The 2018 proposed budget has been released by the US Senate Budget Committee for getting the green-card of approval by the major congressional body. Then it will be brought together with the House proposed for a final cut and sent to the White House.
The Senate proposal contains provisions that will increase federal spending for this year, adding a jaw-dropping $1.5 tln to the national debt over the next year. Committee members have suggested that the tax cuts would produce economic gains, which would offset the total debt spending.
In two years – following after 2019, the budget that will be proposed would start to cut non-defense spending, concluding with important and major budget saving for the next decade. The aim would be to balance the budget with the proposals around that time by the Senate and House.
With the comments dropped by the Federal Reserve officers relating to trust in the government, the new budget seems more confidence-eroding than building. While the government can continue to print money and increase the national debt (now nearly $19 tln), Bitcoin is held at a fixed supply.
Multiple analysts have pointed out that as long as Bitcoin continues to increase in use cases and liquidity, the price per Bitcoin will inevitably increase. Just as the Federal Reserve has printed money to maintain a debt ratio, Bitcoin’s stability will drive the price up, which should greatly ease investor fears of a bubble.
- The Dawn of Bitcoin and Cryptocurrencies on Wall Street