A House Appropriations panel is proposing cutting more funds from its annual financial services bill than President Trump requested in his budget proposal.
At $20.23 billion, the Financial Services and General Government Appropriations bill cuts spending by $1.28 billion from current levels and $2.48 billion from Trump’s requested levels.
Among the major cuts are $149 million from the IRS, putting the agency below its 2008 funding level. The bill also includes a series of rules that would restrict the IRS from targeting groups based on ideology, speech and religion.
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It also cuts $981 million from the General Services Administration for maintaining federal buildings, $3 million from the Securities and Exchange Commission and nixes political contributions disclosure requirements in SEC filings.
The bill would also impose several restrictions on the city of Washington, D.C., including a $60.7 million cut in the federal payment to the city and restrictions on further steps to legalize marijuana, needle exchange programs and local abortion funding.
The bill will be considered by the Appropriations subcommittee on Thursday.
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