The House of Representatives approved a crucial step for Donald Trump's tax and spending bill, which faces internal GOP divisions. The bill seeks to extend 2017 tax cuts, introduce new incentives, and increase military and immigration spending, while cutting funding for low-income programs. This legislation could increase the national debt significantly over the next decade. Despite opposition from hardline Republicans wanting more cuts, leadership remains optimistic. The House vote sets the stage for upcoming discussions in the Senate, while recent credit downgrades raise concerns in financial markets.
The nonpartisan congressional Budget Office estimates the bill will add $3.8tr to the US's $36.2tr in debt over the next decade.
A handful of party hardliners, angry that the bill did not contain more spending cuts, met with Trump and House Speaker Mike Johnson on Wednesday.
Republican leaders later scheduled two votes, one to begin debate and a second to pass the bill, before sunrise on Thursday.
Johnson expressed confidence that the bill would pass the House, stating, 'I believe we are going to land this airplane.'
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