The tax and spending bill led by President Donald Trump has been passed by the U.S. House of Representatives with a narrow margin, potentially impacting the country's economic policy.
Trump's Bill Passes Through House
On July 3, Trump's tax and spending bill, known as the 'Big and Beautiful' bill, was passed by the U.S. House with a vote of 218 to 214. The bill, supported by Republicans but facing opposition from Democrats, is a key element of Trump's administration's economic agenda.
Debate Over Federal Aid Cuts
Among the opponents of the bill, House Democratic Leader Hakeem Jeffries criticized the cuts to federal aid programs such as Medicaid. His speech highlighted concerns about the impact on vulnerable groups and reflects broader societal discord regarding the measure.
Financial Changes and Impact on Crypto Market
Although the bill does not directly address crypto assets, historically, such tax changes have influenced risk assets and could indirectly affect cryptocurrency markets. For instance, Bitcoin is currently priced at $109,600.54, showing a 16.32% increase over the last 60 days, indicating ongoing investor interest in this cryptocurrency.
The passage of Trump's tax bill in the House highlights significant changes in U.S. economic policy. However, its implications could resonate beyond budgets, affecting the broader financial landscape, including the cryptocurrency market.
