Summary
Senate Republicans are aiming to pass a large tax and spending bill that includes many of President Trump's domestic goals, such as extending tax cuts and boosting funding in several areas. The bill differs from the House's version, particularly in increasing the debt limit and making changes to Medicaid. GOP leaders want it voted on before the self-set deadline of July 4.
Key Facts
- The bill seeks to extend President Trump's 2017 tax cuts.
- It includes increased funding for border security, defense, and energy.
- The Senate bill proposes raising the debt limit by $5 trillion.
- Changes to Medicaid, the healthcare program for low-income people, are included.
- The Senate version adds limits to tax deductions for high earners and increases the child tax credit slightly.
- The Senate bill expands the standard deduction permanently, unlike the House's temporary plan.
- The legislation may face opposition within the GOP, especially from those concerned about national debt and social program cuts.
- Senate Parliamentarian Elizabeth MacDonough advised on amendments to align with chamber rules.
