The president made clear that the goal remains to get the bill through the House in the coming days and sign it into law by Friday’s July 4th Independence Day holiday, although he acknowledged that the self-imposed deadline could slip.
“It’s going to get in, it’s going to pass, and we’re going to be very happy,” he told reporters as arrived in Florida to view new migrant detention facilities.
What’s in the big bill
All told, the Senate bill includes $4.5 trillion in tax cuts, according to the latest CBO analysis, making permanent Trump’s 2017 rates, which would expire at the end of the year if Congress fails to act, while adding the new ones he campaigned on, including no taxes on tips.
The Senate package would roll back billions of dollars in green energy tax credits, which Democrats warn will wipe out wind and solar investments nationwide. It would impose $1.2 trillion in cuts, largely to Medicaid and food stamps, by imposing work requirements on able-bodied people, including some parents and older Americans, making sign-up eligibility more stringent and changing federal reimbursements to states.
Additionally, the bill would provide a $350 billion infusion for border and national security, including for deportations, some of it paid for with new fees charged to immigrants.
Bad legislation
Polls show the bill is among the most unpopular ever considered across multiple demographic, age and income groups, and Democrats hope to leverage public anger ahead of the 2026 midterm elections when they aim to retake the House.
Backed by extensive independent analysis, they say the bill’s tax cuts would disproportionately benefit the wealthy at the expense of social safety net programs for the poorest Americans.
“It’s bad legislation,” Arizona Senator Mark Kelly told MSNBC. “If this passes, this is a political gift for Democrats.”
A handful of senators in the Republican majority had also threatened to upset the apple cart, echoing Democratic concerns that the bill would add more than $3.3 trillion to the nation’s already yawning budget deficits over a decade.