House Republicans Battle Over Monumental Tax Cuts

The U.S. House of Representatives, controlled by Republicans, aims to pass a tax cut blueprint that could add $5.7 trillion to national debt. Concerns about insufficient spending cuts persist, with Republicans split on the plan. Passage would advance efforts to finalize specific cuts and address the debt ceiling.

The Republican-led U.S. House of Representatives is slated to revisit its tax cut blueprint on Thursday, aiming to push through a plan that President Donald Trump supports. The initiative, proposing around $5 trillion in tax reductions, would significantly increase the national debt.

Despite efforts for unanimous backing, lingering concerns about minimal spending cuts from some members halted progress. House Speaker Mike Johnson postponed the vote originally scheduled for Wednesday, as Republicans remain divided over accompanying expenditure reductions.

Senate Republicans stress that the proposed $4 billion in cuts sets only a floor, with some House conservatives pushing for more stringent fiscal measures. The debate unfolds against a backdrop of economic uncertainty, exacerbated by Trump's recent tariffs that add volatility to financial markets.

(With inputs from agencies.)