Overview
- The House passed the Republican budget reconciliation bill by a single vote, 215-214, with all Democrats opposing and two Republicans voting against it.
- The bill extends the 2017 Trump tax cuts, raises the SALT deduction cap to $40,000, and introduces exemptions for tips and overtime pay.
- Projected cuts include $700 billion from Medicaid and $290 billion from SNAP over ten years, alongside stricter work requirements for recipients under 65.
- The Congressional Budget Office estimates the bill will add $2.3 trillion to the federal deficit while raising the debt ceiling by $4 trillion.
- Senate Republicans, led by Majority Leader John Thune, plan to amend the tax and Medicaid provisions, with final passage requiring reconciliation between chambers.