Ed Week has a great write-up of the President's proposed budget on education. Most notably are deep cuts of over $100 million for special education and a complete elimination of funding, $2 billion, for teacher development and classroom size reduction. Included in the budget is a re-tooling of an innovation grant which would expand choice options for parents to send their children to private schools, or home school children, using Title I federal funds.
Overall, Trump's detailed spending plan for K-12 mostly sticks to the preliminary budget his administration released in mid-March by cutting $9.2 billion, or 13.5 percent, from the Education Department's current $68.2 billion budget for fiscal 2017. It is the largest single-year cut that a president has looked to make to the Education Department's discretionary budget (by percentage) since President Ronald Reagan sought a 35.7 percent cut to the department in his proposed fiscal 1983 budget. Congress ultimately increased the department's budget for fiscal 1983. And this time around, Congress might very well might end up disregarding many of Trump's budget proposals. Over 30 programs would be eliminated or reduced.
-Andrew Ujifusa, EdWeek
Note that Congress still has to work through and pass its budget before any of this funding is final for FY 2018-2019. There are great interactive tools on the educaiton budget on the Ed Week blog here.