Republican Tax Bill Faces Mounting Challenges Amid Debt Worries
A group of Republicans, worried about spending in President Trump's tax bill, attended a White House meeting as Congress attempted to unify. The bill could significantly increase national debt, affecting credit ratings, and faces opposition for favoring the wealthy. Republicans seek a consensus amid diverse objections.
Several hardline Republicans in the U.S. House expressed concern over the spending cuts in President Donald Trump's tax bill, prompting a meeting at the White House. House Speaker Mike Johnson attended the session, where unity among party members was emphasized as Trump's 2017 tax cuts were at stake.
The Congressional Budget Office reported a projected $3.8 trillion addition to the national debt, exacerbating concerns as Moody's downgraded the U.S. credit rating. Stocks fell amid investor nervousness. Republican Andy Harris voiced optimism but acknowledged ongoing resistance among party members towards the bill.
The narrow Republican majority in the House necessitates cautious progress, as potential dissent threatens the bill. Democrats criticized the bill for benefiting the wealthy and neglecting social programs. Divisions within the party and among Democrats showcase varying priorities, highlighting the contentious political environment.
(With inputs from agencies.)
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