Trump signs budget bill as experts warn he's on track to add trillions to U.S. debt
WASHINGTON – Donald Trump promised during his campaign that if he won the White House, he would wipe out the national debt in just eight years.Trump Friday signed into law a budget bill hammered out with leaders of the Democratic-led House and the Republican-controlled Senate. It was a rare bipartisan agreement but some in the GOP were furious over the increase in spending.
“Our national debt is a self-inflicted wound,” said Maya MacGuineas, the group’s president. “It will take the kind of leadership that currently doesn't exist in Washington to fix.”"Washington has a spending problem and President Trump has committed to using every tool at his disposal to help get our fiscal house back in order," spokesman Jacob Wood said."This can be seen through the many actions he’s taken: balanced budgets, rescissions package, and even deregulation efforts.
For Americans, the growing debt should be a concern, experts said, because over time it can push up interest rates for consumers and businesses. The higher rates can ripple through the economy, nudging up rates for mortgages, corporate bonds and other types of consumer and business loans. “Budget Deal is phenomenal for our Great Military, our Vets, and Jobs, Jobs, Jobs!” he wrote. “Two year deal gets us past the Election. Go for it Republicans, there is always plenty of time to CUT!”
Trump’s $1.5 trillion package of tax cuts approved in 2017 is projected to boost the debt by $1.8 trillion, according to the budget watchdog group’s analysis. But that number could easily climb higher if lawmakers extend the individual tax cuts that are set to expire after 2025. That would add another $1 trillion to the debt.
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