House Approves Trump’s Budget Bill with Trillion-Dollar Tax Cuts and Big Spending Cuts

The post House Approves Trump’s Budget Bill with Trillion-Dollar Tax Cuts and Big Spending Cuts appeared on BitcoinEthereumNews.com.

The US House of Representatives have approved a major budget bill which involves slashing taxes and cuts trillions in dollars in government spending.  Despite opposition from Democrats and strict republicans, the bill still made it through. Notably, the budget is a crucial part of Trump’s policy goals which he calls ‘a big, beautiful bill’. He views it as a major win for his administration and supporters.  After a narrow 216-214 bill House vote on Thursday, Trump shared in a social media post – “Congratulations to the House on the passage of a Bill that sets the stage for one of the Greatest and Most Important Signings in the History of our Country.” House Plan Includes Bigger Cuts, $5T in Tax Breaks The House and Senate have passed different versions of the bill and now they need to merge them together into one final version which Trump can sign. The process is called ‘Reconciliation’.  Notably, the House’s version includes bigger spending cuts and proposes around $5 trillion in tax cuts. But this could increase the national debt by about a whopping $5.7 trillion over 10 years. With the US government currently owing around $36 trillion, this plan could significantly add to the debt unless other savings or revenue sources are found. Initially, some staunch Republicans opposed the bill over rising US debt concerns demanding bigger spending cuts. Earlier this week, House Speaker Mike Johnson delayed the vote fearing it would not pass due to the slim Republican majority.  Only two republicans voted against it by Thursday. The Senate’s version of the bill passed on Saturday includes at least $4 billion in spending cuts which is far less than the $1.5 trillion in cuts proposed by the House. The Senate Republicans note that the $4 billion is just the minimum figure and they…