"This is without a doubt the most important legislation that will ever be signed in our country's history!", writes Trump on Truth Social.
The package, dubbed "big, including increased defense and border surveillance allocations. It also provides an extension of tax relief decided in 2017, during Trump's first term, as well as new ones in the form of tax-exempt tips and overtime compensation.
"Winners again"
To compensate for the reduced tax revenues, there are instead stricter requirements in the Medicaid and food stamp program. Former President Joe Biden's tax relief linked to green energy is also being removed.
To put it simply, this bill makes Americans winners again, says Republican Speaker Mike Johnson.
The proposal was passed after an intense period in Congress with tight committee hearings – where Republicans had a hard time uniting.
Now the proposal is being sent to the Senate, where new protracted negotiations await.
Thanks to all Republicans who voted YES on this historic bill! It's time for our friends in the US Senate to get to work and send this bill to my desk AS SOON AS POSSIBLE!", writes Trump.
The bill provides an additional 150 billion dollars to defense, part of which will go to Trump's air defense system, the golden dome.
Fewer with insurance
Congress's non-partisan budget office has estimated that approximately 8.6 million fewer Americans will have health insurance with the new budget. 3 million fewer per month will be entitled to food stamps.
According to the budget office, the proposal will increase the state's deficit by 3,800 billion dollars over ten years. Low-income earners are generally expected to fare worse, while high-income earners will benefit.
Minority Leader Hakeem Jeffries summarized his opinion as follows:
This is one big ugly bill.
