According to reports, the u.s. senate passed the president’s tax and spending bill on Tuesday but it will still need final approval. Reportedly, the bill offers $4.5 trillion in tax cuts, extending the president’s 2017 tax cuts and making them permanent, it also increases government funding on defence and border security and is partly funded by cutting healthcare and food programmes.
According to the report, the independent congressional budget office estimates that the bill will increase the u.s. debt by $3.3 trillion over the next ten years. The u.s. owes $36.21 trillion, and as a percentage of gross domestic product is the eighth highest globally. Followed by France and Canada.