Commerce Secretary Howard Lutnick defended President Trump's proposal to create a Gold Card visa for wealthy immigrants, suggesting it would generate $50 trillion by selling to 10 million individuals. This plan aims to address substantial U.S. debt, with Lutnick explaining the EB-5 program's lineage and potential for citizenship through investment. While the proposal drew skepticism, Trump's playful remarks about Russian oligarchs highlighted his intent to attract wealthy foreigners. Lutnick's explanations seek to position the initiative as economically beneficial despite media critiques.
The president had conversations over the weekend with his friend John Paulson, who came up and said, hey, why aren't we doing better with that?
Imagine if we sell a million of them? That's $5 trillion and that pays off our debt, drives down interest rates, and makes America amazing.
Trump quipped, Hey, I know some Russian oligarchs that are very nice people, referencing the eligibility of wealthy immigrants for the Gold Card.
Lutnick scoffed at the coverage suggesting negative responses to Trump's Gold Card plan, emphasizing the potential financial benefits of the program.
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