A bill is a formal statement of the amount that someone owes you for goods or services provided. A bill also indicates the payment terms agreed upon, and is a vital tool for managing cash flow and reconciling expenses.

Billionaires and the Middle Class

The partisan divide over who would benefit from the tax cuts in the GOP bill is widening, with Democrats characterizing it as a boon for billionaires while Republicans frame it as a tax cut for working- and middle-class Americans. The reality is likely more nuanced.

Debate on the Bill

A Bill goes through several stages of parliamentary discussion and scrutiny. First is the stage of general discussion where a short introduction is given, and the bill is then considered in detail by MPs or Lords. If a bill is not passed at this stage, it can be referred to committee for further detailed consideration (the select committee or joint committee), with experts and professionals in the field being invited to give their opinions.

Once the bill has gone through the committee stage, it is sent back to the house and goes into a further debate, where amendments can be tabled. A report on the bill is then prepared and it can be voted upon again, either at this stage or at the second reading.

If it passes at the second reading, it can be considered as a law, and can be signed into effect by the President. However, if there are differences between the versions of the Bill passed by the two houses of parliament, then members from each house form a conference committee to work out the differences. The committee prepares a report, which is then submitted to both houses for approval.