MONEY MASTER

Key Takeaway: Trump’s sweeping tax cut agenda for businesses, workers, and retirees will test Republicans' commitment to controlling the national debt, now at $35 trillion . With a new Republican majority in Congress, President-elect Donald Trump plans to extend his 2017 tax cuts , eliminate several federal agencies, and slash unspent Democratic funds. Early priorities include funding for a US-Mexico border wall and targeting the Department of Education and Consumer Financial Protection Bureau . However, Trump's proposed tax cuts could add $7.5 trillion to the national debt over the next decade, straining a deficit that already exceeded $1.83 trillion in fiscal 2024 . A recent poll shows that 62% of Americans expect Trump’s policies to drive the debt higher . Republicans may use budget reconciliation to bypass the Senate's filibuster rule, although hardline conservatives like Senator Ron Johnson insist on offsetting spending cuts for entitlement programs such as Soci...

President-elect Donald Trump is set to meet with House Speaker Mike Johnson on Wednesday as Republicans near control of both Congress and the White House , potentially achieving a full GOP trifecta in Washington. Trump’s agenda includes a speech to House Republicans, coinciding with his planned visit with President Joe Biden at the White House . Republicans are four seats away from a House majority , with 214 seats secured out of the needed 218, according to AP. Although a majority is within reach, it could be narrow , adding challenges for the GOP’s agenda, especially with Trump eyeing congressional members for key roles in his administration. Trump’s Picks and Leadership Contests Trump has chosen Rep. Mike Waltz as his national security adviser and intends to nominate Rep. Elise Stefanik as US Ambassador to the UN. This will create vacancies in their House seats, requiring special elections. In the Senate, Trump ally Senator Rick Scott is challenging John Thune and John Corny...

Republicans are on the brink of taking control of the US House of Representatives following the November 5 election, a key victory for President-elect Donald Trump’s agenda as he prepares for his return to the White House in January 2025. With 213 seats secured in the 435-member House, Republicans need just five more to maintain control, while Democrats have won 205 seats so far. Control of the Senate has also shifted to Republicans, despite a Democratic win in Nevada. This potential House control, coupled with Trump’s presidential victory, would empower Republicans to advance major policy priorities, including tax cuts, deregulation, and tighter border security. The remaining 17 seats are in competitive districts, with the pace of vote-counting slower in Western states. Republican senators are set to decide their leadership for 2025 next week, with John Thune , John Cornyn , and Rick Scott in the running. Cornyn vowed to keep the Senate in session until Trump’s cabinet is confirm...

Republican vice-presidential candidate JD Vance stated that Donald Trump would keep the US in NATO if reelected, but emphasized that the alliance must not become “just a welfare client.” In an interview on NBC's Meet the Press , Vance affirmed that Trump supports a strong NATO, but believes that European allies need to contribute more to the defense burden . "Donald Trump wants NATO to be strong. He wants us to remain in NATO,” Vance said, adding that the expectation is for NATO countries to carry their fair share. During his presidency, Trump consistently pressed European NATO members , particularly Germany , to increase their defense spending. Vance reiterated that Germany, as Europe's largest economy , needs to contribute more to security and defense within the alliance. He singled out the UK and a few other nations as the primary contributors alongside the US, underscoring the need for Germany to do more. When asked about Russian President Vladimir Putin , Vance s...

Billionaire Miriam Adelson has contributed US$95 million to the Preserve America PAC supporting Donald Trump , according to the latest Federal Election Commission disclosures. This donation surpasses the US$75 million that she and her late husband, Sheldon Adelson , gave during the 2020 election cycle. Adelson’s financial backing places her among the largest Republican donors supporting Trump in the 2024 presidential race. Preserve America has focused its advertising efforts on the critical battleground states of Michigan and Wisconsin , which Trump won in 2016 but lost in 2020. With just US$7.4 million remaining in the PAC’s bank, the bulk of Adelson’s funds have been used for these targeted efforts. Trump's fundraising lags behind that of Vice President Kamala Harris , whose campaign has outspent Trump’s by a significant margin, including US$314 million in media buys compared to US$173 million for Trump in the battleground states since Labor Day . Harris has also been...

Biden’s Struggles Raise Questions About Candidacy President Joe Biden's debate performance was widely seen as disappointing, with numerous misspeaks, bouts of coughing, and a perceived lack of energy. This has intensified concerns about his age and ability to lead for another term, prompting discussions within the Democratic Party about the possibility of replacing him on the ticket. Trump Seizes the Momentum Former President Donald Trump capitalized on Biden's missteps, maintaining energy throughout the debate and delivering sharp attacks. Despite his characteristic exaggerations and falsehoods, Trump managed to stay focused and avoid the outbursts that marred his previous debates. This has strengthened his position as the frontrunner, with undecided voters showing increased support for him. Key Issues Highlighted Abortion : Biden missed an opportunity to leverage this strong Democratic issue, instead pivoting to immigration, a weaker area for him. Economy : Trump attacked Bid...