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President Trump Signs Significant Tax and Spending Bill
Highlights:
- Legislation projected to increase the U.S. debt by $3.4 trillion over the next decade.
- Includes several of Trump’s key domestic initiatives.
- Representative Jeffries delivers an unprecedented 8-hour, 46-minute speech.
President Donald Trump is set to endorse a significant tax-cut and spending bill this upcoming Friday at 5 PM (ET) — which translates to 3 AM Saturday (PST), according to the White House’s announcement on Thursday.
The legislation, aimed at implementing his tax-cut agenda, passed through Congress after the Republican-majority House of Representatives narrowly voted in favor of the extensive package, slated to support Trump’s domestic policy goals while jeopardizing health insurance for millions of Americans.
With a tight vote tally of 218-214, this is a considerable win for the Republican president, enabling funding for his immigration initiatives, solidifying his 2017 tax cuts, and providing new tax relief promised during his 2024 campaign.
However, the measure imposes cuts on health and food assistance programs and eliminates numerous incentives for green energy. According to the nonpartisan Congressional Budget Office, it would result in an increase of $3.4 trillion to the already staggering national debt of $36.2 trillion.
Although some Republicans voiced concerns over the extensive bill, which spans 869 pages, only two of the 220 Republicans in the House voted against it following an all-night debate. The bill had previously passed the Senate, controlled by Republicans, with the narrowest of margins.
The White House announced that Trump will officially sign the bill into law at 5 PM ET on Friday, coinciding with the July 4 Independence Day celebrations.
Republican leaders assert that the legislation will reduce taxes for individuals of all income levels and stimulate economic growth. “This move is jet fuel for the economy, and all boats will rise,” commented House Speaker Mike Johnson.
Every Democrat in Congress opposed the bill, criticizing it as a windfall for the wealthy that will leave millions without insurance. House Democratic Leader Hakeem Jeffries expressed concerns, stating, “The bill’s primary focus, aimed at justifying all the cuts that will adversely affect everyday Americans, is to give substantial tax breaks to billionaires,” during his record-setting lengthy speech.
Throughout the process, Trump maintained pressure on lawmakers, encouraging and threatening them to finalize the agreement. He expressed on social media, “FOR REPUBLICANS, THIS SHOULD BE AN EASY YES VOTE. RIDICULOUS!!!”
Despite a dozen House Republicans indicating potential opposition, ultimately only two representatives, Brian Fitzpatrick from Pennsylvania and Thomas Massie from Kentucky, voted against it, citing insufficient spending cuts as a reason.
A Busy Weekend Ahead for Republicans
With a July 4 deadline in sight, Republicans hustled to finalize the bill, engaging in late-night sessions over the weekend. The Senate approved the legislation with a 51-50 vote, with Vice President JD Vance casting the deciding vote.
According to CBO estimates, the bill is expected to lower tax revenues by $4.5 trillion over a decade while cutting spending by $1.1 trillion. These cuts largely target Medicaid, the health program supporting 71 million low-income Americans, tightening enrollment criteria, enacting work requirements, and limiting a funding mechanism that states use to enhance federal payments — changes that may lead to nearly 12 million people lacking insurance.
To address concerns about potential adverse impacts on rural health providers, Republicans allocated $50 billion for their support.
Nonpartisan research has indicated that the richest segments of the population will benefit the most from the new law, while lower-income individuals may see diminished incomes given that the cuts to safety-net programs would overshadow their tax savings.
Analysts have noted that the increased debt burden imposed by the bill essentially shifts wealth from younger generations to older ones. In May, Moody’s downgraded U.S. debt, citing growing debt levels, while some international investors believe the bill could make U.S. Treasury bonds less appealing.
The measure also raises the U.S. debt ceiling by $5 trillion, effectively postponing any short-term risk of default. However, some investors remain concerned that this overhang might dampen the bill’s economic stimulus effects and pose long-term risks associated with higher borrowing expenses.
On a positive note for many Americans, the bill prevents tax increases that were scheduled to occur at the end of the year when Trump’s 2017 tax reductions were set to expire. Now, those cuts will be permanently extended, while additional tax breaks for families and businesses are also in place.
New tax advantages for tipped wages, overtime pay, seniors, and auto loans are also included, fulfilling various commitments made during Trump’s campaign.
The final version of the bill seems to offer more considerable tax reductions and aggressive healthcare cuts than the earlier iteration that had been approved by the House in May.
During Senate discussions, Republicans decided to remove provisions that would have banned state-level regulations on artificial intelligence, as well as a “retaliatory tax” on foreign investments that had raised alarms on Wall Street.
As the 2026 midterm elections approach, this legislation is expected to play a significant role. Democrats are optimistic about reclaiming at least one chamber of Congress, while Republican leaders assert that the bill’s tax relief will invigorate the economy prior to the elections. Many of the benefit cuts won’t take effect until after this election, and public opinion polls show that numerous Americans are worried about the overall costs and impacts on low-income households.
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