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The US House committee approved President Trump's tax cut bill, potentially adding $5 trillion to the nation's $36 trillion debt, already the world's highest. Moody's recently downgraded US credit rating due to this growing debt. The bill extends 2017 tax cuts. The debt is owned largely domestically (75%), but a quarter is held by foreign entities, including Japan, UK, and China, who have suggested using their holdings as leverage in trade negotiations. High debt could lead to increased taxes and interest rates for Americans.

Prepared by Christopher Adams and reviewed by editorial team.