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Editorial: El País

  • The U.S. House of Representatives has passed a significant tax cut and spending bill advocated by Trump.
  • The law includes funds for immigrant deportation and the Pentagon.
  • The measures will increase the deficit and debt at a time of alarm over the U.S.'s fiscal course.
  • The law extends and expands tax cuts that particularly benefited the higher incomes and businesses.
  • It includes social spending cuts that will leave millions of citizens without health coverage and food aid.
  • Rating agencies have downgraded U.S. debt from its maximum solvency rating.
  • The agency fears that the federal deficit may sky-rocket and public debt may rise dramatically.
  • U.S. growth has been slowed down due to the president's erratic tariff policy.

Conclusion: This fiscal policy is a ticking time bomb which, due to the size of the U.S. economy and its interconnections, may foster a global financial crisis.