US Congressional Committee supports Trump's bill on spending cuts

The relevant Budget Committee of the House of Representatives of the United States Congress on Sunday, May 18, supported the bill proposed by the administration of US President Donald Trump on budget cuts. The broadcast was hosted by C-SPAN TV channel.

17 lawmakers voted for the bill, 16 against it, and four more abstained. The bill will now be submitted to the full House of Representatives.

The document, which Trump calls a "single, big, beautiful bill," provides for significant cuts in taxes and government spending in a number of industries.

Made America: what Trump has achieved and failed at in 100 days

The US president signed almost 140 decrees, imposed duties and began to establish relations with Russia.

Earlier, on May 15, the media reported on the risk of an increase in the US budget deficit to $5.2 trillion due to Trump's project. It is specified that the project itself will cost the treasury $ 3.8 trillion. According to brokerage companies, due to tax cuts, the legislation will "significantly" expand the budget deficit in the short term — by 0.2% of GDP in fiscal year 2025 and by about 0.9% of GDP in 2026.

On April 27, Trump announced that the income tax for US citizens could be reduced or completely abolished. The American leader stressed that the main measures to reduce taxes will be aimed at people earning less than $200,000 per year.