在美國經濟步履蹣跚的同時，唐納德·特朗普在參議院取得了戰略勝利

在這一成功背後，與全球影響發生了政治對抗。對於投資者和加密玩家，這一投票都打開了不確定的序列

The American Senate has passed a major budget resolution after a tense overnight session marked by an avalanche of amendments submitted by Democrats.

在由民主黨提交的一系列修正案標記的緊張的通宵會議之後，美國參議院通過了一個重大的預算解決方案。

This text, which is more ideological than practical, sets the tone for a large-scale budgetary confrontation between the two camps.

本文比實踐更具意識形態，為兩個營地之間的大規模預算對抗定下了基調。

However, it also signals a threat of paralysis to the federal administration if the two chambers fail to reach an agreement on the final version of the budget.

但是，如果兩個錢伯斯未能就預算的最終版本達成協議，這也標誌著聯邦政府癱瘓的威脅。

The Republican-majority American Senate adopted a major budget resolution on Saturday after a tense session that spilled over into the night as Democrats submitted a flurry of amendments.

共和黨多數的美國參議院在周六通過了一場緊張的會議，在民主黨提出了一系列修正案之後，在周六採用了重大預算決議。

This text, which does not constitute an official budget but rather an economic roadmap for Donald Trump’s term, was praised by Republican Senator James Lankford.

這條案文不構成正式預算，而是唐納德·特朗普（Donald Trump）任期的經濟路線圖，受到共和黨參議員詹姆斯·蘭克福德（James Lankford）的稱讚。

“This resolution provides strong support for the president’s major priorities,” he said, adding that it includes an increase in funds to secure the border, enhance America’s energy dominance, build a national defense, cut wasteful spending, and prevent a tax increase on families and small businesses.

他說：“該決議為總統的主要優先事項提供了強有力的支持。”他補充說，它包括增加邊境，增強美國能源優勢，建立國防，削減浪費的支出並防止家庭和小型企業增加稅收的資金。

On the Democratic side, the opposition was frontal. Chuck Schumer, the minority leader, denounced “a brutal pincers movement by the Republicans.”

在民主方面，反對派是額頭。少數黨領袖查克·舒默（Chuck Schumer）譴責“共和黨人的殘酷鉗子運動”。

According to him, the majority sacrificed the middle class and essential social programs to serve the president’s agenda in total submission to Donald Trump.

據他說，大多數人犧牲了中產階級和基本的社會計劃，以完全屈服於唐納德·特朗普。

Concerns particularly focus on the social and fiscal consequences of the text, which could lead to cuts in food stamps, reductions in work income tax credits, and a decrease in funding for low-income housing.

問題尤其關注文本的社會和財政後果，這可能導致食品券的減少，減少工作所得稅信用額以及低收入住房的資金減少。

This first step, although important, merely crystallizes the ideological fractures between the two camps and sets the tone for a large-scale budgetary confrontation whose concrete effects are yet to be defined.

第一步雖然很重要，但僅僅使兩個營地之間的意識形態斷裂結晶，並為大規模的預算對抗設定了基調，該預算對抗的具體影響尚未定義。

The text voted in the Senate is, however, only half of the budgetary equation. A similar version must still be adopted by the House of Representatives. And it is here that the divergences are growing.

但是，參議院投票的文本僅佔預算方程的一半。眾議院仍必須採用類似的版本。差異正在在這裡增長。

While the Senate is planning for about 4 billion dollars in cuts to public spending, the version pushed by some House officials displays far more radical ambitions, close to 1,500 billion dollars, in a logic of dismantling federal agencies and massively reducing state intervention.

當參議院計劃進行約40億美元的公共支出，但一些眾議院官員推動的版本表現出更加激進的野心，接近1500億美元，以拆除聯邦機構和大規模減少州干預的邏輯。

At this stage, the two chambers seem hardly reconcilable, which signals a possible legislative deadlock. “This resolution is a fiscal shipwreck,” declares the Cato Institute, a libertarian think tank, in its analysis of the text, highlighting a major budgetary imbalance between uncertain revenues and a programmed explosion of expenditures.

在此階段，兩個房間似乎幾乎不可和解，這標誌著可能的立法僵局。自由主義者智囊團Cato Institute在對文本的分析中說：“該決議是一項財政沉船事件。”

Meanwhile, financial markets did not take long to react. On Wednesday, Donald Trump announced a new wave of tariffs on global imports, which immediately plunged the stock markets into the red and revived fears of a recession.

同時，金融市場不久就做出了反應。週三，唐納德·特朗普（Donald Trump）宣布了對全球進口量的新稅率，這立即將股票市場投入了紅色，並恢復了對經濟衰退的擔憂。

This commercial hardening, combined with uncertainty around federal budget financing, fuels a palpable nervousness on Wall Street.

這種商業硬化，結合了聯邦預算融資的不確定性，使華爾街上的緊張感使人明顯。

On top of this is one of Trump’s major ambitions: to make the massive tax credits from 2017 permanent, a measure whose potential cost is estimated at over 4,000 billion dollars over ten years.

最重要的是，特朗普的主要野心之一是：從2017年永久徵收大量稅收抵免，這一措施的潛在成本估計在十年內超過4,000億美元。

The implications in the short and medium term are multiple in this explosive context.

在這種爆炸性的上下文中，短期和中期的含義是多重的。

On one hand, the absence of a budget agreement could paralyze the federal administration, as has been the case several times under previous administrations.

一方面，缺乏預算協議可能會使聯邦政府癱瘓，就像先前政府在先前的政府下多次一樣。

On the other, the combination of budget deficits, fiscal uncertainties, and global trade tensions could accentuate the dedollarization observed in some emerging economies.

另一方面，預算赤字，財政不確定性和全球貿易緊張局勢的結合可能會突出一些新興經濟體中觀察到的宣傳。

For crypto investors, this instability both enhances the appeal of alternative assets and increases the global volatility of the markets, a factor that will undoubtedly continue to influence the trajectory of major cryptocurrencies such as Bitcoin and Ethereum.

對於加密投資者而言，這種不穩定既增強了替代資產的吸引力，又提高了市場的全球波動，這一因素無疑會繼續影響比特幣和以太坊等主要加密貨幣的軌跡。