Treasury Secretary Scott Bessent on Sunday dismissed Moody's downgrade of the U.S. sovereign credit rating, saying the Trump administration would ensure U.S. economic growth outpaced its debt and pointing to recent pledges of Middle East investment.

Scott Bessent said the tax-cut bill would spur economic growth, despite analysts and some Republicans warning it would add trillions to the government's debt.

By David Morgan and Bo Erickson WASHINGTON (Reuters) -Hardline Republicans in the U.S. House of Representatives blocked President Donald Trump's sweeping tax bill on Friday over concerns it did not do enough to cut spending hours before Moody's stripped the federal government of its once top-tier credit rating.