在美国经济步履蹒跚的同时，唐纳德·特朗普在参议院取得了战略胜利

在这一成功背后，与全球影响发生了政治对抗。对于投资者和加密玩家，这一投票都打开了不确定的序列

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

在由民主党提交的一系列修正案标记的紧张的通宵会议之后，美国参议院通过了一个重大的预算解决方案。

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

本文比实践更具意识形态，为两个营地之间的大规模预算对抗定下了基调。

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，如果两个钱伯斯未能就预算的最终版本达成协议，这也标志着联邦政府瘫痪的威胁。

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.

共和党多数的美国参议院在周六通过了一场紧张的会议，在民主党提出了一系列修正案之后，在周六采用了重大预算决议。

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.

这条案文不构成正式预算，而是唐纳德·特朗普（Donald Trump）任期的经济路线图，受到共和党参议员詹姆斯·兰克福德（James Lankford）的称赞。

“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.

他说：“该决议为总统的主要优先事项提供了强有力的支持。”他补充说，它包括增加边境，增强美国能源优势，建立国防，削减浪费的支出并防止家庭和小型企业增加税收的资金。

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，反对派是额头。少数党领袖查克·舒默（Chuck Schumer）谴责“共和党人的残酷钳子运动”。

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.

据他说，大多数人牺牲了中产阶级和基本的社会计划，以完全屈服于唐纳德·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.

问题尤其关注文本的社会和财政后果，这可能导致食品券的减少，减少工作所得税信用额以及低收入住房的资金减少。

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.

第一步虽然很重要，但仅仅使两个营地之间的意识形态断裂结晶，并为大规模的预算对抗设定了基调，该预算对抗的具体影响尚未定义。

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，参议院投票的文本仅占预算方程的一半。众议院仍必须采用类似的版本。差异正在在这里增长。

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.

当参议院计划进行约40亿美元的公共支出，但一些众议院官员推动的版本表现出更加激进的野心，接近1500亿美元，以拆除联邦机构和大规模减少州干预的逻辑。

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.

在此阶段，两个房间似乎几乎不可和解，这标志着可能的立法僵局。自由主义者智囊团Cato Institute在对文本的分析中说：“该决议是一项财政沉船事件。”

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.

同时，金融市场不久就做出了反应。周三，唐纳德·特朗普（Donald Trump）宣布了对全球进口量的新税率，这立即将股票市场投入了红色，并恢复了对经济衰退的担忧。

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

这种商业硬化，结合了联邦预算融资的不确定性，使华尔街上的紧张感使人明显。

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：从2017年永久征收大量税收抵免，这一措施的潜在成本估计在十年内超过4,000亿美元。

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

在这种爆炸性的上下文中，短期和中期的含义是多重的。

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，缺乏预算协议可能会使联邦政府瘫痪，就像先前政府在先前的政府下多次一样。

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，预算赤字，财政不确定性和全球贸易紧张局势的结合可能会突出一些新兴经济体中观察到的宣传。

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.

对于加密投资者而言，这种不稳定既增强了替代资产的吸引力，又提高了市场的全球波动，这一因素无疑会继续影响比特币和以太坊等主要加密货币的轨迹。