US House narrowly passes Trump’s sweeping tax-cut bill, sends on to Senate
The Republican-controlled U.S. House of Representatives on Thursday passed a sweeping tax and spending bill by a single vote which would enact much of President Donald Trump’s policy agenda and saddle the country with trillions of dollars more in debt.
The bill would fulfill many of Trump’s populist campaign pledges, delivering new tax breaks on tips and car loans and boosting spending on the military and border enforcement. It will add about $3.8 trillion to the federal government’s $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office.
"This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!" Trump wrote on social media.
The package passed in a 215-214 vote after a marathon push that kept lawmakers debating the bill through two successive nights.
All of the chamber’s Democrats and two Republicans voted against it, while a third Republican voted "present", neither for nor against the bill. Another Republican missed the vote because he was asleep.
With a narrow 220-212 majority, House Speaker Mike Johnson could not afford to lose more than a handful of votes from his side, and he made several last-minute changes to satisfy various Republican factions.
"The House has passed generational, truly nation-shaping legislation," Johnson said.
What Trump has dubbed a "big, beautiful bill" now heads to the Republican-controlled Senate, where it will likely be changed further during weeks of debate.
The bill passed despite growing concerns over the U.S. debt, which has reached 124% of GDP, prompting a downgrade of the United States’ top-notch credit rating by Moody’s last week.
The U.S. government has recorded budget deficits every year of this century, as Republican and Democratic administrations alike have failed to bring spending into alignment with revenue.
Interest payments accounted for 1 out of every 8 dollars spent by the U.S. government last year, more than the amount spent on the military, according to the CBO. That share is due to grow to 1 out of every 6 dollars over the next 10 years as an aging population pushes up the government’s health and pension costs, even if Trump’s budget bill is not taken into account.
Source: Reuters
