U.S. Tax Bill Advances Amid Debt Concerns

According to Odaily, a tax bill signed by U.S. President Donald Trump narrowly passed in the House of Representatives with a vote of 215 to 214, with one abstention. The legislation is part of a multi-trillion-dollar package aimed at preventing tax increases at the end of the year, albeit at the cost of increasing the national debt. The bill will now move to the Senate, where Republican groups are advocating for significant amendments. Lawmakers plan to vote on the approval by August. The proposal includes raising the U.S. debt ceiling by $4 trillion. The Treasury Department has warned that without an increase, the U.S. could face a default as early as August or September, adding urgency to the timeline.