Donald Trump likes to take the front cover of news by his actions and decisions, and he has done it again. During his campaigns, Donald Trump promised the citizens of the US that if he wins the white house, he will wipe out the total national debt in just 8 years.
It’s been 2½ years in the office, and he has gone in the opposite direction. Trump signed a budget bill with leaders of the Democratic House and the Republican-controlled Senate. Its a very rare bipartisan agreement but some people in GOP were furious about the decision to increase the spending power.
The Committee for Responsible Federal Budget made an analysis that reported that this legislation would add another $1.7 trillion to the national debt over the next decade. If we factor all the other bills that Trump has signed in the past 2½ years, his total contribution to the national debt is projected to top $4.1 trillion.
While some people are against the steps that Donald Trump is taking, a spokesman for the White House Office of Management and Budget defended Trump. Jacob Wood, the spokesman said that Washington has a spending problem and Trump is trying his best to bring the things in the house back in order. He added that Trump had done this by introducing balanced budgets, rescissions packages, and even deregulation efforts.
The national debt has already grown at a fast rate and reached a milestone of $22 trillion in February. The debt has now reached $22.55 trillion, which is proof that the country is on an unsustainable financial path. Analysts have warned the government and people that the debt will climb even higher with the new deal that was made by the Trump government.
However, Trump posted a Tweet explaining how he believes that the budget deal is best for their military, vets, and jobs. With this new budget deal, the spending budget gets a $320 billion increase.
Should you HODL?
Bitcoin has been facing a rollercoaster ride for the past few months. With this new trade deal, some cryptocurrency analysts suggest that you hodl your investments for a year at least. With this deal, people are expecting the price of USD to go down in comparison to Bitcoin, which will see a rise in its prices because of this effect.
Disclaimer: This article is to provide information to the readers. This cannot be considered as financial advice.