The daily business briefing: May 24, 2017

The White House releases Trump's first budget, the DOJ accuses Fiat Chrysler of cheating diesel emission controls, and more

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1. White House releases Trump budget calling for deep social spending cuts

The White House on Tuesday unveiled President Trump's first full budget, a $4.1 trillion that plan includes steep cuts in spending on Medicaid, the Children's Health Insurance Program, social services for the low-income and disabled, most federal agencies, farm subsidies, federal pension benefits, college loans, highway funds, medical research, and foreign aid. Trump's budget also would boost funding for the Pentagon, Veterans Affairs Department, Homeland Security, and a new parental-leave plan. The budget, released while Trump is abroad on his first foreign trip as president, is considered unlikely to pass Congress as written, but it clarifies Trump's priorities. Critics said the spending plan, which says the budget will be balanced in 10 years, relies on faulty math and unrealistic projections for economic growth. White House budget director Mick Mulvaney will start trying to sell the plan to the House and Senate budget committees on Wednesday and Thursday.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.