House Narrowly Passes Controversial Tax and Spending Bill

In a closely contested vote, the U.S. House of Representatives passed a comprehensive tax and spending bill that aligns with President Donald Trump's policy agenda. The bill, approved by a margin of just one vote, promises tax cuts, military spending hikes, and increased immigration enforcement, while significantly adding to the national debt.

Passed by a 215-214 vote, with all Democrats and a few Republicans opposing, the legislation now moves to the Senate. Changes are expected during the Senate debates, where the bill's provisions on tax cuts from 2017 and reduced incentives for green energy may face further scrutiny.

Concern over U.S. debt levels, now at 124% of GDP, is rising, especially after Moody's downgraded the nation's credit rating. Fiscal fears are compounded by the impending expiration of previous tax cuts and opposition from Democrats, who argue the bill benefits the wealthy at the expense of struggling Americans.

(With inputs from agencies.)