President Trump’s economic agenda threatens D.O.G.E and US debt ceiling
The post President Trump’s economic agenda threatens D.O.G.E and US debt ceiling appeared on BitcoinEthereumNews.com.
Donald Trump and Elon Musk are going all in on their balanced budget vision, but the numbers don’t add up. Trump has been blasting out his plans to slash spending, and Elon is backing him up with an Elon-led Department of Government Efficiency (D.O.G.E) designed to strip down federal agencies. Congress, economists, and federal judges are already opposing Trump’s proposed tax cuts, warning that they could increase the national debt by up to $11 trillion over the next decade. The US House and Senate are caught in the crossfire as Trump demands an extension of his 2017 tax cuts, the elimination of taxes on tips and overtime pay, and a wipeout of Social Security benefit taxes—all things that could add at least $5 trillion to the deficit if current federal laws remain unchanged, according to the Committee for a Responsible Federal Budget (CRFB). Elon’s D.O.G.E under legal fire as states fight back D.O.G.E. is already facing legal challenges. Last week, a coalition of 14 states sued the administration, saying that Elon’s advisory department has unchecked power over seven federal agencies and that there’s no legal basis for Elon to make personnel decisions or access government data. Federal judge Tanya Chutkan ruled on Tuesday that the lawsuit can proceed, but she denied an emergency injunction that would have immediately stopped D.O.G.E’s operations. Chutkan wrote in her ruling that while Elon’s influence has created “considerable uncertainty and confusion,” the states failed to prove imminent harm. Chutkan said, “The court needs specifics, not just a generalized fear of what could happen.” Despite the ruling, Chutkan said she was skeptical about Elon’s authority. She noted that Trump’s own officials “concede there is no apparent source of legal authority granting D.O.G.E the power” to take the actions being challenged in court. She ordered both sides…
Filed under: News - @ February 19, 2025 7:25 pm