President Donald Trump announced on Monday that he has established a new Veterans’ Relief Fund that will help veterans in need.
“The Veterans’ Fund is a new source of revenue that will make a significant impact on our war-ravaged veterans and their families,” Trump said in a statement.
The fund will provide $5 billion for military and veterans’ care over five years, and Trump has named two of his most trusted veterans advisers, Michael Glassner and Michael Milken, to run it.
“This will be a significant infusion of new revenue to support the Veterans’ Affairs system,” Trump added.
The president has previously pledged to provide veterans with as much as $10 billion in tax breaks and loans.
He has also pledged to increase military spending by $500 billion over the next 10 years, though he has yet to commit to spending more than $100 billion.
Trump has also called for a $100-billion stimulus package, a promise he repeated in his victory speech after he won the presidency last November.
Trump made the announcement on Monday, just hours before the Treasury Department released its 2018 budget for fiscal year 2018.
The budget included a $40 billion increase for military spending.
The White House said the Trump administration was also seeking $100 million in new stimulus funds.
Trump also announced on Sunday that the White House is now seeking $500 million in $1-million-a-month federal unemployment benefits, $100,000 in child care assistance and $250,000 for the disabled.
The President’s new fund will not only provide veterans relief but will also help families struggling financially.
The Department of Veterans Affairs announced on Friday that it would be cutting its disability benefits and providing them to its lowest-paid employees.
“It is essential that our government be there for those who are hurting, and that those who have a disability receive assistance in the form of higher pay and higher benefits,” the VA said in an announcement.
The agency has long faced challenges financially, particularly with the recession.
The VA was forced to cut more than 3,000 jobs in 2018, with 1,300 workers being laid off.