Intel stock spikes after report of possible US government stake
Investing.com-- U.S. President Donald Trump said on Wednesday that the House of Representatives was ready to vote on his “big beautiful bill” later in the evening, and that Republicans were united in passing the act.
“It looks like the House is ready to vote tonight… the Republican House Majority is UNITED, for the Good of our Country, delivering the Biggest Tax Cuts in History and MASSIVE Growth,” Trump said in a post on Truth.Social.
Trump’s sweeping tax cut and spending bill moved to the House after being narrowly approved by the Senate on Tuesday, with Vice President J.D. Vance casting a tiebreaker vote.
The House is now voting on a rule for floor consideration of Trump’s bill, which needs to be approved so the body can move to debate the bill. Trump has set a deadline of July 4 to pass the bill.
The bill is widely opposed by Democrats, and has drawn flak from some holdouts in the Republican party due to concerns over its implications for U.S. debt levels and fiscal health.
Trump had met some of the dissenters at the White House earlier on Wednesday, on which he said “we had GREAT conversations all day.”
A non-partisan analysis showed earlier this week that the bill could increase government debt by $3.3 trillion in the next decade, with debt levels already at a record-high $36 trillion.
The bill will extend Trump’s 2017 tax cut package, and will also provide funding for Trump’s border control and defense spending plans.