Report says Trump might cut arts agencies

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As President-elect Donald Trump prepares to take the oath of office, his transition team has reportedly been considering massive budget cuts to significantly reduce federal spending.

According to a report published by The Hill on Thursday, the goal is to slash federal spending by $10.5 trillion over the next decade.

It reports many departments, including Energy and Justice, would face cuts. But two agencies reportedly on the chopping block got quite a bit of attention.

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U.S. President-elect Donald Trump acknowledges supporters with his wife Melania at the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial. in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

Toby Keith performs at the "Make America Great Again! Welcome Celebration" concert at the Lincoln Memorial in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

U.S. President-elect Donald Trump and his family take part in a Make America Great Again welcome concert in Washington, U.S. January 19, 2017.

(REUTERS/Jonathan Ernst)

U.S. President-elect Donald Trump and his wife Melania take part in a Make America Great Again welcome concert in Washington, U.S. January 19, 2017.

(REUTERS/Jonathan Ernst)

Lee Greenwood performs with the Frontmen of Country during the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial on the eve the inauguration of President-elect Donald Trump in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

U.S. President-elect Donald Trump son Donald Trump Jr. (C) looks at his daughter Kai Madison as she takes a picture with her mobile phone during the Inaugural Concert at the Lincoln Memorial in Washington, U.S., January 19, 2017, one day before Trump's inauguration as the nation's 45th president.

(REUTERS/Mike Segar)

President-elect Donald J. Trump and wife Melania Trump arrive for the inaugural concert at the Lincoln Memorial in January 19, 2017 in Washington, DC. Hundreds of thousands of people are expected tomorrow for Trump's inauguration as the 45th president of the United States.

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Brad Arnold of 3 Doors Down sings during the "Make America Great Again! Welcome Celebration" concert at the Lincoln Memorial in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

U.S. President-elect Donald Trump salutes next to his wife Melania (C) and daughter Ivanka as they arrive at the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial. in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

The U.S. Army Band performs during the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial on the eve the inauguration of President-elect Donald Trump in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

U.S. President-elect Donald Trump gives a thumbs-up at the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial. in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

The Frontmen of Country perform during the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial on the eve the inauguration of President-elect Donald Trump in Washington, U.S., January 19, 2017,

(REUTERS/Mike Segar)

U.S. President-elect Donald Trump and his wife Melania take part in a Make America Great Again welcome concert in Washington, U.S. January 19, 2017.

(REUTERS/Jonathan Ernst)

Members of the American Tap Company perform at the Voices for the People inaugural musical event on January 19, 2017 in Washington, DC. President-elect Donald Trump will be sworn in as the 45th U.S. president on January 20.

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U.S. President-elect Donald Trump arrive with family members at the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

People stand for the national anthem before U.S. President-elect Donald Trump arrives at a Make America Great Again welcome concert in Washington, U.S. January 19, 2017.

(REUTERS/Jonathan Ernst)

Members of the American Tap Company walk offstage after performing at the Voices for the People inaugural musical event on January 19, 2017 in Washington, DC. President-elect Donald Trump will be sworn in as the 45th U.S. president on January 20.

(Photo by Mario Tama/Getty Images)

Jared Kushner, the son-in-law of President-elect Donald Trump, along with his wife Ivanka Trump arrive for the the Inauguration Welcome Concert at the Lincoln Memorial January 19, 2017 in Washington, DC. Hundreds of thousands of people are expected tomorrow for Trump's inauguration as the 45th president of the United States.

(Photo by Aaron P. Bernstein/Getty Images)

Members of the Emerald Society, Washington, DC Fire Department band, walk on their way to perform at the Voices for the People inaugural musical event on January 19, 2017 in Washington, DC. President-elect Donald Trump will be sworn in as the 45th U.S. president on January 20.

(Photo by Mario Tama/Getty Images)

President-elect Donald Trump speaks at the Lincoln Memorial January 19, 2017 in Washington, DC. Hundreds of thousands of people are expected tomorrow for Trump's inauguration as the 45th president of the United States.

