Billions in Cuts, Trillions in Debt: House Approves Sweeping Tax Legislation

The House narrowly passed a major tax bill that extends 2017 tax cuts, cuts green energy incentives, and introduces Medicaid work requirements. It also raises the debt ceiling by $4 trillion. Supporters claim it streamlines the tax code and promotes responsibility. Critics argue it favors the wealthy while endangering the budget and social safety nets. The Congressional Budget Office estimates it could add $3.8 trillion to the national debt over a decade. With deep division in Congress, the bill will now move to the Senate, where it may face revisions but is likely to pass via budget reconciliation.

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Source: BET