11/14/2024

Republican Sweep Gives Trump Power to Slash Taxes, May Strain Deficits

The agenda threatens to sink the U.S. trillions further into debt

Republicans' lock on power in Washington next year will allow President-elect Donald Trump to pursue an aggressive agenda of tax cuts for businesses, workers and retirees that will test his party's often-aired goal of reining in the government's $35 trillion in debt.

Early priorities are expected to include extending Trump's 2017 tax cuts, funding the wall along the U.S.-Mexico border, cutting unspent funds allocated by Democrats, eliminating the Department of Education and curbing the powers of agencies, including the Consumer Financial Protection Bureau, according to Republican lawmakers and aides.

Republican leaders view those priorities as a first step toward ensuring buoyant economic and job growth for the country, as well as tighter control over immigration.

Please select this link to read the complete article from Reuters.