Economist Peter Schiff posted on X platform that Republicans in the US House of Representatives have just passed Trump's "big and ugly" budget proposal. Schiff said that the budget raised the debt ceiling for a record, bringing higher fiscal expenditure and deficit than in the Biden era, and warned that the United States has freed itself from the constraints of foreign creditors, and may open "unlimited quantitative easing" policy in the future, further increasing inflation and fiscal risks. Recently, the House of Representatives passed the budget framework bill with 217 votes in favor and 213 votes against. The budget proposes a framework for tax cuts and raising the debt ceiling. We plan to reduce taxes by up to $5.3 trillion and raise the debt ceiling by $5 trillion over the next decade.
