Trump's Tax-Cut Triumph: House Advances Controversial Bill

In a pivotal move, Donald Trump's tax-cut bill has advanced through a critical congressional committee, paving the way for its potential passage in the House of Representatives later this week. Initially stalled by Republican disagreements, the bill's progress marks a notable victory for Trump and House Speaker Mike Johnson.

The bill, which aims to extend Trump's 2017 tax cuts, adds potential controversy as it is projected to increase national debt significantly, with Moody's recently downgrading the U.S. credit rating largely due to rising debt concerns. Despite these concerns, Treasury Secretary Scott Bessent remains optimistic, arguing that the bill will boost economic growth.

While the bill advances, Republicans remain divided over proposed cuts to Medicaid and other spending measures designed to offset the tax cuts' costs. With discussions ongoing and Moody's downgrade looming, the bill's passage could have far-reaching implications for the U.S. economy and taxpayers.

(With inputs from agencies.)