The Republican-controlled U.S. House of Representatives has narrowly approved a sweeping tax and spending bill, a pivotal move for President Donald Trump’s policy agenda. Celebrating on Truth Social, Trump urged the Senate to act swiftly, stating, “Now, it’s time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE! There is no time to waste.”
The bill, known as the “big, beautiful bill,” passed by a razor-thin margin of 215 to 214 following a grueling two-night session. All Democrats opposed it, alongside two Republicans, while a third Republican voted “present” and another missed the vote after reportedly falling asleep. With a narrow majority of 220-212, Speaker Mike Johnson made last-minute concessions to accommodate various factions within the party.
Johnson described the legislation as “generational, truly nation-shaping,” emphasizing its potential impact on America’s future. The 1,100-page bill encompasses many of Trump’s populist campaign promises, featuring tax breaks on tips and car loans, boosted military funding, and stricter immigration measures. It also extends tax cuts from 2017 while rolling back green-energy incentives introduced under President Joe Biden.
However, the Congressional Budget Office (CBO) warns that the bill could increase the federal debt by approximately $3.8 trillion over the next decade, stacking on to the current $36.2 trillion. Additionally, the bill tightens eligibility for health and food assistance programs, such as Medicaid and SNAP, with accelerated work requirements for Medicaid recipients set to be implemented by the end of 2026. The CBO forecasts that this legislation would reduce income for the poorest 10% of households while benefiting the wealthiest 10%.
The bill also funds Trump’s immigration enforcement initiatives, aiming to add tens of thousands of border agents and allowing for the deportation of up to 1 million individuals annually. It includes provisions to ease regulations on firearm silencers.
Democrats have criticized the bill as disproportionately favoring the wealthy while undermining essential social services for working Americans. Its passage comes amid rising concerns over U.S. debt, currently at 124% of GDP, following a recent downgrade of the country’s credit rating by Moody’s. The U.S. has recorded annual budget deficits throughout this century, with interest payments accounting for 1 out of every 8 dollars spent last year, a figure the CBO projects will rise to 1 out of every 6 over the next decade.
Market reactions have been cautious, with investors selling off U.S. assets and Treasury yields rising to their highest levels since October 2023, reflecting unease about the country’s fiscal direction and Trump’s unpredictable trade policies.
In a lengthy post on Truth Social, Trump celebrated the bill’s passage, proclaiming it a historic milestone. “THE ONE, BIG, BEAUTIFUL BILL has PASSED the House of Representatives! This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!” He highlighted tax cuts, strong border security measures, and encouraged the Senate to expedite the process, criticizing Democrats for alleged missteps.
As the bill moves to the Senate, where Republicans hold a slender 53-47 majority, amendments are expected. Senators, including Josh Hawley from Missouri, are signaling efforts to push for changes, indicating a potentially lengthy debate ahead. Speaker Johnson hopes to have the bill signed into law by July 4, though the path remains uncertain as senators evaluate their priorities and attempts to balance party factions continue.
This legislation marks a crucial chapter in Trump’s tenure, reflecting the GOP’s commitment to fiscal reform and immigration enforcement while raising ongoing debates about its economic and social implications. The challenge lies in navigating the legislative landscape ahead.
Original Source: https://www.livemint.com/news/us-news/send-this-to-my-desk-asap-donald-trump-posts-as-us-house-passes-big-beautiful-tax-cut-bill-goes-to-senate-11747932249398.html
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Publish Date: 2025-05-22 22:47:00
