Tax Showdown: The $3.3 Trillion Controversy
The U.S. Senate's version of President Trump's tax-cut and spending bill faces criticism for adding $3.3 trillion to the national debt. Despite Republican efforts to push the bill forward, it faces opposition from within the party and concerns over debt implications and healthcare impacts.
The U.S. Senate's version of President Donald Trump's tax-cut and spending bill could increase the national debt by $3.3 trillion, according to a Congressional Budget Office analysis released on Sunday. This figure surpasses the House's version by $800 billion, intensifying the debate surrounding its potential fiscal impact.
Long-standing concerns about U.S. deficits have split Republicans. While some dismiss the CBO's cost methodology, others worry about the economic strain. Democrats, led by Senate Minority Leader Chuck Schumer, criticize the bill for prioritizing tax cuts for the wealthy at the expense of essential social programs such as Medicaid and SNAP.
As Saturday's narrow procedural vote moved the 940-page bill forward, internal Republican tensions became evident when Senator Thom Tillis declared he wouldn't seek re-election after opposing the bill. With a self-imposed deadline before Independence Day, Republicans face mounting pressure to reconcile party differences and avoid defaulting on national debt.
(With inputs from agencies.)
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