Easy Earn And Go - Investing and Stock News
  • Stock Market
  • Investment News
  • Latest News
  • Economy
  • Stock Market
  • Investment News
  • Latest News
  • Economy
No Result
View All Result
Easy Earn And Go - Investing and Stock News - Investing and Stock News
No Result
View All Result
Home Latest News

House Budget chairman explains why there’s no ‘pork’ in Trump tax bill after Elon Musk attacks

admin by admin
June 6, 2025
in Latest News
0
House Budget chairman explains why there’s no ‘pork’ in Trump tax bill after Elon Musk attacks
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
NEWYou can now listen to Fox News articles!

The chairman of the House Budget Committee is pushing back on Elon Musk’s claim that President Donald Trump’s ‘big, beautiful bill’ is full of ‘pork.’

Chairman Jodey Arrington, R-Texas, told Fox News Digital it was not possible for ‘pork barrel spending’ to be included in the legislation, called a budget reconciliation bill, because the reconciliation process was simply not the mechanism for such federal funds.

‘Reconciliation does not have anything to do with discretionary spending – earmarks, and all of that,’ Arrington said. ‘And quite frankly, the [Department of Government Efficiency] findings were, I think, almost entirely an issue for . . . annual appropriations.’

‘Discretionary spending’ refers to the annual dollars allocated by Congress each year through the appropriations process – also known as ‘spending bills.’ 

It’s a process that’s historically known to be rife with ‘pork barrel spending’ from both Republicans and Democrats – funding for pet projects or other specific initiatives benefiting a certain member of Congress’ district.

But reconciliation deals with the government’s ‘mandatory spending’ – largely government welfare programs that can only be amended by changing the law.

‘We’re dealing with mandatory spending programs – entitlements, health care, welfare and the tax code,’ Arrington said. 

‘We did a responsible bill. There’s no pork in it. The question, I think, for some folks and the objective of mine and my budget committee members was, whatever we’re doing on tax or security to unleash growth and to buy greater security for the American people, we wanted it to be done in a fiscally responsible way.’

Senior White House adviser Stephen Miller echoed that sentiment on X: ‘The reconciliation bill cuts taxes, seals the border and reforms welfare. It is not a spending bill. There is no ‘pork.’ It is the campaign agenda codified.’

The vast majority of the trillions of dollars in the bill are aimed at Trump’s tax policies – extending his 2017 Tax Cuts and Jobs Act (TCJA) while implementing new priorities like eliminating taxes on tips and overtime wages.

There’s also $4 trillion in House Republicans’ versions of the bill aimed at raising the debt limit.

The legislation is also aimed at amending current laws to enable new funding for border security and Immigrations and Customs Enforcement (ICE) – projected to boost those priorities by billions of dollars.

To offset those costs, House GOP leaders are seeking stricter work requirements for Medicaid and food stamps, while shifting more of the cost burden for both programs to the states.

Republicans are also looking to roll back green energy tax subsidies in former President Joe Biden’s Inflation Reduction Act (IRA).

But Musk and other fiscal hawks’ main concern has been that the legislation does not go far enough with those spending cuts.

They’ve also raised concerns about the overall bill adding to the national debt – which is currently nearing $37 trillion.

As part of his social media campaign against the bill, Musk called for both eliminating the tax cuts and removing the debt limit increase from the final legislation.

Musk reposted another X user who wrote, ‘Drop the tax cuts, cut some pork, get the bill through.’

He’s also shown support on X for Sen. Rand Paul, R-Ky., and his call to strip the debt limit provision out of the bill.

The nonpartisan Congressional Budget Office (CBO) has projected that the bill would cut taxes by $3.7 trillion while raising deficits by $2.4 trillion over a decade.

This post appeared first on FOX NEWS

Previous Post

Beyond tariffs: Lululemon stock’s bigger problem is growth fatigue at home

Next Post

FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

Next Post
FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

  • Trending
  • Comments
  • Latest
Hamas terrorists torture protester to death in Gaza, leave his body on family’s doorstep: report

Hamas terrorists torture protester to death in Gaza, leave his body on family’s doorstep: report

April 1, 2025
UnitedHealthcare CEO Brian Thompson murder case: DOJ to seek death penalty for Luigi Mangione

UnitedHealthcare CEO Brian Thompson murder case: DOJ to seek death penalty for Luigi Mangione

April 2, 2025
Sell Webull stock: here’s why it may be headed for a crash

Sell Webull stock: here’s why it may be headed for a crash

April 15, 2025
XRP price prediction: How high would it go if most US banks integrated Ripple?

XRP price prediction: How high would it go if most US banks integrated Ripple?

April 24, 2025
Very bad news for PDD Holdings stock price

Very bad news for PDD Holdings stock price

0
Will the S&P 500 rebound in April after its worst monthly drop since 2022?

Will the S&P 500 rebound in April after its worst monthly drop since 2022?

0
Hamas terrorists torture protester to death in Gaza, leave his body on family’s doorstep: report

Hamas terrorists torture protester to death in Gaza, leave his body on family’s doorstep: report

0
Nio stock price has crashed: is it safe to buy the dip?

Nio stock price has crashed: is it safe to buy the dip?

0
Very bad news for PDD Holdings stock price

Very bad news for PDD Holdings stock price

June 21, 2025
WATCH: Dem senators blame Trump for Iran crisis as GOP urges him to stand firm with Israel

WATCH: Dem senators blame Trump for Iran crisis as GOP urges him to stand firm with Israel

June 21, 2025
Goldman Sachs names top 3 autonomous vehicle stocks to buy and hold in 2025

Goldman Sachs names top 3 autonomous vehicle stocks to buy and hold in 2025

June 21, 2025
Oil prices rise more than 1% as Israel vows to intensify attacks on Iran

Oil prices rise more than 1% as Israel vows to intensify attacks on Iran

June 21, 2025
Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent News

    Very bad news for PDD Holdings stock price

    Very bad news for PDD Holdings stock price

    June 21, 2025
    WATCH: Dem senators blame Trump for Iran crisis as GOP urges him to stand firm with Israel

    WATCH: Dem senators blame Trump for Iran crisis as GOP urges him to stand firm with Israel

    June 21, 2025
    Goldman Sachs names top 3 autonomous vehicle stocks to buy and hold in 2025

    Goldman Sachs names top 3 autonomous vehicle stocks to buy and hold in 2025

    June 21, 2025
    Oil prices rise more than 1% as Israel vows to intensify attacks on Iran

    Oil prices rise more than 1% as Israel vows to intensify attacks on Iran

    June 21, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 easyearnandgo.com | All Rights Reserved

    No Result
    View All Result
    • Stock Market
    • Investment News
    • Latest News
    • Economy

    Copyright © 2025 easyearnandgo.com | All Rights Reserved