The US House of Representatives on 22 May passed a sweeping tax and spending bill by a narrow margin to implement much of President Donald Trump’s campaign promises.
“This may be the most significant piece of legislation that will ever be signed into law in the history of our country,” Trump wrote in a comment on social media. The White House chief also calls the document a “big and beautiful bill.”
The package approved by congressmen extends the tax breaks introduced during Trump’s first presidential term. Among other things, it includes eliminating taxes on tips and overtime pay, auto loan incentives, increased military spending and billions of dollars for border security.
The same legislative package includes measures that, as CNN notes, severely curtail two key social welfare programmes – Medicaid, which provides assistance to the poor and disabled with medical bills, and the food stamp programme.
According to the Congressional Budget Office, the law would add about $3.8 trillion to the federal government’s debt over the next decade, the Reuters piece notes.
All Democrats in the House of Representatives voted against the bill. Speaker Mike Johnson had to agree to several amendments to satisfy various groups of Republicans. The document will now go to the Senate, which is also controlled by Republicans. There, the draft is also likely to be modified in some way during weeks of debate. US President Trump has made it clear that he hopes to get the document signed by 4 July, the country’s Independence Day.