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1:45Now PlayingThe U.S. House of Representatives passed President Donald Trump’s big tax and spending cut legislation, sending the bill to the president by his self-imposed July 4 deadline.
The 218-214 vote included two Republicans – Reps. Brian Fitzpatrick of Pennsylvania and Thomas Massie of Kentucky-- joining all Democrats against the “One Big Beautiful Bill Act.”
The legislation includes $4.5 trillion in tax cuts. The tax breaks include allowing workers to deduct tips and overtime pay. The bill also includes $350 billion for national security and immigration policy. To make up some of the difference, the bill significantly changes eligibility and benefits for recipients of Medicaid and SNAP, also known as food stamps. The bill also rolls back tax credits for green energy projects.
The nonpartisan Congressional Budget Office estimated the legislation will increase federal deficits by nearly $3.3 trillion from 2025 to 2034.
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