US President Donald Trump signed the legislation on tax and expense cuts on Friday, thus completing the ceremony in the White House on the occasion of Independence Day. According to the AFP report, TASR reports this.
“He’s good,” Trump said in signing a document surrounded by dozens of Republican deputies who expressed support for the “One Great Beautiful Law” (One Big, Beautiful Bill) as the White House chief indicates.
The bill counts with the law In addition, the continuation of the 2017 tax cuts comes with further tax cuts and increases the expenditure on the army and the protection of borders. Caused outages 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 an additional $ 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”.
