In a late-night session Tuesday, the Republican-led U.S. Senate approved President Donald Trump's flagship spending package by a narrow margin, despite widespread public opposition. The divisive bill promises sweeping cuts to social welfare programs while injecting an eyewatering $3 trillion into the national debt.
Key details: The legislation slashes funding for unemployment benefits, food assistance, and housing programs. Supporters argue it trims bureaucracy and promotes fiscal discipline; critics say it will widen the social safety net at a time of economic uncertainty.
Beyond Washington, global markets are watching closely. With U.S. debt projected to surge past $33 trillion, investors fear rising interest rates and dollar volatility could ripple across emerging markets. "This legislation could reshape global bond yields and currency dynamics," says Maria Chen, an economist based in London.
- Social welfare cuts: Up to 15% reduction in food stamps
- National debt impact: Adds roughly $3 trillion over the next decade
- Next steps: The bill heads to the House for a final vote
The fate of the package now hinges on the U.S. House of Representatives and a potential veto threat from the White House. As the holiday season approaches, policymakers face mounting pressure to reach a compromise or risk a government shutdown in January.
For young professionals and entrepreneurs around the world, the debate underscores how U.S. fiscal policy can influence global markets and social programs. Stay tuned as this story evolves on the world stage.
Reference(s):
cgtn.com
