Donald Trump

JD Vance

President Donald Trump

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 President Donald Trump doubled down Sunday on his promise to <a href="https://coinpaper.com/35563/trump-promises-5000-dividend-if-republicans-win-midterms" rel="noopener noreferrer nofollow">send $5,000</a> to every US adult if Republicans keep control of Congress in November. He also insists that the federal government can afford the massive payout.
 Speaking to reporters in Doonbeg, Ireland, Trump said the payments would be “easy” to fund because the United States is bringing in large amounts of money. He first unveiled the proposed “Trump dividend” at the Republican Party’s midterm convention in Dallas last week.
 However, the numbers underline the scale of the proposal. Trump said the payments would go to roughly 240 million adult US citizens. At $5,000 each, the plan would cost approximately $1.2 trillion. This is before accounting for additional interest if the government had to borrow to finance the checks.Trump’s $5,000 Checks Would Need Congress
 Trump cannot simply authorize the payments himself. Congress controls <a href="https://coinpaper.com/34458/us-debt-crosses-40-trillion-heres-why-markets-are-worried" rel="noopener noreferrer nofollow">federal spending</a>, which means that lawmakers would have to approve the money.
 House Speaker Mike Johnson acknowledged that requirement on Sunday, and said lawmakers would need to determine the details of the proposal.
 Republicans currently hold narrow majorities in Congress. Most legislation requires 60 votes to advance in the Senate, although Republicans could potentially attempt to use the budget reconciliation process to bypass Democratic opposition.
 Even some Republicans have questioned the plan. New York Representative Mike Lawler said Sunday that while he supports returning money to Americans, lawmakers must determine how the payments would be financed.Tariff Revenue Falls Far Short of $1.2 Trillion Cost
 Vice President JD Vance previously suggested rising tariff revenue could help pay for the checks. But the Congressional Budget Office estimates the federal government has collected about $167 billion in tariff revenue during the current fiscal year. This is only a fraction of the estimated $1.2 trillion required.
 The proposal also comes as Washington is already expected to spend roughly $2.1 trillion more than it collects this fiscal year. Economists and some Republican lawmakers have also warned that injecting another $1.2 trillion into the economy could fuel inflation and push <a href="https://coinpaper.com/35681/what-is-a-refinancing-wall-why-trillions-of-maturing-debt-can-hit-stocks" rel="noopener noreferrer nofollow">interest rates</a> higher.&nbsp;
 Democrats have dismissed Trump’s proposal as unrealistic, while consumer advocacy group Public Citizen accused the president of using the promise to influence voters ahead of the Nov. 3 midterm elections.
 For now, the $5,000 payments are still only a campaign pledge rather than an approved government program.
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Trump Says $5,000 Payments Are ‘Easy’ to Fund as Congress Questions $1.2 Trillion Cost

Coinpaper.com

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