House Republicans are in the final rounds of negotiations over a sweeping budget plan that has been significantly influenced by President Donald Trump's priorities.

The federal government for years has spent more than it has taken in and the prospect for that to continue for the next decade led the ratings agency Moody's to strip the U.S. of its top-tier AAA credit rating.

Lawmakers from the president's own party joined all Democrats to reject a key domestic bill, demanding deeper budget cuts.