House Republicans prepared to vote on President Trump's $4.5 trillion tax and spending cuts bill, aiming to meet a July 4 deadline. Speaker Mike Johnson expressed confidence in progressing after nightlong negotiations. The bill encompasses tax breaks from Trump's first term while proposing new benefits. Key elements include $350 billion for national security and constraints on Medicaid and food stamps through new work requirements. The Congressional Budget Office predicts a $3.3 trillion addition to the deficit, making the legislation a pivotal point in Trump's political agenda as Republicans maintain congressional control.
This includes allowing workers to deduct tips and overtime pay, and a $6,000 deduction for most older adults earning less than $75,000 a year.
To help offset the costs of lost tax revenue, the package includes $1.2 trillion in cutbacks to the Medicaid health care and food stamps.
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