(Photo by Aaron P. Bernstein/Getty Images)

Toby Keith performs at the "Make America Great Again! Welcome Celebration" concert at the Lincoln Memorial in Washington, U.S., January 19, 2017.

(REUTERS/Mike Segar)

U.S. President-elect Donald Trump and his wife Melania take part in a Make America Great Again welcome concert in Washington, U.S. January 19, 2017.

(REUTERS/Jonathan Ernst)

U.S. President-elect Donald Trump daughter Ivanka (C), her husband Jared Kushner (R) and Tiffany Trump arrive at a Inaugural Concert at the Lincoln Memorial in Washington, U.S., January 19, 2017, one day before Trump's inauguration as the nation's 45th president.

(REUTERS/Mike Segar)

A military band performs during a welcome celebration for US President-elect Donald Trump and wife Melania at the Lincoln Memorial in Washington, DC on January 19, 2017.

(MANDEL NGAN/AFP/Getty Images)

Supporters of U.S. President-elect Donald Trump attend an Inaugural Concert at the Lincoln Memorial al the National Mall in Washington, U.S., January 19, 2017, one day before Trump's inauguration as the nation's 45th president.

(REUTERS/Shannon Stapleton)

Supporters of U.S. President-elect Donald Trump attend an Inaugural Concert at the Lincoln Memorial al the National Mall in Washington, U.S., January 19, 2017, one day before Trump's inauguration as the nation's 45th president.

(REUTERS/Shannon Stapleton)

A supporter of U.S. President-elect Donald Trump attends an Inaugural Concert event at the Lincoln Memorial al the National Mall in Washington, U.S., January 19, 2017, one day before Trump's inauguration as the nation's 45th president.

(REUTERS/Shannon Stapleton)

U.S. President-elect Donald Trump and his family take part in a Make America Great Again welcome concert in Washington, U.S. January 19, 2017.

(REUTERS/Jonathan Ernst)

President-elect Donald Trump speaks during the inauguration concert at the Lincoln Memorial January 19, 2017 in Washington, DC. Hundreds of thousands of people are expected tomorrow for Trump's inauguration as the 45th president of the United States.

(Photo by Aaron P. Bernstein/Getty Images)

Guests cheer during the inauguration concert at the Lincoln Memorial January 19, 2017 in Washington, DC. Hundreds of thousands of people are expected tomorrow for Trump's inauguration as the 45th president of the United States.

(Photo by Aaron P. Bernstein/Getty Images)

President-elect Donald Trump looks on during the inauguration concert at the Lincoln Memorial January 19, 2017 in Washington, DC. Hundreds of thousands of people are expected tomorrow for Trump's inauguration as the 45th president of the United States.

(Photo by Aaron P. Bernstein/Getty Images)

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Those agencies are the National Endowment for the Arts and the National Endowment for the Humanities. They fund arts and humanities programs across the country, including at museums and educational institutions.

Not long after the report was published, the National Endowment for the Arts tweeted this nearly four-minute video about what it's done for American society.

So would eliminating those two agencies make a dent?

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According to our math, the budgets of each agency accounted for less than four one-thousandths of a percent of federal spending in fiscal year 2016.

The National Endowment for the Arts received $147,949,000 in fiscal year 2016. The National Endowment for Humanities received $147,942,000 in fiscal year 2016. The Congressional Budget Office projects the federal government will spend $3.9 trillion in fiscal year 2016.

According to The Hill, the team is also looking at privatizing the Corporation for Public Broadcasting.

You've probably heard of it while watch PBS or listening to NPR. It's the nonprofit corporation that provides grants that help fund over 1,100 public radio stations and over 350 public TV stations.

Its budget accounted for about one one-hundredth of a percent of federal spending in fiscal year 2016.

But if the team did aim to cut $10.5 trillion in 10 years, or a little over $1 trillion per year, there wouldn't be much left.

As a writer for the The New Yorker pointed out, that would account for about all annual federaldiscretionary spending.

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