Trump clinches monumental US$3.4 trillion win as ‘beautiful bill' passes House
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The news: The Republican-controlled House of Representatives narrowly approved President Donald Trump’s USD3.4 trillion ($5.17 trillion) tax-cut and spending bill by 218-214 votes after an approximately 30-hour session.
The bill is now headed to Trump to sign into law ahead of the 4 July deadline he set.
The context: The massive bill makes his 2017 tax cuts permanent, delivers new tax breaks he promised during his 2024 campaign, and funds immigration enforcement and military spending.
It cuts health and food safety net programs, eliminates dozens of green energy incentives, and is projected by the Congressional Budget Office to add USD3.4 trillion to the US debt.
Every Democrat and two Republicans – Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania – voted against the legislation, which the COB said would leave nearly 12 million more people uninsured.
The sources: Bloomberg, Reuters, The Wall Street Journal
