Republican sweep gives Trump power to slash taxes, may strain deficits
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Republicans' control in Washington allows President-elect Donald Trump to pursue tax cuts for businesses, workers, and retirees; Trump's early priorities include extending 2017 tax cuts, funding the U.S.-Mexico border wall, cutting unspent funds, eliminating the Department of Education, and curbing agency powers; U.S. national debt stands at $35 trillion with a deficit of $1.83 trillion in fiscal 2024; 62% of Americans believe Trump's policies will increase national debt; Republicans may use budget reconciliation to pass tax cuts; Trump's proposed tax cuts could add $7.5 trillion to the debt over the next decade; Senator Ron Johnson emphasizes the need for spending cuts to offset tax cuts; first test for Congress expected in January 2025; Mitch McConnell optimistic about narrow majority success.

#Trump #Republicans #TaxCuts #NationalDebt #Congress #BudgetReconciliation #FiscalPolicy #2024Election #GovernmentSpending #Senate

https://theedgemalaysia.com/node/733885