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Moderate Republicans May Be Pushing to Make Tax Bill Worse: Maya MacGuineas
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June 2, 2025
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4:02Now PlayingMaya MacGuineas, President of the Committee for a Responsible Federal Budget, talks about the House bill "debt fiasco" and why markets haven't fully awaken to the debt and deficit problem in the US. She speaks with Bloomberg's Tom Keene and Paul Sweeney.
Significant changes are in store for President Donald Trump’s signature $3.9 trillion tax-cut bill as the Senate begins closed-door talks this week on legislation that squeaked through the House by a single vote.
Senate Republican leaders are aiming to make permanent many of the temporary tax cuts in the House bill, a move that would increase the bill’s more than $2.5 trillion deficit impact. But doing so risks alienating fiscal hawks already at war with party moderates over the bill’s safety-net cuts.
It amounts to a game of chess further complicated by the top Senate rules-keeper, who will decide whether some key provisions violate the chamber’s strict rules. Jettisoning those provisions — which include gun silencer regulations and artificial intelligence policy — could sink the bill in the House.
House Republicans’ top tax writer, Representative Jason Smith, on Friday said that senators need to leave most of the bill untouched in order to ensure it can pass the House in the end.
“I would encourage my counterparts, don’t be too drastic, be very balanced,” he said.
The wrangling imperils Republicans’ goal of sending the “Big, Beautiful Bill” to Trump’s desk by July 4. But the real deadline is sometime in August or September, when the Treasury Department estimates the US will run out of borrowing authority.
The House bill would raise the government’s legal debt ceiling by $4 trillion, which the Senate wants to increase to $5 trillion in order to push off the next fiscal cliff until after the 2026 congressional elections.
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