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Republican tax plans gain speed; Fitch warns on deficit


Republicans in the U.S. House of Representatives forged ahead on Tuesday with legislation to reshape the federal tax code, while a top credit-ratings agency said the bill would balloon the budget deficit and give only a temporary boost to the economy.

As the House tax committee weighed amendments to a bill that Democrats have blasted as a give-away to corporations and the rich, the Washington tax reform debate was fast shifting to the Senate, where Republicans hold only a slim majority.

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