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Wall Street lower as federal deficit concerns stall tax bill progress

Technology stocks were the biggest decliners


US stocks fell in early trading on Friday amid concerns over the passage of a Republican tax overhaul as lawmakers debated over the bill's impact on the federal deficit. Republicans were wrangling behind the scenes over how to raise $350 billion or more in taxes over 10 years to prevent their legislation from ballooning the federal deficit if the proposed cuts fail to generate the expected economic growth. A surprise endorsement by Republican Senator John McCain added momentum to the bill on Thursday, pushing the S&P 500 to close at a record and the Dow Jones index to break ...

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First Published: Fri, December 01 2017. 21:04 IST