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White House Halts Federal Grants and Credit Distributions: Latest Update

The White House Temporarily Stops Federal Grants and Loans

According to a report by CNN citing an internal memorandum, the White House budget and management office has decided to halt all federal grants and loans temporarily. The memorandum highlighted that in the 2024 fiscal year, the federal government spent over 10 trillion dollars, with more than $3 trillion going towards financial aids such as grants and loans.

The memo emphasized that the decision to temporarily stop federal financial aids is in line with the administration’s priorities to focus on advancing the dollar of taxpayers towards building a stronger and safer America, alleviating the financial burden of inflation for citizens, boosting American energy and manufacturing sectors, reducing government spending, increasing productivity, and improving the overall health of the nation.

It was clarified in the memorandum that direct supports provided to individuals, including social security and medicare aids, will not be impacted by this temporary stop.

The halt on federal grants and loans does not extend to foreign aid or non-governmental organizations, but may include financial assistance for new agreements with relevant institutions. The temporary stop is aimed at providing time to review existing programs and to determine how funds allocated to these programs can be utilized in accordance with the laws and President’s priorities.

The decision to halt federal grants and loans will come into effect at 10:00 PM, giving the government time to reassess and reallocate funds to align with the administration’s goals and objectives.

 

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