Trump's Tax Bill Sparks Tension Amidst Republican Divide
President Trump's tax and spending bill cleared a committee in the House, signaling a move toward a full vote. The bill proposes extending Trump’s 2017 tax cuts, military spending, and ending green-energy subsidies, while tightening eligibility for low-income programs. It faces significant Republican division and external credit rating concerns.
The U.S. House of Representatives moved a step closer to passing President Donald Trump's contentious tax and spending bill after the Republican-controlled House Rules Committee approved the measure late Wednesday. The bill, expected to significantly increase national debt, proposes extending 2017 tax cuts, increasing military spending, and eliminating green-energy subsidies.
Republicans are divided over the proposed cuts to food and health programs for low-income Americans. Concerns also arise from the recent U.S. credit rating downgrade by Moody's, with stocks already affected. Speaker Mike Johnson expressed optimism about passing the bill, while some hardline members sought deeper spending cuts.
The legislative package includes stricter Medicaid requirements and tax amendment deals. Despite the Republican majority, dissent persists, as Democrats criticize the proposed cuts' repercussions on essential benefits. The bill's passage remains uncertain, creating tension within the party ranks and raising financial concerns amid looming debates in the Senate.
(With inputs from agencies.)
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