Overview

• The U.S. House narrowly approved President Trump’s comprehensive tax and policy bill in a 215-214 vote, with all Democrats opposed and two Republicans voting against.
• The bill includes a permanent extension of Trump’s 2017 tax cuts, raises the SALT deduction cap to $40,000, and exempts tips and overtime from federal income taxes.
• It proposes $700 billion in Medicaid cuts, $290 billion in SNAP reductions, and new work requirements for both programs, potentially affecting millions of low-income Americans.
• The Congressional Budget Office estimates the legislation will add $3.8 trillion to the national debt over the next decade and includes a $4 trillion debt ceiling increase.
• Senate Republicans have signaled plans to amend the bill, particularly over concerns about Medicaid cuts and the deficit, before a July 4 target for final passage.