House OKs Trump’s ‘One Big Beautiful Bill,’ Sends $3.8 T Tax-Cut Package to Senate

The Republican-led House squeezed through Donald Trump’s signature One Big Beautiful Bill by 215-214 at dawn on Thursday, extending his 2017 tax cuts, wiping Biden-era clean-energy credits, and green-lighting border-wall funds plus new deportation infrastructure. The measure bundles perks like zero taxes on tips, car-loan interest, and overtime pay, plus $1,000 “Trump accounts” for kids—yet sunsets several breaks the day his term ends.

To cover the tab, GOP leaders slashed Medicaid and SNAP, tightened work rules, and trimmed agency budgets, but the Congressional Budget Office still pegs the net hit to the deficit at $2.3 trillion over a decade. Moody’s downgrade of U.S. debt last week loomed large as fiscal hawks Thomas Massie and Warren Davidson defected, calling the bill a “ticking debt bomb.”

Democrats branded the package a midnight “tax scam” certain to strip care and food aid from millions, and Barack Obama publicly urged senators to kill it. Senate Republicans hope to land the bill on Trump’s desk by July 4, yet face their own rift between deficit-minded conservatives and moderates jittery about safety-net cuts—setting the stage for a bruising summer showdown on Capitol Hill.