Summary
- President Trump asserted that the $1.6 trillion spending cut bill will drive the U.S. economy to unprecedented growth.
- He stated that the economic bill will reduce federal spending and put the nation on the right track.
- Currently, the tax cut bill is under review in the Senate, but the process has been slow even though the Republican Party holds the majority.
President Donald Trump expressed his public support for an economic bill centered around a total of $1.6 trillion in federal spending cuts, claiming that it "will grow the U.S. economy in an unprecedented way."
On the 12th (local time), President Trump stated on his social media platform Truth Social, "This great, big, and beautiful bill will stimulate growth in ways it never has before," adding, "At the same time, it will cut spending by $1.6 trillion and set the country in the right direction." He also expressed strong confidence with the slogan "Make America Great Again! (MAKE AMERICA GREAT AGAIN!)"
Meanwhile, the tax cut bill that President Trump strongly supports narrowly passed the House last month by a single vote. The Senate is currently reviewing the bill, and President Trump wants the tax cut signed into law by U.S. Independence Day, July 4. However, despite the Republican Party holding the majority in the Senate, they have been slow to advance the bill.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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