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Markets optimistic post Trump’s first address to Congress joint session

Senate Majority Leader Mitch McConnell (L) sits beside U.S. President Donald Trump during a leadership lunch at the White House in Washington, U.S. March 1, 2017. REUTERS/Kevin Lamarque

New York: Markets rallied and optimism on Wall Street came after U.S. President Donald Trump’s first address to a joint session of Congress on Tuesday night in which he outlined the ways in which he hoped to “make America great again.”

According to Fox News, The Dow Jones Industrial Average traded and closed above the 21000 milestone Wednesday for the first time ever in what was one of the fastest 1,000-point advances in the blue-chip index’s history.

The President’s policy priorities included repealing the Affordable Care Act – a cornerstone of President Barack Obama’s administration, revamping the U.S. tax code, improving trade policies, and requesting Congress approve USD one trillion for infrastructure spending.

However, Trump’s speech offered few explicit details about how he plans to finish these policy priorities.

During an interview, Secretary of the Treasury Steven Mnuchin said Trump is “absolutely” committed to delivering on all of his promises.

Funding for the trillion dollar infrastructure plan, Mnuchin said, will come from a “combination of a public and private partnership,” adding that “it doesn’t necessarily mean that it will be USD one trillion off of the government’s balance sheet.”

As for boosting military spending by USD 54 billion a year, Mnuchin said the President will work with Congress to identify programs where cuts can be made to offset the added military investment.

“These are complicated issues and we’re working through these complex issues and we’re going to get it done,” he said. “And, we’re working closely with Congress to get it done. I think that Obamacare will get done first and I think tax — we’re working very closely with the House and the Senate and coming up with a combined plan.”

Mnuchin said the goal of Trump’s proposed tax cuts is to “pass reform by the August recess,” having it voted, done and “signed.” He added that it’s still “too early to tell” whether the cuts will be retroactive to the beginning of the year. (ANI)