The House of Representatives in the United States is going through tax and spending one vote Tax news

The Republican -dominated US House of Representatives has passed “A big and beautiful invoice”, the sweeping Tax and spending bill with one vote.

The legislation, which would enact many of the agenda of President Donald Trump’s policy, has been approved early Thursday morning after an overnight session.

The draft law, which is now heading to the Senate, will reduce taxes, but also the country is more than one trillion dollars.

The draft law will achieve many of the Trump campaign pledgesProviding new tax exemptions on tips and car loans and enhancing spending on the army and border enforcement. About $ 3.8 trillion will add to the debts of the federal government worth 36.2 trillion dollars over the next decade, according to the non -partisan Congress budget office.

“It can be said that this is the most important legislation that will be signed in the history of our country!” Trump wrote on social media.

The package passed in a vote 215-214 after pushing the marathon, which kept the legislators discussing the draft law during two consecutive nights.

All Democrats voted in the room and two Republicans against it, while a third Republican “present”, not or against the bill. Another fans missed the vote because it was asleep.

With a narrow majority 220-212, Parliament Speaker Mike Johnson could not lose more than a handful of votes from his team, and made many changes at the last minute to satisfy the various republican factions.

Johnson said: “The House of Representatives has approved real legislation to form a state,” Johnson said.

The draft law is now heading to the Republican Senate, as it is likely to be further changed within weeks of discussion.

The draft law, which has an area of ​​1,100 pages, will extend the individual and individual tax cuts that were approved in 2017 during the first period of Trump’s state in his post, and the abolition of many green energy incentives approved by former Democratic President Joe Biden and the tightening of eligibility for food and food programs for the poor.

He will also finance Trump’s campaign to migrate, adding tens of thousands of border guards and creating the ability to deport up to one million people every year. The regulations related to the voices of firearms will be diluted.

The draft law was approved despite the increasing concerns about the American debt, which reached 124 percent of GDP (GDP), which led to a reduction in the country’s highest credit rating last week. The United States government recorded a budget deficit every year of this century, as Republican and democratic administrations alike failed to achieve consensus with revenues.

Benefit payments are one out of every eight dollars spent by the US government last year, more than the amount spent on the army, according to the Central Bank of Oman. This session is scheduled to grow to one in every six dollars over the next ten years, as the elderly population increases the costs of health and pensions of the government, even if the Trump budget bill is not taken into account.

Mixed response

“We do not rearrange the deck chairs in Titanic tonight. We put coal in the kettle and put a path for the country of ice,” said actor Thomas Massi, from Kentucky, a Republican, to vote against the bill.

He gave the growing debts in a paradox in urgently to the Republicans to pass the bill, as it will raise the roof of the federal government debt by 4 trillion dollars. This would avoid the possibility of failure to pay, which officials have warned him not to come at some point in the middle of this year.

Republicans have also argued that failure to pass the bill means an effective tax increase for many Americans, as Trump’s tax cuts for 2017 will end at the end of the year.

The militants on the right side of the party have pushed deeper spending cuts to reduce the impact of the budget, but they have achieved resistance from the two centers who worried that it would decrease severely over 71 million Americans with low income registered in the Medicaid Health program. Johnson made changes to tackle conservative fears, and withdrawing new work requirements forward to the beneficiaries of Medicaid to become valid at the end of 2026, two years ago. This would kick several million people from the program, according to CBO. The draft law also punishes the countries that expand medical aid in the future.

Johnson also expanded a discount on government and local tax payments from $ 30,000 to $ 40,000, a priority for a handful of central Republicans representing high -tax states such as New York and California. Democrats detonated the draft law as it benefits from the wealthy in a way that is not proportional to reducing interest for working Americans. The Central Bank of Oman has found that it would reduce the poorest income of 10 percent of American families and enhance income for the highest 10 percent.

Democratic actor Jim McGavran said: “This bill is a fraud, which is a tax fraud that is stolen from you, the American people, and gives Trump’s friends and billionaire friends,” said Democratic actor Jim McGavran.

Investors, who are concerned about the financial position of the wrong tariff movements of the United States and Trump, is increasingly selling the dollar and other American assets that are the basis for the global financial system. The three main indicators are heading, Nasdaq and S&P 500, a little top after its worst day in a month after selling the bond market yesterday.

Jimmy Damon, CEO of JPMorgan Chase, gave a mixed response to the passage of the bill.

“I think they should take the tax bill. I think things will settle a little, but it is possible that he will add to the deficit,” Damian said at the JPMorgan summit in Shanghai.