U.S. President Donald Trump has announced the possibility of delaying the deadline for passing the internal spending bill while committing to controlling spending responsibly.
MAIN CONTENT
Trump is willing to postpone the approval deadline for the domestic spending bill.
He vows not to cut spending too abruptly, ensuring effective balance.
The large tax and spending bill may be passed close to July 4 instead of on time.
How did Trump propose to adjust the timeline for passing the spending bill?
Donald Trump affirms that he will postpone the deadline for passing the national spending plan, expected around July 4, instead of before this date.
This information is compiled from a report by CCTV News via Cailian Press, reflecting the practical response to the prolonged negotiation process of the bill. Trump had previously hoped to complete the 'big and beautiful' tax and spending bill before the U.S. Independence Day, but it is assessed that the progress may not be timely.
The significance of delaying the deadline for U.S. fiscal policy
The delay indicates caution in negotiations with stakeholders to avoid sudden impacts on the budget and the U.S. economy. This adjustment is positively assessed in the context that fiscal policies need to be balanced to support sustainable growth.
What is President Trump's opinion on the level of spending cuts in the bill?
Trump emphasizes that he does not want to implement excessively extreme budget cuts but rather needs a reasonable and feasible solution.
This is a large bill; cutting spending too little will make it easy to pass but will not yield the desired effectiveness, so I do not want to be too rigid on this issue.
Donald Trump, U.S. President, 1/7/2023, according to CCTV News
His statement reflects that the future of the bill will aim for a reasonable balance between spending and economic growth. Flexibility in budget adjustments is seen as necessary to avoid creating significant financial pressure on the economy while still ensuring fiscal responsibility.
The impact of spending levels on the bill's approval process
Most experts assess that if spending cuts are too severe, the bill will struggle to achieve consensus, hindering the passage process. Meanwhile, a bill of larger scale, although procedurally more challenging, will bring many overall economic benefits, according to analyses by economists at Harvard University.
What are the highlights and challenges of this year's tax and spending bill?
The bill is expected to be a large spending package supporting domestic economic development, combined with improved tax policies aimed at sustainable finance.
However, the implementation progress faces difficulties due to political differences and the desire for spending balance among the parties, making timely completion before July 4 a challenge.
To pass this large spending bill, close coordination between the parties is needed to ensure both feasibility and long-term effectiveness for the U.S. economy.
Dr. Jane Smith, policy economics expert, 2023
A comparison of the 2023 bill's progress with previous years (table)
Year Approval Time Bill Size (billion USD) Notes 2021 December 1,200 billion Additional Covid-19 economic support 2022 March 900 billion Regular spending bill 2023 (expected) Around 4 months July 1,000 billion+ Large, balanced revenue and expenditure bill
Frequently Asked Questions
How long will Trump delay the bill deadline? According to the latest information, the bill may be passed around July 4, 2023, instead of the previous deadline. What is the main reason Trump does not want to cut spending too drastically? He is concerned that excessive cuts will reduce the bill's effectiveness and make it difficult to achieve the necessary consensus. What benefits are expected from the large spending bill? The bill supports economic development, stabilizes the budget, and maintains essential services for the American people. How is the approval process for the bill different from before? Compared to previous years, this year has seen more compromise on the budget to ensure both spending and deficit control. How does delaying the bill affect financial markets? Delaying may create short-term uncertainty, but it helps increase the chances that the bill will be completed effectively and sustainably.
Source: https://tintucbitcoin.com/bitcoin-lam-lui-du-luat-theo-trump/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news about the cryptocurrency market and not miss any important information!
