Here I will provide you a summary of how the budget cut will impact the various sectors of our lives. This will go beyond real estate, since our lives are affected by more than the news on the real estate market. Many of the cuts won't be felt by the public, others could pinch local government and low-income families.
1. Defense - No budget cut. Instead it received an increase of $5 billion from 2010. This brings the total amount to $513 billion.
2. Homeland Security - Received it first budget cut since its inception. Local government will receive the heavier burden, which reduces federal FEMA grants for first responders by $786 million and it cuts $226 million for border security fencing, infrastructure and technology.
3. Housing - Budget cut of approximately $1.4 billion from two HUD block grants used to rehabilitate housing primarily in low income neighborhoods and a fund that local public housing authority can tap to maintain and make repairs to housing units.
4. EPA - Budget cut of $1.6 billion, which represent a 16% reduction from 2010. There are concerns on how this agency will be able to pollution from mountaintop coal mining and mercury emissions from power plants.
5. State and Local Law Enforcement - approximately $700 million budget cut from the assistance program and a program to help develop crime fighting strategies and pay for technology.
6. Transportation - Approximately $6 billion dollars in budget cuts. Primarily the cuts are focused on highway projects and high speed rails. We need to see how this budget cuts in infrastructure could affect the competitiveness of the United States.
7. Nutrition - $504 million budget cut from the WIC program which provides healthy food and nutritional information to pregnant women and children younger than 5.
8. College Loans - Approximately $3.5 billion annually over the next 10 years. Eventhough the Pell grant was kept intact, on a compromise the summer grant was eliminated for those students that wish to attend year-round.
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