The Trump Administration has disclosed its budget blueprint for fiscal 2018 and, not surprisingly, it calls for a 10% increase in spending for defense and border security, while cutting the U.S. Department of Health and Human Services (FDA, CMS, NIH, CDC, etc.) budget by 16%. There is opposition to the proposal from Democrats and Republicans alike and we suspect the final budget will scale back the HHS cuts significantly. An aging population will continue to drive volume growth in healthcare, which is now approaching 20% of our GDP.
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