Norbolsa | Republicans introduce the fiscal plan in Congress, which includes the tax cuts promised by Trump during his campaign (making the tax cuts from the first term permanent; tax exemptions for tips, overtime, private education payments, pensions and local tax cuts). No estimate of the cost (revenue shortfall from the plan) has been provided, which they hope to offset with cuts to the Medicaid healthcare programme, other spending cuts estimated at $70 billion over 10 years and a tax increase on university endowments. As we have said, there is no cost estimate, but it does include a proposal to increase the debt by $4 trillion. The proposal is expected to pass with a manoeuvre that avoids a reinforced Senate majority, although Republican party cohesion has not yet been achieved, with the more ‘fiscally conservative’ wing seeking greater savings so as not to impact the debt so much.
Trump’s fiscal plan includes proposal to increase debt by $4 billion
