Overview

• The House passed the 'One Big Beautiful Bill' early Thursday morning by a single vote, with two Republicans opposing and one voting present.
• The bill extends Trump-era 2017 tax cuts, adds new breaks such as no taxes on tips and overtime, and raises the SALT deduction cap to $40,000 for some filers.
• New Medicaid and SNAP work requirements could result in millions losing health and food assistance, according to nonpartisan analyses.
• The Congressional Budget Office projects the bill will add $3.8 trillion to deficits over a decade, partially offset by $1 trillion in spending cuts.
• The legislation now moves to the Republican-controlled Senate, where revisions are anticipated before a final version reaches President Trump’s desk.