GOP to cut taxes, raise spending to balance budget, ease debt

The Republican-controlled Congress is expected to approve tax hikes, spending cuts and other spending measures on Thursday, setting up a major showdown between President Donald Trump and Democrats in the coming weeks.

The Trump administration has long argued that its tax cuts will spur economic growth and stimulate economic growth.

Republicans are pushing to extend the payroll tax cut and lower corporate and personal income tax rates to help the economy grow.

The president and top Republicans are pushing for a tax overhaul with a broad, bipartisan agenda that includes reducing the corporate tax rate from 35 percent to 15 percent and cutting the corporate rate to 25 percent.

The GOP plan would cut the corporate income tax rate to 12.5 percent from 20 percent and eliminate all individual income tax deductions.

Trump has said the GOP plan will spur the economy by boosting demand and spur job creation.

He has said he wants to cut $1 trillion from the national debt over the next decade, but Republicans are skeptical of the president’s claim.

Democrats are trying to pressure Republicans to support a plan that would increase revenue from eliminating the estate tax, which the GOP wants to reduce to zero, and by raising the capital gains tax to 10 percent.

On the domestic front, Trump is expected on Thursday to sign an executive order to roll back the president Obama’s travel ban, which restricts travelers from seven predominantly Muslim countries and temporarily halts all immigration from Syria, Iran, Iraq, Somalia, Sudan, Libya and Yemen.

Trump signed the executive order on March 8, two days after Trump won the presidential election.

Democrats are calling the order a dangerous extension of Trump’s travel restrictions and a slap at the families of U.S. service members killed in combat overseas.

The order would make it a crime to travel to Syria or Iraq.