Reference News Network, July 22 report: According to the website of Singapore's "Lianhe Zaobao" on July 22, the U.S. Congressional Budget Office's latest estimate shows that the tax and spending bill signed by Trump recently will increase the U.S. deficit by $3.4 trillion (about RMB 24.4 trillion) over the next 10 years, and lead to millions of people losing health insurance.
The report stated that the assessment released by the U.S. Congressional Budget Office on July 21 showed that by 2034, this bill would result in a reduction of $4.5 trillion in revenue and $1.1 trillion in expenditures. The latest analysis did not include so-called dynamic effects, such as the impact the bill may have on economic growth or interest rates in the future.
Trump signed his so-called "Big and Beautiful Act" on July 4 after months of negotiations with Republican lawmakers in Congress. The tax and spending bill covers most of Trump's economic agenda, including permanently extending the income tax cuts and some corporate tax reductions he introduced during his first presidential term in 2017, increasing the cap on state and local tax deductions, and providing temporary tax benefits for tips and overtime income.
The report also said that the passage of the "Big and Beautiful Act" has triggered warnings from some economists and investors that the U.S. budget deficit will further expand, which could push up borrowing costs and inflation.
Original article: https://www.toutiao.com/article/7529833781004435977/
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