The U.S. Senate passes the Republican budget blueprint, advancing Trump's tax cut agenda
The U.S. Senate passed the Republican budget blueprint last Saturday, aimed at extending President Trump's tax cuts worth trillions of dollars in 2017 and significantly reducing government spending. The Senate approved the "budget reconciliation" measure by a vote of 51:48, which will allow Republicans to bypass the filibuster in the Senate that requires 60 votes, and can pass Trump's tax, border security and military priorities later this year without Democratic support. The bill will be submitted to the Republican-led House of Representatives, which is expected to review it this week. Non-partisan analysts say that if Trump's agenda is passed, it will add about $5.7 trillion to federal government debt over the next decade. Senate Republicans believe that this measure costs $1.5 trillion and argue that the impact of extending existing tax policies due to expire at the end of this year should not be included in its cost.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SoftBank plans to meet with investors and is considering a large-scale bond issuance
Corning signs a multi-billion dollar long-term fiber agreement with Verizon, as AI demand spills over from the chip layer to telecom operators.
Corning has signed a multibillion-dollar, decade-long fiber optic supply agreement with US telecom operator Verizon, under which it will provide more than 80 million miles of high-density fiber. The agreement will support both home broadband services and AI data center backbone networks. Previously, Corning had already secured major long-term contracts with Meta, Nvidia, Amazon, and others. The fiber demand from AI data centers is about 16 times higher than that from traditional switches, and combined with network upgrades by operators, this is driving structural growth in fiber demand.
Boeing delivered 51 aircraft in August
The Canadian dollar gave up its intraday gains after Trump's speech.