Republicans Clash Over Controversial Tax Cut Bill Amid Debt Concerns
A group of hardline Republicans opposed President Trump's tax bill over insufficient spending cuts. The bill, projected to increase the U.S. debt by trillions, faces resistance despite efforts for party unity. It's criticized for benefiting the wealthy while reducing vital programs for low-income Americans.
In a bid to align Republican forces behind a divisive new tax proposal, hardline members of the U.S. House of Representatives met with President Trump to voice concerns about insufficient cuts in spending. The bill, associated with Trump's previous tax cuts, has triggered dissonance within the party.
Nonpartisan analyses suggest that the legislation could add a staggering $2 trillion to $5 trillion to the national debt, prompting economic credit agency Moody's to downgrade the U.S. government's credit rating. The stalemate underscores the challenge of unifying a Republican majority that holds only eight seats more than the opposition.
Among the stark criticisms, the bill is alleged to favor the wealthy by renewing past tax cuts and extending benefits like breaks on income from tips. Simultaneously, it could curtail health and food benefits for low-income citizens, leading to fervent Democratic opposition and fears of exacerbating national debt issues.
(With inputs from agencies.)
Google News