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No, the President of the United States does not have the authority to unilaterally take funds away from a state. The federal government's budget— including allocations, grants, and any funding to the states—is primarily established by Congress. The President does have a role in the budget process, such as proposing a budget and signing budget legislation into law, but cannot independently remove or reassign funds that have been approved by Congress for a specific purpose.
In certain situations, the President may propose budget cuts or changes to federal funding that affect individual states, but these proposals must go through Congress and be passed into law. Additionally, some federal funds are allocated through formulas and specific eligibility criteria set by legislation, which the President cannot alter on his own.