Summary
The U.S. Senate narrowly passed a large tax and spending bill, supported by former President Trump, that includes major tax cuts and increased spending on defense and border security. The bill still needs to be approved by the House of Representatives and includes cuts to healthcare and food assistance programs to offset costs. The bill aims to extend Trump's 2017 tax cuts and is projected to increase the national debt by $3.3 trillion over the next decade.
Key Facts
- The Senate passed a large tax and spending bill backed by former President Trump.
- The bill includes $4.5 trillion in tax cuts and increases in defense and border security spending.
- It plans to make Trump's 2017 tax cuts permanent, which were set to expire in 2025.
- The new bill would raise the cap on state and local tax deductions from $10,000 to $40,000 for five years.
- The bill would increase the child tax credit from $2,000 to $2,200 per child if passed.
- It allocates $350 billion for border and national security, including $46 billion for the U.S.-Mexico border wall.
- To fund these measures, it proposes reducing healthcare and food assistance programs, affecting Medicaid and SNAP.
- The Congressional Budget Office predicts the bill would add $3.3 trillion to the national debt over ten years, and potentially leave 11.8 million more Americans without health insurance by 2034.
