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Trump-Aligned Republicans Push Sweeping New Tax Plan Why in the News? Republicans in the US House have unveiled a massive new tax bill, closely aligned with Donald Trump’s economic vision, featuring $5 trillion in tax cuts, MAGA savings accounts, and changes to Medicaid and green energy policies. Key Features of the Tax Bill: The bill …
Read MoreU.S. Budget Deficit Concerns Replace Tariff Worries Why in News ? Amid easing tariff tensions, the U.S. is witnessing renewed anxiety over its soaring fiscal deficit and debt burden, with projections showing rising deficits and strained revenue, triggering debates around tax cuts, spending reductions, and a looming debt ceiling crisis. Rising Fiscal Deficit and Debt …
Read MoreWhy in the News ? Trump’s high tariffs on Chinese imports are being compared to major past US policy shifts—the Nixon Shock and Volcker Shock—for their transformative impact on the global economy, trade balances, and monetary system, reigniting debates on protectionism and global trade. The Nixon Shock (1971): Collapse of Bretton Woods Post-WWII era (1949–1969) …
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