The US House of Representatives on Thursday narrowly approved a sweeping tax and spending bill, one of the most significant pieces of economic legislation advanced under President Donald Trump.The measure passed by a razor-thin margin of 215 to 214, with unanimous opposition from Democrats and dissent from two Republicans. A third Republican lawmaker abstained from the final vote.Spanning nearly 1,100 pages, the legislation introduces new tax breaks and extends the tax cuts enacted in 2017 during Trump's first term. It also eliminates several green energy incentives implemented under former President Joe Biden, while boosting military spending and increasing funding for border security.Celebrating the House vote, Trump wrote on social media: ‘This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!’The bill now heads to the Senate, where it is expected to face extensive debate and possible amendments before a final vote.The vote comes just one week after credit rating agency Moody's downgraded the US sovereign credit outlook, citing mounting concerns over rising national debt and expansive fiscal policies.
