USA, Trump's mega Budget passes the House. Over 3.3 trillion in new debt over 10 years

The US House of Representatives has approved Donald Trump's mega-budget, which hopes to keep the most important election promises, such as the extension of the massive tax breaks passed during his first term. The vote passed narrowly (215-214) and the bill will now go to the Senate, where Republican lawmakers have already indicated their intention to make significant changes, without a clear timeline to complete the parliamentary shuttling and finally adopt this emblematic bill for the American president.

Donald Trump applauds the House and Speaker Mike Jonhson for the passage of the budget bill, which contains all of the president's election promises. "Now it's time for the Senate," Trump said on his social Truth, directly urging senators to get to work on the measure so that it arrives on his desk for signature 'as soon as possible'. The measure 'includes a massive tax cut, the abolition of tip and overtime taxes, relief for those who buy American cars, and border measures,' Trump highlighted.

The Committee for a Responsible Federal Budget estimates that the legislation just passed by the House will increase the US national debt by more than $3.3 trillion over the next decade, bringing the federal public debt from about 98 per cent of GDP to a record 125 per cent, equivalent to more than $36 trillion.

Not surprisingly, the US bond market came under pressure again today, with massive sales on T-bonds: yields on ten-year US government bonds rose to 4.60 per cent and 30-year yields to 5.15 per cent.

The measure makes structural the tax cuts of the first Trump term expiring at the end of this year. It also cuts taxes on tips and overtime. On the other hand, it reduces funding for Medicaid, the public health programme for low-income people, by USD 800 billion and drastically cuts tax credits for renewable energy.