Trump’s tax bill blocked by House Republicans as Moody’s strips US of AAA rating
The post Trump’s tax bill blocked by House Republicans as Moody’s strips US of AAA rating appeared on BitcoinEthereumNews.com. Hard-right Republicans in Congress killed Trump’s long-promised tax overhaul on Friday, the same day Moody’s pulled the US government’s last AAA credit rating, slamming Washington for its runaway debt and refusal to cut spending. The rejection of the bill by five Republicans on the House Budget Committee came just hours before Moody’s downgraded the federal government, warning that US debt could hit 134% of GDP by 2035. The bill, backed aggressively by Trump, was meant to extend his 2017 tax cuts and add new breaks, like scrapping taxes on tips and overtime pay, boosting defense spending, and throwing more money at immigration enforcement. But conservatives said it didn’t go far enough. They wanted sharper spending cuts, especially to Medicaid and clean energy incentives. The revolt caught Trump flat-footed. He had told Republicans online to “UNITE behind” the bill, warning, “We don’t need ‘GRANDSTANDERS’ in the Republican Party.” Budget panel blocks bill despite White House pressure The bill failed after Ralph Norman, Chip Roy, Andrew Clyde, Josh Brecheen, and Lloyd Smucker broke ranks and voted no, joining all 16 Democrats on the committee. The five Republicans, most of them tied to the House Freedom Caucus, dug in. Roy told the committee: “We are writing checks we cannot cash and our children are going to pay the price. So, I am a ‘no’ on this bill unless serious reforms are made.” Norman pushed back on Trump’s attack, saying, “This isn’t a grandstand. We’ll compromise somewhere, but just not giving the farm.” Smucker flipped from a “yes” to a “no,” calling it a procedural move to allow the measure to come up again once changes are made. They want deeper Medicaid cuts, repeal of Democrat-passed green energy credits, and for the Medicaid work requirements to start right away, not in 2029. Despite the…
The post Trump’s tax bill blocked by House Republicans as Moody’s strips US of AAA rating appeared on BitcoinEthereumNews.com.
Hard-right Republicans in Congress killed Trump’s long-promised tax overhaul on Friday, the same day Moody’s pulled the US government’s last AAA credit rating, slamming Washington for its runaway debt and refusal to cut spending. The rejection of the bill by five Republicans on the House Budget Committee came just hours before Moody’s downgraded the federal government, warning that US debt could hit 134% of GDP by 2035. The bill, backed aggressively by Trump, was meant to extend his 2017 tax cuts and add new breaks, like scrapping taxes on tips and overtime pay, boosting defense spending, and throwing more money at immigration enforcement. But conservatives said it didn’t go far enough. They wanted sharper spending cuts, especially to Medicaid and clean energy incentives. The revolt caught Trump flat-footed. He had told Republicans online to “UNITE behind” the bill, warning, “We don’t need ‘GRANDSTANDERS’ in the Republican Party.” Budget panel blocks bill despite White House pressure The bill failed after Ralph Norman, Chip Roy, Andrew Clyde, Josh Brecheen, and Lloyd Smucker broke ranks and voted no, joining all 16 Democrats on the committee. The five Republicans, most of them tied to the House Freedom Caucus, dug in. Roy told the committee: “We are writing checks we cannot cash and our children are going to pay the price. So, I am a ‘no’ on this bill unless serious reforms are made.” Norman pushed back on Trump’s attack, saying, “This isn’t a grandstand. We’ll compromise somewhere, but just not giving the farm.” Smucker flipped from a “yes” to a “no,” calling it a procedural move to allow the measure to come up again once changes are made. They want deeper Medicaid cuts, repeal of Democrat-passed green energy credits, and for the Medicaid work requirements to start right away, not in 2029. Despite the…
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