U.S. House Passes Trump Tax Bill Amid Debt Concerns
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The U.S. House of Representatives narrowly approved President Trump’s sweeping tax bill, advancing it to the Senate for final passage. Dubbed the "big, beautiful bill" by Trump, the legislation extends expiring tax cuts initially enacted in 2017.
According to the Congressional Budget Office, the bill WOULD add $3.8 trillion to the federal debt over the next decade, raising concerns about fiscal sustainability. Moody’s recently downgraded the U.S. credit rating due to mounting debt levels.
The CBO analysis projects uneven economic impacts, with households in the lowest income decile facing a 4% reduction in resources, while higher earners would see a 2% increase.
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