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.

In a massive setback, House Republicans failed Friday to push their big package of tax breaks and spending cuts through the Budget Committee, as a handful of conservatives joined all Democrats in a stunning vote against it.

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.