President Donald Trump predicted that GDP could expand as much as 9% a year, compared with Congressional Budget Office projections for an average of 1.8% growth each year for the next decade. Professional forecasters don't expect the economy to grow faster than 2.

The House plan would disproportionately benefit top earners and sacrifice significant federal revenue — without increasing GDP.

Since taking office, Mr. Trump has raced to enact his economic vision, aiming to pair generous tax cuts with sweeping deregulation that he says will expand America’s economy. He has fashioned his steep, worldwide tariffs as a political cudgel that will raise money, encourage more domestic manufacturing and improve U.S. trade relationships.

A new report by Goldman Sachs finds that while larger tax cuts will yield a bigger growth boost, the drag on economic growth from tariffs will offset that gain.

Goldman said tariffs could overshadow and boost to the economy provided by Republicans' sweeping fiscal package, which includes big tax and spending cuts.

Key U.S. economic data, developments with federal tax-and-spending legislation and twists and turns on trade all are poised to influence equities in the coming week, with the U.S. market closing in on record highs.

Trump's Big Beautiful Bill aims to cut spending, reform welfare, taxes, energy, and border policies, and reduce the federal deficit.

A proposed 3.5% tax on remittances from the United States could cost some Latin American countries up to half a percentage point in GDP, sparking concern in nations where remittances are a large part of economic output.

India's economic growth likely picked up pace in the January–March quarter, buoyed by stronger rural demand and higher government spending, even as private firms delayed investments amid global uncertainties.