US Senate advances tax cut bill - Decision will increase US debt by $3.3 trillion
US Senate Republicans have pushed through Trump's tax-cut, spending-boosting bill, a move that is expected to add $3.3 trillion to the US debt.
Senate Republicans are pushing President Donald Trump's tax-cut, spending-boosting bill forward, even though the new version of the bill would add $3.3 trillion to the nation's debt, about $800 billion more than the one passed by the House of Representatives last month, according to a nonpartisan forecaster.
Republicans, who have long expressed concern about rising U.S. deficits and debt, have rejected the long-standing methodology used by the State Budget Office to calculate the cost of the legislation. But Democrats hope the latest figure could stir enough anxiety among conservatives to push them to oppose their party, which controls both houses of Congress.
Senators voted during a marathon session, where a series of amendments were proposed by both parties. It was part of a special process that Republicans are using to circumvent Senate rules, which usually require the approval of 60 of the 100 members to pass a bill.
Trump wants the bill passed before Independence Day, July 4. Meanwhile, lawmakers will face a much more serious deadline this summer, when they will have to raise the country's self-imposed debt ceiling or risk a dangerous $36.2 trillion default.
The legislation has been the focus of a marathon session of Congress, with Democrats seeking to slow or block its passage. The bill would extend the 2017 tax cuts, which were Trump's main legislative achievement during his first term as president, and increase spending on the military and border security. If the Senate gives the green light, the document would return to the House of Representatives for final approval before Trump signs it into law. The House of Representatives passed its version of the bill last month.
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