On Thursday, the US House passed Donald Trump’s massive tax and spending bill in a narrow 218–214 vote. The bill, already cleared by the Senate, now heads to Trump’s desk for signing on July 4. It makes 2017 tax cuts permanent, adds new tax breaks, and reduces federal aid programs. Though hailed by Republicans as economic stimulus, critics warn of rising debt and millions losing healthcare.

BulletsIn

• Bill passed 218–214 in House; Senate approved earlier with VP Vance’s tie-breaking vote
• Makes Trump’s 2017 tax cuts permanent; adds new breaks for parents, seniors, workers
• Cuts $1.1T in federal spending, mainly from Medicaid; CBO warns 12M may lose coverage
• Raises national debt ceiling by $5T; adds $3.4T to $36.2T debt
• Tax revenue to fall $4.5T over next decade; fiscal outlook called “unsustainable” by Moody’s
• Democrats oppose; call it billionaire giveaway hurting poor, cite long-term healthcare damage
• Republicans say it boosts economy; Speaker Mike Johnson calls it “jet fuel” for growth
• Trump lobbied heavily; to sign bill July 4 at 5 PM ET
• Two Republicans opposed bill for not cutting enough; all Democrats voted against
• Bill removes green energy credits, foreign investment tax; adds $50B rural health fund