The Trump-backed bill aims to overhaul government taxes and spending, permanently extending tax cuts and introducing new tax breaks while proposing cuts to social programs. It faces division in the Republican Party and opposition from business leaders. The legislation is projected to increase the national debt by $3.3 trillion over ten years. Key issues include balancing tax revenue with government spending, as Republicans hold conflicting views on fiscal responsibility and maintaining social benefits citizens rely on.
The bill would permanently extend Trump's 2017 tax cuts and introduce new tax breaks-including zero taxes on tips and overtime pay-while also inject billions into border security and military spending.
Those stark trade-offs are sparking fierce debate and some dissent from within the GOP's ranks.
The net effect would balloon the national debt by an estimated $3.3 trillion over the next decade, according to estimates from the Congressional Budget Office.
The fundamental problem that Republicans face is that they support a level of tax revenue that is not nearly enough to pay for the government spending that most Republicans also support.
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