- Bill to add $ 3.4 trillion to US debt over a decade.
- Contains many of Trump’s greatest domestic priorities.
- Those Jeffries set a record with trassing 8-hour, 46 minutes of speech.
US President Donald Trump is ready to sign his massive tax and spent bill in the law on Friday at 1 p.m. 17 (et) -kl. 3 Saturday (PST) -There marks a greater political victory after narrow clearing of Congress and delivers sweeping breaks for businesses and the wealthy, while screaming health coverage for millions.
The 218-214 vote is a significant victory for the Republican President, who will finance his immigration talk, make his tax cuts permanently and deliver new tax breaks, which he promised during his campaign in 2024.
It also cuts health and food safety networks and zeros dozens of green energy incentives. It will add $ 3.4 trillion to the country’s $ 36.2 trillion debt, according to the non -Partisan Congress Budget Office.
Despite concerns within Trump’s party during the 869-page bill’s price tag and its influence on health programs, eventually, only two of the house’s 220 Republicans voted against it after an overnight stay. The bill has already cleared the Republican-controlled Senate with the narrowly possible margin.
The White House said Trump will sign it in the law at 1 p.m. 17 one (2100 GMT) Friday, July 4th Independence Day.
Republicans said the legislation will lower taxes for Americans across income spectrum and spur economic growth.
“This is jet fuel for the economy and everyone will rise,” said the house’s speaker Mike Johnson.
Each Democrat in Congress voted against it and blasted the bill as a gift to the wealthy who would leave millions of uninsured.
“The focus of this bill, the rationale for all the cuts that will hurt everyday Americans, is to give massive tax breaks for billionaires,” said house democratic leader Hakeem Jeffries in an eight-hour 46-minute speech that was the longest in the chamber’s history.
Trump kept the pressure through, quarrels and threatening legislators as he pressed them to quit the job.
“For Republicans, this should be a slight YES -ORDER. Ridiculous !!!” He wrote on social media.
Although about a dozen house Republicans threatened to vote against the bill, only two ended up doing it: Brian Fitzpatrick from Pennsylvania, a centralist, and Thomas Massie from Kentucky, a conservative who said it didn’t cut expenses enough.
Marathon weekend
Republicans drove to fulfill Trump’s deadline on July 4, worked through last weekend and held debates all night in parliament and the Senate. The bill passed the Senate on Tuesday with a 51-50 vote in the one who saw Vice President JD Vance cast the draw.
According to CBO, the bill would lower tax revenue by $ 4.5 trillion over 10 years and reduce expenses by $ 1.1 trillion.
These expenses, which largely come from Medicaid, come the health program, which covers 71 million Americans with low income. The bill would tighten registration standards, impose a working requirement and to call a financing mechanism used by states to increase federal payments – changes that would leave nearly 12 million people uninsured, according to CBO.
Republicans added $ 50 billion for healthcare providers in rural areas to tackle concerns that these cuts would force them out of service.
Non-Partisan analysts have found that the richest Americans would see the greatest benefits of the bill, while people with lower income would effectively see their income fall as the security network would offset their tax cuts.
The increased debt load created by the bill would also effectively transfer money from younger to older generations, analysts say. Reviewing company Moody’s downgraded US debt in May with reference to the mounting debt, and some foreign investors say the bill makes us government bonds less attractive.
The bill raises the US debt ceiling by $ 5 trillion and averts the prospect of a short term default. But some investors care that debt overhangs could limit the financial stimulus in the bill and create a long -term risk of higher borrowing costs.
On the other side of the main book, the bill of tax increases that would hit most Americans at the end of this year when Trump’s individual and business tax cuts in 2017 were to expire. These cuts have now been made permanent, while tax cuts for parents and businesses are expanded.
The bill also creates new tax cuts for tilted income, overtime wages, seniors and auto loans that meet Trump campaign trucks.
The final version of the bill includes more significant tax cuts and more aggressive healthcare than the original version that passed the house in May.
During considerations in the Senate, Republicans also fell a provision that would have banned the state -level state -level rules, and a “retaliatory tax” on foreign investment that had spurred alarm on Wall Street.
The bill is likely to contain prominence in the midterm elections in 2026, when Democrats hope to regain at least one chamber of chamber. Republican leaders claim that the bill’s tax breaks will go into the economy before then, and many of its benefits are not planned to kick in until after this election. Opinion measurements show that many Americans are concerned about the costs of the bill and its effect on people with lower income.
