Washington: The US House of Representatives has passed a comprehensive tax and spending bill, marking one of the most significant pieces of economic legislation under President Donald Trump. The bill narrowly passed on Thursday evening with a vote of 215 to 214, as all Democratic Party members and two Republican representatives opposed it, while a third Republican abstained.

According to National Iraqi News Agency, the approximately 1,100-page bill introduces new tax breaks and extends the 2017 tax cuts enacted during Trump’s first term. Additionally, it repeals several green energy incentives established under former President Joe Biden’s administration and allocates increased funding for military and Border Patrol efforts.

President Trump lauded the bill’s passage, stating on social media: “This is arguably the most important piece of legislation ever signed into law in the history of our country.” The bill’s next step is the Senate, where it is anticipated to face extensive debate and potential amendments before a final decision is reached.

Moody’s, the credit rating agency, recently downgraded the United States’ sovereign rating, citing concerns over continued high public debt levels, particularly in the context of expanded spending legislation.