U.S. President Donald Trump's sweeping tax bill failed to clear a key procedural hurdle on Friday, as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback for the Republican president in Congress.

The credit rating of the United States received a potentially costly downgrade on Friday, as the ratings firm Moody’s determined that the government’s fiscal outlook had deteriorated as a result of rising debt levels and stood to worsen further if Republicans enact a package of new tax cuts.

The vote came after an all-night debate that saw at least one lawmaker fall asleep at his post. Republicans rejected a series of proposed changes by opposition Democrats, who blasted the bill as a wasteful giveaway to the wealthy that would shred health and food benefits for the poor and worsen the nation's financial standing.