Overview

• Trump’s permanent extension of 2017 tax cuts and new deductions for tipped and overtime earnings are now law.
• The bill phases in work and eligibility requirements that will cut $1.2 trillion from Medicaid and SNAP budgets over the coming years.
• It raises the federal debt ceiling by $5 trillion to avert a default, with the CBO projecting up to $3.3 trillion in additional deficits over a decade.
• Billions in new funding have been released for Immigration and Customs Enforcement and Customs and Border Protection to expand enforcement operations.
• Tax credits for new wind and solar projects have been eliminated, marking a rollback of green energy incentives.