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House Republicans Block Trump’s Tax Bill Amid Moody’s US Downgrade
House Republicans Block Trump’s Tax Bill Amid Moody’s US Downgrade
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House Budget Committee Republicans defied WHITE House pressure to reject legislation extending Trump-era tax cuts, hours before Moody’s stripped the US of its last AAA credit rating. The failed bill sought to preserve 2017 tax reductions while introducing new breaks like tip income exemptions and defense spending increases.
Moody’s downgrade warning cited unsustainable debt trajectories, projecting federal obligations could reach 134% of GDP by 2035. Fiscal hawks demanded deeper cuts to Medicaid and green energy subsidies than the proposed package contained, exposing rifts within GOP ranks. Trump’s public appeal for unity failed to prevent the rebellion among budget panel members.
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