9 June 2025 | Dollar

WSJ: Trump's tax reform supporters underestimate potential increase in US budget deficit

WSJ: Trump's tax reform supporters underestimate potential increase in US budget deficit

Debates over Donald Trump's tax reforms continue to rage, with Republicans trying to push the bill through the Senate after it was approved by the House of Representatives. The US Congress is expected to announce its decision by July 4, according to The Wall Street Journal (WSJ).

The position of Trump's supporters conflicts with the forecasts of independent analysts, the WSJ reports. Many Republicans consider the president's tax reforms crucial for rapid US economic growth, while others are deeply concerned about a potential increase in the country's budget deficit. According to the nonpartisan Congressional Budget Office, it could rise as much as $2.4 trillion by 2034.

Seeking to secure congressional support, the White House is stressing the positive impact of the tax bill. However, the risks of exacerbating the US financial burden have led even some of Trump's allies to reconsider their positions. For instance, Elon Musk, previously a supporter of the administration's policies, has criticized the proposed reforms as "wasteful."

Anton Volkov MarketCheese
Period: 22.05.2026 Expectation: 1100 pips
Selling EURUSD with 1.16300 in sight
Today at 09:08 AM 7
Period: 29.04.2026 Expectation: 100 pips
Natural gas rally meets profit-taking after bounce from April lows
Today at 06:08 AM 10
Period: 21.05.2026 Expectation: 5000 pips
Investing in Tesla stock ahead of earnings report
Yesterday at 11:46 AM 37
Period: 28.04.2026 Expectation: 3550 pips
Buying BTCUSD with $78,300 target after overcoming local overbought conditions
Yesterday at 11:03 AM 28
Period: 28.04.2026 Expectation: 1170 pips
Investing in Brent crude with $107.00 in sight if sides fail to reach peace agreement
Yesterday at 10:01 AM 29
Period: 31.05.2026 Expectation: 800 pips
USDJPY struggles to climb above 160.00 resistance
Yesterday at 10:00 AM 18
Go to forecasts