On the 22nd, the Republican-majority U.S. House of Representatives narrowly passed a large-scale tax and spending bill.
The U.S. Federal Budget Accountability Committee previously warned that this bill would significantly increase federal debt.
The House passed the bill with a vote of 215 in favor and 214 against. All Democratic lawmakers and two Republican lawmakers voted against, while one Republican lawmaker abstained.
The bill will extend the corporate and individual tax cuts passed during President Trump's first term in 2017, provide new tax breaks for tips, car loans, and increase defense spending, as well as provide more funding to combat illegal immigration. The bill will also repeal several green energy incentive policies pushed by former Democratic President Biden and raise eligibility thresholds for low-income groups to access medical insurance and food assistance programs to cut some federal spending.
The U.S. Federal Budget Accountability Committee expressed deep concern over this bill. In a previous statement, the agency said that the House's budget framework is a "blatant disregard for fiscal responsibility," and the bill will not only cause the national debt to surge by over $3 trillion but also lay down a "fiscal cliff" risk due to the expiration of massive tax cuts and spending policies, suggesting that if these policies are continued, it could again cost trillions of dollars.
The latest data shows that the scale of U.S. national debt has risen to $36.2 trillion (approximately 153.98 trillion Malaysian Ringgit). On the 16th, international credit rating agency Moody's announced that due to the increased U.S. government debt and interest expenses, it decided to downgrade the U.S. sovereign credit rating from Aaa to Aa1.