PT Solid Gold Berjangka | Republicans push ahead on Trump tax, spending plans, despite intra-party dissent
ECONOMY SOLID GOLD BERJANGKA, SG BERJANGKA , SOLID GROUP, PT SGB , SGB
Solid Gold Berjangka | Republicans in the U.S. Congress advanced major elements of President Donald Trump’s budget package on Wednesday, as key committees approved tax cuts that would add trillions of dollars to the U.S. debt, while cutting spending on healthcare for the poor and disabled.
With Democrats boycotting this top priority of Trump’s, Republicans relied on their majorities in the tax-writing House of Representatives Ways and Means Committee and the Energy and Commerce panel overseeing Medicaid and other healthcare programs to advance the controversial package of bills.
Flexing their majority muscles, Republicans defeated all of the Democrats’ amendments to the Republican-written bill.
It amounts to an initial victory for Republicans, who still have many hurdles to clear before they can get the sprawling package of tax cuts, spending hikes and safety-net reductions to Trump’s desk to sign into law.
Trump’s “Big Beautiful Bill” would add trillions of dollars to the nation’s debt load, which at $36.2 trillion now equals 127% of GDP. The package calls for $4 trillion in additional borrowing, though the total cost is uncertain at this point.
House Speaker Mike Johnson, a Republican, told reporters his party was on track to pass the massive legislation before the May 26 Memorial Day holiday. But he still faced dissent from within his own party.
Moderate Republican lawmakers from Democratic-led coastal states including New York, New Jersey and California critical to the party’s narrow 220-213 majority say the bill imposes too low a limit on how much state and local taxes can be deducted from constituents’ federal income taxes.
As this stands right now, I am a ‘no,’ and so they’re going to need to come up with a solution here and quickly if they want to stay on the schedule,” said Republican Representative Mike Lawler of New York and an advocate of the so-called SALT deduction.
Party hardliners, meanwhile, are demanding deeper spending cuts.
“I’m trying to get the math in order to get this country back on track, financially. And it just hasn’t happened,” said hardline Republican Ralph Norman of South Carolina.
Following a work-session that spanned more than 26 hours, the Energy and Commerce Committee voted along party lines on Republicans’ plan to tighten eligibility for the Medicaid health plan, which covers 71 million low-income Americans.
Source: Investing.com