President Trump's budget bill headed for vote in US Congress
The United States (US) House of Representatives is poised to begin casting votes on the Republican party's tax and budget bill that is front-loaded with many of President Donald Trump's wishlist items. President Trump has colloquially refered to the tax and budget bill as a "big, beautiful bill", leading Congressional Republicans to officially rename the document the "One Big Beautiful Bill Act".
Key Republicans have been hammering on dissidents to the bill within their own party after several hard-line Republicans voiced displeasure with the budget outline: some felt that the budget doesn't include enough cuts to critical federal spending programs like Medicaid, while others felt that the budget does the exact opposite of the Republican platform's stated goals of reducing the government deficit.
The budget bill is expected to be voted on sometime Thursday, and if passed, the One Big Beautiful Bill Act is poised to add somewhere between $3T and $4T to the US federal budget deficit over the next ten years. The House Budget Committee managed to smooth over Republican complaints about the budget bill by counterintuitively providing even more tax breaks, increasing federal tax deductions for individuals making up to $500K/year. The tax bill is expected to pass in Congress by a thin majority, where it will then pass to the US Senate for final revisions and another round of voting before going to President Donald Trump's desk for official signing.
Source : Fxstreet
