In a hard-fought legislative win for Republicans and former President Donald Trump, the US House of Representatives narrowly passed a sweeping tax bill early Thursday, pushing the controversial legislation one step closer to becoming law.
The bill cleared the chamber with a razor-thin 215-214 vote, with every Democrat voting against it, joined by two Republicans바카라Reps. Warren Davidson (Ohio) and Thomas Massie (Kentucky). Rep. Andy Harris (R-Md.), a member of the conservative House Freedom Caucus, voted "present."
The more than 1,000-page bill, accompanied by 42 pages of amendments, was the result of weeks of intense negotiations aimed at balancing the demands of both moderate Republicans and hardline conservatives.
바카라This is a major milestone,바카라 said House Speaker Mike Johnson to CNBC, who vowed to deliver the bill to Trump바카라s desk by July 4. 바카라Today proves that we can do that and we will do that.바카라
President Trump, who has made tax reform a central focus of his economic agenda, celebrated the House vote as a "historic" achievement. In a message posted on Truth Social, he praised Republican lawmakers for their support and called on the Senate to act swiftly.
바카라Now, it바카라s time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!바카라 he wrote. 바카라There is no time to waste.바카라
Deep Divides and Economic Concerns
The bill has drawn fierce criticism from Democrats, who argue it slashes the social safety net to fund tax breaks for the wealthy. An analysis from the nonpartisan Congressional Budget Office warned that the bill would reduce resources for the poorest Americans while benefiting the top earners.
바카라Resources would decrease for households in the lowest decile of the income distribution, whereas resources would increase for households in the highest decile,바카라 the CBO stated.
Economic analysts and financial markets also responded cautiously. Wall Street saw declines Wednesday, amid concerns that the bill could significantly increase federal deficits. The yield on 30-year Treasury bonds climbed to 5.09%, reflecting investor unease over the government바카라s fiscal outlook.
Senate Battle Ahead
Despite the victory in the House, the bill faces a challenging path in the Senate. While Republicans plan to use budget reconciliation rules바카라which allow legislation to pass with a simple majority바카라several GOP senators have already signaled they will demand substantial changes before offering their support.
The final version of the House bill included dozens of amendments to appease internal GOP factions, but further compromises are expected as the legislation heads to the upper chamber.
Rep. Keith Self (R-Texas), a member of the Freedom Caucus, acknowledged the bill didn바카라t go as far as some conservatives hoped, but said he ultimately chose not to derail it. 바카라I was the last vote [cast], and I wasn바카라t going to take the bill down,바카라 he told NBC News.
With the clock ticking and party divisions still evident, the Senate바카라s deliberations in the coming weeks will determine whether the tax package becomes one of Trump바카라s biggest legislative wins바카라or a stalled effort in a deeply divided Congress.
