The Senate passed the Trump Rich Tax Reduction Case, and the US treasury bond will exceed 5.7 trillion in the future

The Democratic leader of the Federal Senate, Chuck Schumer, said on the 4th when he bitterly criticized the Republican Party for passing the extension of tax cuts, "When Americans learned that the Republicans only did so to reduce taxes for the super rich, Americans would be shocked like an electric shock".

The US Senate passed the Republican budget blueprint early Saturday morning to extend President Trump's tax cuts worth trillions of dollars in 2017 and sharply cut government spending.

Reuters reported on the 5th that the vote was held after an overnight legislative session, lifting a barrier that allowed Republicans to bypass the Senate's obstructive rules of procedure and pass tax cuts later this year without the need for Democratic votes.

Non partisan analysts say that if this measure is implemented, it will significantly increase federal government debt by about $5.7 trillion over the next 10 years. Senate Republicans argue that it should be $1.5 trillion and that the impact of extending existing tax policies that were originally scheduled to expire at the end of this year should not be included in the cost of this measure.

In addition, the bill also aims to raise the federal government's debt ceiling by $5 trillion, an action that Congress must take before the summer to avoid the risk of defaulting on $36.6 trillion in debt. Its goal is to partially offset the deficit increase costs caused by tax cuts by cutting spending. Democrats warned that the Republican goal would jeopardize Medicaid insurance for low-income Americans.

Lindsey Graham, the chairman of the Senate Budget Committee of the Republican Party of South Carolina, warned that the extension of tax cuts in 2017, which were allowed to expire, would cause serious damage to Americans.

Graham said: "The tax revenue of ordinary taxpayers will increase by 22%, and that of a family of four with a median annual income of $80610 in the United States will increase by $1695." The 2017 tax reduction policy is a landmark legislative achievement of Trump's first term of office, reducing the maximum corporate tax rate from 35% to 21%.

"The Republican bill now before the Senate is a poison," said Chuck Schumer, the Democratic leader of the Federal Senate from New York, on Friday. "When Americans learn that Republicans are only doing this to reduce taxes for the super rich, Americans will be shocked like an electric shock."

Source: China Times News Network