U.S. House Republicans Struggle with Tax Bill Amid Debt and Spending Clash
U.S. House Republicans are pushing a massive tax bill despite internal conflicts over spending and debt solutions. The bill's passage is threatened by disagreements on Medicaid cuts and tax credits. Urged to pass before Memorial Day, its future is uncertain amidst hardline demands and Moody's credit rating downgrade.
Republicans in the U.S. House of Representatives are forging ahead with President Donald Trump's comprehensive tax bill, despite encountering turbulence over budget reductions and tax incentives that may destabilize their slim majority.
Moody's decision to downgrade the U.S. federal government's credit rating underscores a lack of political resolve to tackle the nation's escalating $36.2 trillion debt. Despite this, stock futures suggested a decline on Monday, following Moody's move.
The tax bill, which had hit roadblocks, advanced in a rare House Budget Committee meeting. Hardline conservatives, pushing for stricter spending cuts, joined forces to progress the bill. Speaker Mike Johnson aims to pass the legislation before the Memorial Day holiday, amidst internal GOP debates and potential Medicaid cuts.
(With inputs from agencies.)
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