{"id":33117,"date":"2025-07-03T18:56:56","date_gmt":"2025-07-03T18:56:56","guid":{"rendered":"https:\/\/financialrush.com\/?p=33117"},"modified":"2025-07-03T18:56:56","modified_gmt":"2025-07-03T18:56:56","slug":"house-of-representatives-approves-big-beautiful-bill-in-victory-for-donald-trump","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=33117","title":{"rendered":"House of Representatives approves \u2018big beautiful bill\u2019 in victory for Donald Trump"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\">Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=ff773093-a747-4e94-98e6-09e941ab2134&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Donald Trump has secured passage of his flagship tax and spending legislation after the House of Representatives approved the bill, handing the US president a political triumph six months into his second term.<\/p>\n<p>The 218 to 214 vote by the House on Thursday came after Democratic minority leader Hakeem Jeffries spoke against what he called the \u201cugly\u201d legislation for a record eight hours and 44 minutes, in a symbolic act of defiance.<\/p>\n<p>The House\u2019s approval also came hours after the president quashed a rebellion among House Republicans who threatened to hold up what <a href=\"https:\/\/www.ft.com\/donald-trump\" data-trackable=\"link\">Trump<\/a> calls his \u201cbig, beautiful bill\u201d.<\/p>\n<p>\u201cAre you tired of winning yet,\u201d said House Speaker Mike Johnson in a speech to the chamber just ahead of the final vote. <\/p>\n<p>\u201cWe have a government that is accountable and responsible to the people once again,\u201d Johnson added, as he hailed the bill\u2019s <a href=\"https:\/\/www.ft.com\/us-tax\" data-trackable=\"link\">tax<\/a> cuts and money to beef up border security, two of Trump\u2019s campaign promises. <\/p>\n<p>The bill will be ready for Trump to sign into law by his self-imposed deadline of July 4.<\/p>\n<p>The legislation <a href=\"https:\/\/www.ft.com\/content\/35bf4104-1435-49ce-bd60-04aed880c9eb\" data-trackable=\"link\">extends vast tax cuts<\/a> from Trump\u2019s first administration, paid for in part by steep cuts to Medicaid, the public health insurance scheme for low-income and disabled Americans, and other social welfare programmes.<\/p>\n<p>The bill will also roll back Biden-era tax credits for clean energy, while scaling up investment in the military and funds for Trump\u2019s crackdown on immigration.<\/p>\n<p>It has been projected to add more than $3tn to the US debt over the long term, raising worries among economists. <\/p>\n<p>Jeffries, the Democratic House leader, attacked what he termed the \u201cdevastating consequences\u201d of \u201cthis reckless Republican budget\u201d.<\/p>\n<p>The Senate had approved the measure on Tuesday after vice-president JD Vance cast a deciding vote.<\/p>\n<p>The House\u2019s approval caps a tumultuous start to Trump\u2019s second term. The president has rolled out sweeping <a href=\"https:\/\/www.ft.com\/trump-tariffs\" data-trackable=\"link\">tariffs<\/a>, announced sweeping curbs on immigration and bolstered executive power.<\/p>\n<p>In foreign policy, he has launched air strikes on Iran\u2019s nuclear facilities but struggled to achieved the peace deals he promised in Gaza and Ukraine.<\/p>\n<p>The tax bill has always been central for Trump and his top officials, largely because it implements many aspects of his 2024 campaign platform, including tax relief for tips and overtime pay and support for fossil fuels.<\/p>\n<p>But to secure the vote the president needed to twist the arms of Republicans concerned about the bill\u2019s impact on the national debt and health provision, ferociously attacking House members who opposed it.<\/p>\n<p>The president had to overcome a campaign to stop the legislation by billionaire Elon Musk, who bankrolled his election campaign but fell out with him last month. <\/p>\n<p>Musk said he would pour money into election campaigns to unseat Republicans who support legislation that could add trillions of dollars to the national debt. <\/p>\n<p>The bill includes a $5tn increase to the federal debt ceiling \u2014 the largest one-time rise in the limit, which caps how much the government can borrow.<\/p>\n<p>In the end, all but two members of Trump\u2019s party approved the legislation \u2014 Kentucky representative Thomas Massie and Brian Fitzpatrick of Pennsylvania.<\/p>\n<p>But every Democrat opposed a bill whose tax provisions they said would overwhelmingly benefit the wealthy while the spending cuts would leave millions of Americans without healthcare insurance. <\/p>\n<p>Trump has maintained that bill\u2019s tax cuts will deliver a new era of high growth. However, the legislation\u2019s biggest near-term fiscal impact will come from preventing an automatic increase in income taxes that would have otherwise come into effect in 2026.<\/p>\n<p>The US dollar index has steadily dropped since Trump took office in January, reflecting investors\u2019 nerves about higher deficits. But US equity prices have rebounded since an April slump triggered by Washington\u2019s aggressive tariff plans.<\/p>\n<p>The legislation has already set the political battle lines ahead of next year\u2019s midterm elections. <\/p>\n<p>Republicans argue that they have delivered on Trump\u2019s electoral promises, while Democrats are attacking them for turning their backs on middle-class and low-income households.<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title o3-type-body-highlight\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"35bf4104-1435-49ce-bd60-04aed880c9eb\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/35bf4104-1435-49ce-bd60-04aed880c9eb\" data-trackable=\"image-link\" data-trackable-context-story-link=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2048\/1152\"><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>Despite criticism about the fiscal impact of the bill from some in corporate America, US business groups have largely supported the legislation because of the tax-cut extensions.<\/p>\n<p>However, clean energy groups are set to be hit by subsidy cuts. Hospitals serving low-income communities reliant on government healthcare are also due to be adversely affected.<\/p>\n<p>Trump, who has styled the bill\u2019s passage as an Independence Day gift to America, plans to hold a rally on Thursday in Des Moines, Iowa, the Midwestern state where he scored initial victories in his successful 2016 and 2024 presidential campaigns.<\/p>\n<p><em>Additional reporting by Aiden Reiter in New York<\/em><\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/ff773093-a747-4e94-98e6-09e941ab2134\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington,&hellip;\n","protected":false},"author":5,"featured_media":33118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-33117","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/33117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33117"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/33117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/33118"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}