US President Donald Trump’s tax cut and spending bill has been signed into law by the US House, sparking controversy over its impact on the nation’s debt and healthcare programs.
The US House of Representatives has passed a multitrillion-dollar tax cut and spending bill, a key part of President ‘Donald Trump‘s policy agenda for his second White House term.’ The legislation was approved in a 215-214 vote, with all Democrats voting against it and two Republicans also opposing the measure.
The US House of Representatives is one of the two chambers of the US Congress, with the other being the Senate.
It has 435 voting members, each representing a district in one of the 50 states.
The House is responsible for initiating revenue bills and declaring war.
Members serve two-year terms, with elections held every even-numbered year.
The Speaker of the House is the presiding officer and third in line to the presidency.
The bill would extend corporate and individual tax cuts enacted during Trump’s first term in office, while slashing welfare spending on programs such as Medicaid. It would also deliver new tax breaks on tips and car loans, boost spending on the military and border enforcement, and cancel many green-energy incentives passed by Democratic former President ‘Joe Biden.’
Donald Trump is a businessman, television personality, and politician who served as the 45th President of the United States from 2017 to 2021.
Born on June 14, 1946, in Queens, New York, Trump graduated from the University of Pennsylvania with a degree in economics.
He took over his father's real estate company, The Trump Organization, and expanded its operations through strategic acquisitions and branding efforts.
Trump's business ventures include casinos, hotels, and golf courses, as well as a successful television show, 'The Apprentice.' He entered politics by winning the Republican presidential nomination in 2016 and went on to become the President of the United States.
However, independent analysts have warned that the bill would increase the nation’s debt by as much as $4 trillion over a decade, sparking investor worries over the mounting debt burden. The Congressional Budget Office (CBO) predicted that the bill would boost the incomes of the richest 10% while making the bottom 10% poorer, due to cuts to healthcare support and food aid.
Democrats have criticized the measure as ‘devastating’ for the middle class, pointing to CBO estimates that its cuts to public health insurance for low-income Americans would deprive 8.6 million people of coverage. House Minority Leader Hakeem Jeffries called the bill ‘the largest cut to health care in American history… in order to enact the largest tax breaks for billionaires in American history.’
Republicans, on the other hand, have rejected the criticism, with some arguing that the bill would unlock a ‘Golden Age’ of America. Erin Houchin, a Republican House member, said Americans shouldn’t believe the dire predictions from Democrats about the impact of the bill.
The bill will now move to the Senate, where it is likely to undergo changes before it is put to a vote. The White House has predicted that the package will spur growth of up to 5.2%, which many economists say is an ambitious projection.
