Economists ARE worried that Trump’s “Big Beautiful’ BIL’ WILL Add even MORE MORE US Government Red Ink…..
The saving grace IS that the Government does NOT have to Balance it’s Budgetlike individuals do, and it prints the Money…….
Major portions of Trump’s 2017 Tax Cuts and Jobs Act expire at the end of the year, and Republicans aim to pair renewing them — at a cost of $5.5 trillion — with new business tax breaks and major new spending to power the White House’s mass deportation campaign.
Senate Majority Leader John Thune (R-South Dakota) and House Speaker Mike Johnson (R-Louisiana) signaled an agreement shortly before the vote to cut at least $1.5 trillion in spending. But the chambers remain sharply divided over how to arrive at that figure — and if it will truly reduce the federal deficit, as House hard-liners have demanded….
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Adopting an identical budget in the House and Senate is just the first step in the arduous process of steering Trump’s “big, beautiful bill” to enactment. It was far from easy. Republicans in each chamber had to vote twice on the fiscal blueprint over the course of seven weeks, in order to arrive at a final product GOP lawmakers on both sides of the Capitol could accept.
The budget framework gives Republicans a great deal of wiggle room to decide what goes into the final package House GOP leaders say they are aiming to finalize by late May. Besides tax cuts and spending cuts, they are allowed to boost military spending by $150 billion, along with another $175 billion for border security and immigration enforcement work…
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Democrats are eager to hone their attacks on the GOP as the bill comes together and are seizing on an estimate Congress’ nonpartisan budget scorekeeper released Thursday.
The new Congressional Budget Office analysis predicts that the GOP tax plans would increase the federal deficit by $6 trillion over a decade. That counts the extension of the 2017 tax cuts, plus the $1.5 trillion worth of new tax perks Republicans are seeking. Over 30 years, the tax cuts are estimated to add $52 trillion to a national debt that currently tops $36 trillion.
“If they need to rack up a trillion-dollar bill on the middle-class credit card in order to finance tax cuts for their wealthy friends, they are willing to do it every single time,” Sen. Chris Murphy (D-Conn.) said in an interview. “They’re willing to break the Senate, if that’s what’s necessary, to give away tax breaks to corporations and wealthy people.”
Republicans will also now have to grapple with how to fulfill the House mandate to reduce the deficit by $880 billion through policies crafted by the Energy and Commerce Committee — with a major focus on Medicaid. Moderates are wary of changes that could lead to benefit cuts, while conservative hardliners want to make deep cuts to the program….
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While Republicans are broadly in favor of extending the 2017 Trump tax cuts, many other tax questions could divide lawmakers, including caps on state and local tax deductions and expanding the Child Tax Credit….
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