Republican tax bill could cost $3.8 trillion over 10 years as its tax cuts surpass spending reductions, according to one analysis.

The cost of Republican lawmakers’ draft plan for sweeping tax cutsweighed in at $3.8 trillion over the next 10 years in one official estimate, a lowball projection that independent analysts say masks the true fiscal hit.

Republicans advanced a major tax cut and border security package through a House committee, overcoming internal deficit concerns with minor spending cut modifications. The bill faced opposition due to its potential deficit impact and delayed enforcement of new Medicaid work requirements,

The House of Representatives may vote on the reconciliation package, or the “One, Big, Beautiful Bill Act” (OBBBA), this week.

Republicans advanced their massive tax cut and border security package out of a key House committee during a rare Sunday night vote as deficit hawks who blocked the measure two days earlier reversed course after gaining commitments on the package's spending cuts.

The U.S. faces a debt dangerous crisis with Congress's overspending pushing the nation towards a fiscal cliff. Trump has to figure a way to fix things before it's too late.

As written, the reconciliation bill being considered in the House of Representatives is set to increase the debt by $3.3 trilli

Moody's downgrade of the U.S. sovereign credit rating has elicited mixed responses among Republicans in Congress, with some questioning the motive behind the change and others depicting it as a warning that lawmakers should heed as they wrestle with a sweeping tax and budget bill.

As the US and China came to an agreement to lower tariffs sharply this week, trade war uncertainty has, for now, subsided. But Wall Street has a new question for President Donald Trump: What about tax cuts?

Republicans have pointed to tariffs as a key source of revenue to help offset the deficit impact from the tax bill, and data out Monday showed customs duties jumped to a record $16 billion in April.

Donald Trump and the GOP's tax plan includes several provisions that benefit the rich and hurt the poor, while raising the national debt by trillions.

The greatest benefits would go to high-income households, while low-income families would see a much more modest boost, analyses show.