Donald Trump's First Reaction As US House Approves 'Big, Beautiful' Tax-Cut Bill: 'Send This Bill To My Desk...'

(MENAFN- Live Mint) The Republican-controlled US House of Representatives narrowly passed a sweeping tax and spending bill on Thursday, advancing a key part of President Donald Trump's policy agenda. Taking to social media platform Truth Social, an evidently elated Trump urged the Senate to expedite the process, writing,“Now, it's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE! There is no time to waste.”

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The Tax-cut Bill, dubbed the“big, beautiful bill” by Donald Trump, passed by a razor-thin margin of 215 to 214 after a marathon session that extended over two nights. All Democrats opposed the bill, joined by two Republicans, while a third Republican voted“present” and another missed the vote due to falling asleep.

With the House majority standing at 220-212, Speaker Mike Johnson had little room for dissent and made last-minute concessions to satisfy various Republican factions.

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US Speaker of the House Mike Johnson (R-LA) speaks to the media after the House narrowly passed a bill forwarding President Donald Trump's agenda at the U.S. Capitol on May 22, 2025 in Washington, DC. The tax and spending legislation, in what has been called the 'big beautiful bill', redirects money to the military and border security and includes cuts to Medicaid, education and other domestic programs. Johnson was flanked by House Committee Chairmen who helped craft the legislation.

Johnson described the bill as“generational, truly nation-shaping legislation,” emphasising its significance in shaping America's future.

Trump's Tax-Cut Bill: Key Provisions and Fiscal Impact

The 1,100-page bill enshrines much of Donald Trump's populist campaign promises, including new tax breaks on tips and car loans, increased military spending, and enhanced border enforcement.

It extends the corporate and individual tax cuts enacted in 2017 and repeals many green-energy incentives introduced under President Joe Biden.

However, the Congressional Budget Office (CBO) projects that the tax-cut bill will add approximately $3.8 trillion to the federal debt over the next decade, on top of the existing $36.2 trillion.

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The legislation tightens eligibility for health and food assistance programs such as Medicaid and SNAP, with work requirements for Medicaid recipients accelerated to take effect by the end of 2026.

The CBO warns that the bill would reduce income for the poorest 10% of households while increasing it for the wealthiest 10%.

The Tax-cut bill also would fund Donald Trump's crackdown on immigration , adding tens of thousands of border guards and creating the capacity to deport up to 1 million people each year. Regulations on firearm silencers would be loosened.

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Democrats condemned the bill as disproportionately benefiting the wealthy while cutting vital social services for working Americans.

The tax-cut bill passed despite growing concerns over the US debt , which has reached 124% of GDP, prompting a downgrade of the United States' top-notch credit rating by Moody's last week.

The US government has recorded budget deficits every year of this century, as Republican and Democratic administrations alike have failed to bring spending into alignment with revenue.

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Interest payments accounted for 1 out of every 8 dollars spent by the U.S. government last year, more than the amount spent on the military, according to the CBO. That share is due to grow to 1 out of every 6 dollars over the next 10 years as an aging population pushes up the government's health and pension costs, even if Trump's budget bill is not taken into account.

Investors have responded with caution, selling off US assets and pushing Treasury yields to their highest since October 2023, reflecting unease about the country's fiscal trajectory and Trump's unpredictable trade policies.

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Taking to Truth Social Donald trump posted a long message. Read the full post below:

“THE ONE, BIG, BEAUTIFUL BILL” has PASSED the House of Representatives! This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country! The Bill includes MASSIVE Tax CUTS, No Tax on Tips, No Tax on Overtime, Tax Deductions when you purchase an American Made Vehicle, along with strong Border Security measures, Pay Raises for our ICE and Border Patrol Agents, Funding for the Golden Dome,“TRUMP Savings Accounts” for newborn babies, and much more! Great job by Speaker Mike Johnson, and the House Leadership, and thank you to every Republican who voted YES on this Historic Bill! Now, it's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE! There is no time to waste. The Democrats have lost control of themselves, and are aimlessly wandering around, showing no confidence, grit, or determination. They have forgotten their landslide loss in the Presidential Election, and are warped in the past, hoping someday to revive Open Borders for the World's criminals to be able to pour into our Country, men to be able to play in women's sports, and transgender for everybody. They don't realize that these things, and so many more like them, will NEVER AGAIN happen!"

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The tax-cut bill now moves to the Senate, where Republicans hold a slimmer 53-47 majority .

Several senators, including Missouri's Josh Hawley, have indicated they will seek substantial amendments, signalling a potentially protracted debate.

Speaker Johnson aims to have the bill signed into law by July 4, but the path remains uncertain as senators weigh their own priorities.

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To secure passage, Republicans made key concessions, such as increasing the cap on state and local tax (SALT) deductions to $40,000, benefiting wealthier taxpayers in high-tax states like New York and California.

Meanwhile, work requirements for Medicaid recipient were accelerated, a win for conservative factions.

The bill also loosens regulations on firearm silencers and funds an expanded immigration crackdown, including tens of thousands of new border agents and the capacity to deport up to one million people annually.

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