Overview

• The House passed the Republican budget reconciliation bill by a 215-214 vote, with all Democrats opposed and two Republicans voting against it.
• The bill extends Trump-era tax cuts, raises the SALT deduction cap, exempts tips and overtime from income tax, and increases the child tax credit to $2,500.
• It includes nearly $700 billion in Medicaid cuts, stricter work requirements for adults under 65, and $290 billion in SNAP reductions, impacting millions of low-income Americans.
• The Congressional Budget Office estimates the legislation will add $2.3 trillion to the federal deficit over 10 years while raising the debt ceiling by $4 trillion.
• Senate Republicans, led by Majority Leader John Thune, plan to amend the bill’s tax and Medicaid provisions before moving it forward, with several GOP senators expressing concerns.