President Donald Trump has signed the executive order to build a wall along US-Mexico border. Media reports indicate that this wall will cost US a cool $15 billion. While the President has been vocal about making Mexico pay for the wall, he also agreed that the project will need US funds to kick start. He promised to reimburse the government as soon as possible. This assurance has proved to be enough for the Congress, which is mulling over a legislation to raise the $15 billion for the wall.
According to House Speaker Paul Ryan, the Congress the will foot the bill for the $15 billion border wall. Senate Majority Leader Mitch McConnell added that they intended to address the issue themselves. However, despite the talk, they were silent on the impact the wall would have on US federal deficit.
An article in Washington Post states that Ryan believes that there are only two ways to improve government’s budget. According him, the two ways are improving US economy and replacing Obama’s healthcare system. He also added that the government will find some fiscal space in the year’s budget that the Congress will write this Spring.
An article in CNN adds that Ryan also expects the President to submit a plan outlining the wall payments. However, he avoided elaborating on the issue before such proposal was submitted by the White House. President Trump, however, revealed that he had plans to generate the needed dollars to pay for the border wall.
An article in ABC 7NY reveals that the President threatened to tax imports from Mexico to generate revenue needed to build the wall. In his Thursday speech, the President said that his team was working on a tax reform bill. According to him, the bill would reduce US’ trade deficit and generate revenue from Mexico. His spokesman later elaborated that the President was calling for 20 percent tax on imports. This, he hopes will pay for the wall.
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