On Thursday morning local time, the tax bill signed by President Trump passed the House by a narrow margin (215 votes to 214, with one abstention), advancing a massive multi-trillion dollar package aimed at increasing the U.S. debt burden at the expense of avoiding a tax hike at the end of the year. The bill will now be submitted to the Senate, where Republican groups are urging for extensive modifications. Lawmakers plan to approve the voting before August. This includes raising the U.S. debt ceiling by $4 trillion, with the Treasury Department predicting that if the ceiling is not raised, the U.S. could face default as early as August or September, thus increasing the urgency of the timetable.