12:26
Trump nominates Bessent to be US treasury secretary
President-elect Donald Trump picked prominent investor Scott Bessent to take on the role of U.S. treasury secretary.
Under Trump, a unified Congress could push through tax and spending cuts
Reuters
Trump's Republicans are set to gain control of Congress, pushing an agenda of tax cuts, border security, and deregulation. However, their plan could add trillions to the national debt, challenging their goal of reducing the $35 trillion deficit.
Donald Trump’s Republicans are likely to take control of both chambers of Congress, giving them power to push a broad agenda of tax cuts, energy deregulation, and border security. However, this could conflict with their goal of reducing the $35 trillion debt. Republicans secured a 52-48 Senate majority and are expanding their House lead, though 51 races remain uncalled.
Key priorities include extending Trump’s 2017 tax cuts, funding the border wall, and reducing the power of agencies like the Consumer Financial Protection Bureau.
Trump’s tax proposals could add $7.5 trillion to the debt over the next decade. The deficit hit $1.833 trillion in 2024, with interest on debt topping $1 trillion.
Republicans argue that Trump’s previous tax cuts boosted revenue, aiming to replicate early-term economic growth. However, critics, like Marc Goldwein from the CRFB, say the increase in tax receipts is driven by inflation and does not reflect actual growth.
09:36
'Bring down the temperature,' Biden urges Americans after Trump's US election win
"A defeat does not mean we're defeated," US President Joe Biden told disappointed Democrats after Donald Trump's election win. He urged Americans to "bring down the temperature."
14:34
Mexico's Sheinbaum asks Trump for dialogue, respect for sovereignty after victory
Mexican President Claudia Sheinbaum congratulated Donald Trump on his election victory, calling for dialogue and respect for sovereignty. She expressed confidence in strong U.S.-Mexico relations and reassured the public despite market instability.
13:54
Musk's ties to Trump will reverberate through Tesla, other interests
Elon Musk stands to gain from his ties to President-elect Trump, with Tesla shares surging post-election. Trump's policies, including deregulation and tariffs on Chinese imports, could benefit Musk’s businesses, including Tesla and SpaceX.
12:51
Trump win to test limit of presidential power; Harris concedes but vows to 'fight'
Donald Trump secured a sweeping victory in the 2024 election, defeating Vice President Kamala Harris in a polarizing race. Despite facing multiple criminal charges, Trump’s campaign resonated with voters demanding change, positioning him for a return to the White House on January 20.
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