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Record Debt Limit Increase Would Break Republican Precedent
Tags: Current Focus, United States, Capital Markets, The Economy, Inequality / Upward Mobility, Movement for Renewal of America, 3. Income and Wages Fairness, 5. Bringing Jobs and Factories to the US, 6. Capital Allocation for Infrastructure, Goods and Services, 10. Health- Body/Mind Wellbeing for All ,
US Senate increases debt limit increase to $5.1 trillion from House 3B Tax Cuts Bill debt limit of $4.1 trillion in 2025. The Big Bold Beautiful Bill as the president calls it will also make the debt limit increase permanent to avoid the brinksmanship of earlier administrations. Republicans will pass this as they assume the mantle of working for the average middle class and working class household. Republicans have taken up the cause of small businesses in the US who are supported by this bill. The bill in the view of Treasury Secretary Bessent helps growth of the economy through its 100% expensing provisions, so that the capital expenditures spending of small and large businesses on equipment and buildings that is now held up will take place rapidly in the coming year.
The 3B Tax Cuts Bill does decrease the taxes of the higher income households, yet it also decreases the taxes of small business owners, and of people in the middle income range. Similar bills in the Reagan period led to a larger share of national income going to a majority of the population, and increasing growth and investment. This bill's expensing provisions goes a step further to release capex energies. During the Carter period before Reagan and the Biden period before Trump's second term the lower income classes were cheated out of their income's propensity for a better standard of living by inflation. Republican administration of DJT has focused on inflation to help working class people and focused on capital investment to generate the growth that will increase jobs.
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