The law was also approved by the Senate and the House. The law proposes to reduce taxes and increase defense expenditure.
US President Donald Trump signed on Friday legislation on tax and expenditure cuts, culminating in the White House ceremony on the occasion of the Day of Independence Day. According to the AFP report, TASR reports this.
“It is good,” Trump said, surrounded by dozens of Republican deputies who expressed support for the “One Great Beautiful Law” (One Big, Beautiful Bill) as the White House boss,
The US House of Representatives approved a package of tax and expenditure cuts on Thursday and the Senate agreed on Tuesday.
Low outages wants to finance social cuts
The bill foresees the continuation of tax cuts from 2017, in addition to the further tax reduction and increases the expenditure on the army and the protection of borders. The outages caused in the federal budget are to be financed from cuts in social benefits, which was sharply criticized by the Democrats.
A number of fiscal conservative Republicans also expressed their disagreement with the law. They argue that expenditure cuts are insufficient and legislation will increase the budget deficit. Independent congress experts estimate that Trump’s plan could add $ 3.3 trillion (€ 2.82 trillion) to the US debt within ten years. The debt currently reaches more than 36 trillion.
The bill was also criticized by technology billionaire Elon Musk, one of Trump’s largest supporters in the election campaign. On his social network X, he threatened a member of the Congress that if they support the law, he would financially support their counter -candidates in the upcoming primaries. Trump warned him that if he finance the Democrats “he would have to bear very serious consequences”.
