House Republicans overcame a day-long stalemate to advance President Trump's tax and spending package, moving towards a final vote. Moderates opposed the Senate's cuts to Medicaid while fiscal hawks argued for deeper cuts. There are concerns about the bill's potential to increase federal debt by trillions over the next decade with minimal economic impact. The plan extends prior tax cuts and increases government spending in defense and immigration enforcement. Fiscal experts warn that the current direction is troubling, with significant fiscal warning signs being present.
After a nearly day-long stalemate, House Republicans were able to get through the procedural vote on President Trump's massive tax and spending package, moving it forward to a floor debate.
Several fiscal forecasters predict that the big tax cut and spending bill will likely increase the federal debt by trillions of dollars over the next decade, with minimal impact on boosting the economy.
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