Trump wants Congress to increase tax cuts in major policy bill
Trump wants Congress to increase tax cuts in major policy bill
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Moody's pushes US out of top triple-A rating club, citing debt
Moody's downgraded the U.S. sovereign credit rating on May 16 due to concerns about the nation's growing $36-trillion debt pile, in a move that could complicate President Donald Trump's efforts to cut taxes and send ripples through global markets.
WASHINGTON – President Donald Trump said he hopes Congress will slash taxes even more than the reductions included in the massive tax and policy bill moving through Congress.
'I'd like to see a bigger cut in taxes,' Trump told reporters during a May 30 news conference with his billionaire adviser, Elon Musk. "It's going to be jiggered around a little bit."
Musk, who is stepping back from his White House role, has said he's disappointed that the bill will increase the budget deficit. Increasing the tax cuts would add to the deficit unless they're offset with spending cuts.
The House passed legislation last week that would add an estimated $3.8 trillion to the national debt over the next 10 years, fueled by a permanent extension of the 2017 income tax cuts that Trump signed into law during his first term.
That bill also includes temporary tax breaks for tips, overtime, seniors and buyers of American-made cars. There is also a boosted child tax credit, among other benefits.
Next up is the U.S. Senate, which will begin its work on the legislation next week with several Republicans already openly pushing for changes to the House bill's approach to everything from Medicaid to green energy subsidies, and overall spending.GOP leaders in Congress, namely House Speaker Mike Johnson, have set a self-imposed deadline on July 4 to complete work on the bill and send it to Trump's desk for signature into law.
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