President Trump's tax-cut bill has passed a congressional committee and is heading toward a House vote, despite concerns it could increase national debt by $3-5 trillion over the next decade. The bill's advancement followed a narrow vote amid internal disputes within the Republican Party, particularly regarding Medicaid cuts and green energy tax credits. As deliberations heat up, officials express confidence that the economic growth from tax cuts could adequately counterbalance the rising debt, despite Moody's recent credit rating downgrade warning of escalating financial risks.
The bill is expected by nonpartisan analysts to add $3-5 trillion to the national debt over the next decade, raising concerns about fiscal sustainability.
Republican House Budget Chairman Jodey Arrington noted that deliberations would continue throughout the week before presenting the bill to the House for a vote in a highly contentious atmosphere.
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