Overview

• Senate approved the reconciliation package in a 50-50 vote with Vice President JD Vance casting the deciding ballot to overcome a Democratic filibuster threat
• The legislation locks in $4.5 trillion in permanent tax cuts by extending Trump’s 2017 rates and adding new exemptions such as tax-free tips
• It imposes $1.2 trillion in cuts to Medicaid and SNAP by enforcing stricter work requirements and tightening eligibility and state reimbursement formulas
• A CBO analysis finds the bill raises the federal debt ceiling by $5 trillion and will add nearly $3.3 trillion to the deficit over the next decade
• The package allocates $350 billion for border enforcement and defense priorities, funded in part by new fees on immigrants