Trump’s Major Tax Cut Bill Clears Key Vote in US House Committee

Former U.S. President Donald Trump’s major tax-cut bill has cleared a key congressional committee, moving closer to a House vote. Passed 17-16, the bill faced opposition over proposed Medicaid cuts and repeal of green energy tax credits. Hardline Republicans allowed the bill to advance by voting “present.” The bill aims to extend Trump’s 2017 tax cuts, eliminate taxes on tips and overtime, and increase defense and border spending. Analysts warn it could add $3–5 trillion to national debt. Moody’s downgrade of the U.S. credit rating has sparked concern, with critics warning of a potential recession and accusing lawmakers of fiscal recklessness.