Overview

• The House approved the reconciled package 218–214 on July 3, following a tie-breaking Senate vote, and the bill is now on President Trump’s desk for a July 4 signature
• Under budget reconciliation rules that capped debate at 20 hours, the legislation locks in $4.5 trillion of 2017 tax cuts and adds new deductions for tipped workers, overtime pay and older adults
• To offset revenue losses, it imposes deep cuts and new work requirements on Medicaid and SNAP that the CBO estimates will leave 16 million more people uninsured by 2034
• The package raises the debt ceiling by $5 trillion and carries a projected $3 trillion increase in deficits over the next decade, according to CBO analysis
• It also allocates billions more to Immigration and Customs Enforcement, Customs and Border Protection and military programs, boosting deportations, border operations and defense spending