U.S. Tax Bill Passes with Debt Concerns, Heading to Senate for Further Action

A tax bill signed into law by President Trump narrowly passed the House of Representatives with a vote of 215-214, with one abstention. This legislation aims to prevent year-end tax hikes while simultaneously increasing the national debt. The bill now moves to the Senate where Republican lawmakers plan to push for significant amendments before its potential approval by August. The proposal includes raising the U.S. debt ceiling by $4 trillion. The Treasury Department has issued warnings that failure to raise this debt ceiling could lead to a default, potentially as early as August or September, further emphasizing the urgency of this timeline.