distressed communities.
- Summer Electronic Benefits Transfer (EBT) for Children: To reduce child hunger during the summer, the Budget will propose an investment of $12 billion over ten years through a permanent Summer EBT for Children program. This would provide supplemental food benefits during the summer months for all families with children eligible for free and reduced price school meals -- thus ensuring low-income children, who are at higher risk of food insecurity and poor nutrition during the summer, have year-round access to the food they need to learn and grow.
Addressing the Opioid Epidemic
- Continuing the Administration’s efforts to address the opioid epidemic, the President’s Budget will include $1 billion in new mandatory funding over two years to expand access to treatment for prescription drug abuse and heroin use. It will also include approximately $500 million -- an increase of more than $90 million -- to continue and build on current efforts across the Departments of Justice and Health and Human Services to expand state-level prescription drug overdose prevention strategies, increase the availability of medication-assisted treatment programs, improve access to the overdose-reversal drug naloxone, and support targeted enforcement activities.
Keeping Americans Safe
- Peace and Prosperity in Colombia: This week, the President hosted Colombian President Juan Manuel Santos at the White House and announced a new framework for bilateral cooperation in the event of a peace accord with the FARC: Peace Colombia. As part of that framework and to support the peace accord implementation, the President will request more than $390 million in FY 2017 bilateral foreign assistance. The Administration will also request funds in FY 2017 for other ongoing programs that would contribute to Peace Colombia goals such as humanitarian assistance to vulnerable populations and Department of Defense counternarcotics programs.
- European Reassurance Initiative: This week, we announced an investment of $3.4 billion for the European Reassurance Initiative (ERI). This request, which quadruples last year’s ERI funding level, represents a significant augmentation of our efforts to ensure peace and security in Europe. The request is intended not only to continue assurance measures but also to enable a quicker and more robust response in support of NATO’s common defense.
- FBI Headquarters Consolidation: The President’s Budget will also request $1.4 billion in construction funding for the construction of a new Federal Bureau of Investigation (FBI) headquarters facility. The new headquarters will allow the FBI to perform its critical national security, intelligence, and law enforcement missions in a new modern and secure facility.