Senate Republicans Unveil Sweeping Tax Bill Amidst Tensions
Senate Republicans released their version of a major tax and spending bill, potentially leading to congressional approval. The bill aims to extend tax cuts, boost military spending, and address Medicaid funding. A narrow path through Congress is expected due to Republican and Democrat divisions on the bill's impacts.
The U.S. Senate Republicans have presented their version of a significant tax-cut and spending bill aligned with President Donald Trump's agenda, setting the stage for a Saturday vote. This could initiate a marathon session over the weekend, aiming for full congressional approval by next week.
The expansive 940-page legislation extends the 2017 tax cuts and proposes increasing military and border security spending. Analysts estimate a similar House bill could add approximately $3 trillion to the national debt. The White House claims it will reduce the deficit by $1.4 trillion, despite some contested sections requiring revision.
The bill faces a challenging journey through Congress, confronting Republican division over Medicaid funding and Democrat opposition citing negative impacts on low- and middle-income Americans. As debates intensify, the legislation also highlights a contentious cap increase on state and local tax deductions, critical for maintaining the Republican majority in coastal states.
(With inputs from agencies.)
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