House Republicans ‘ serious all-night period ended with a narrow victory for the” One Big Beautiful Bill” that House Republicans had previously opposed, despite domestic divisions and unified Democratic opposition. The bill was sent to the Senate for more consideration by the 215-214 voting, which was a significant legislative victory for Trump and Speaker Mike Johnson. Trump praised the Truth Social bill, calling it “arguably the most significant piece of legislation that will ever be signed in the History of our country.” He also praised new deductions for American-made cars, increased revenue for border security and the defense, and the creation of” Trump Savings Accounts” for children. Trump’s 10-year modification of his 2017 tax cuts and new tax breaks he supported during his 2024 plan are combined in the 1, 000-plus-page bill. These include introducing a$ 4, 000 deduction for some older people, raising the standard deduction to$ 32, 000 for joint filers, and increasing the child tax credit to$ 2,500. However, according to AFP media agencies, critics have expressed concern that the costs will seriously harm the social safety net. According to the non-partisan Congressional Budget Office ( CBO ), it will increase federal deficits by$ 3.8 trillion over the course of ten years. The president’s cost-cutting methods include lowering Medicaid and SNAP registration by imposing job requirements. 8.6 million people would lose health insurance, and 3 million did drop food aid each month, according to the CBO. According to House Democratic Leader Hakeem Jeffries,” These are the largest slashes to health care in British history… in order to implement the largest tax cuts for billionaires in British history,” according to AFP. Liberals also issued a warning about broader economic effects, and owners were concerned, sending 10-year Bank yields to their highest levels since February. Last-minute amendments slowed down Medicaid work requirements so that conservatives could be placated, and they also slowed down the elimination of Biden-era clean energy tax breaks. The state and local tax ( SALT) deduction cap for households earning up to$ 500, 000 was quadrupled by Moderates. Two Republicans, including Rep. Thomas Massie, who called the bill” a debt bomb ticking,” opposed it despite Trump’s warning that passing it would be” the ultimate betrayal. Rep. Andy Harris cast a ballot today. House Speaker Mike Johnson referred to the bill as” transformational,” stating that,” to put it simply, this bill restores Americans to winning again.” The Senate is also expected to undergo significant revisions, with GOP officials aiming to give Trump a final version by July 4.
