By MICHAEL REYNOLDS, APA WriterPresident Donald Trump signed into law a $1.9 trillion stimulus bill on Thursday that includes $1 trillion in tax relief for Americans who are working to reduce their personal and corporate debt.
Trump, who campaigned on a plan to cut federal debt by $1trillion, called the bill a win for families, businesses and homeowners who want to refinance their homes.
The stimulus measure provides $1 billion in relief to people who are making under $75,000 a year.
It would also extend the mortgage interest deduction for some Americans for the first time since 2009, the president said in a statement.
It would provide $2.2 trillion in job-creating tax cuts, and $2 trillion to address the nation’s debt, Trump said.
The bill also includes $2 billion to help low-income Americans get loans to refortify their homes, $500 billion to build new schools and $500 million to boost infrastructure investment.
Trump and Democratic leaders hope the measure will spur more homeownership.
A majority of Americans want to reduce the national debt, according to a new Associated Press-GfK/USA Today poll.
But Republicans and Democrats are divided on how to do so.
The measure would reduce the debt by roughly $1,500 for every $1 of income for individuals and $1 for every dollar for families.
It is expected to add about $100 to the national deficit, the AP-GfmK survey showed.
Republicans, who control both houses of Congress, are hoping to make the stimulus the largest overhaul of the federal budget in history.
Republicans hope to use the bill as a springboard for tax cuts and other initiatives that would further reduce the deficit.
Democrats want to see the debt reduction measure pass through the Senate and the House, which both have a veto-proof majority.