WORLD NEWS FOR MONTENEGRO DIASPORA
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AUTHOR: M.J. GDNUS
U.S. President Donald Trump secured the passage of his tax and spending legislation—known as the "big, beautiful bill," which ultimately led to his falling-out with Elon Musk—after the House of Representatives approved the bill, delivering a political triumph for the American president six months into his second term.
The House vote result, with 218 votes in favor and 214 against, came after Democratic Minority Leader Hakeem Jeffries spoke against what he called an “ugly” bill for a record 8 hours and 44 minutes.
The House's “green light” came just hours after the president quashed a rebellion among Republican representatives who had threatened to block the bill’s passage.
In the end, according to the BBC, only two Republicans voted against the bill, while all Democratic Party members voted against it.
The bill now heads to Trump for signing, and he has announced that he will sign it on Friday, July 4th.
White House Press Secretary Karoline Leavitt and other senior officials told reporters that this was a “big day” for the United States. Leavitt listed several policies the White House believes will be facilitated by the bill.
“This law restores fiscal peace to our country,” she said. “It is a summary of all the policies the president campaigned on and that the American people voted for,” she added.
One official said the bill “fulfills nearly every campaign promise” Trump made last year, including eliminating taxes on tips and defending the border.
“We believe this is a bridge to America’s golden age,” the official said.
The bill will make Trump’s 2017 tax cuts permanent and introduce new tax breaks he promised during the 2024 campaign. Expected economic growth will be used to finance his fight against immigration.
The legislation also cuts funding for health and food safety programs and eliminates dozens of green energy incentives.
Despite concerns over the bill’s high cost—869 pages—and its impact on health programs, Republicans largely supported it, with only two of the 220 House Republicans voting against. The bill had already passed the Republican-controlled Senate by the narrowest margin, 51 to 50.
“The focus of this bill, the justification for all these cuts that will harm everyday Americans, is giving massive tax breaks to billionaires,” said House Democratic Leader Jeffries in his eight-hour-and-46-minute speech—the longest in House history.
Nonpartisan analysts believe the wealthiest Americans will see the greatest benefit from the bill, while lower-income individuals will effectively see a reduction in income as cuts to social safety net programs outweigh the tax reductions. The increased debt burden the bill could generate may also effectively shift wealth from younger to older generations, analysts say.
The bill also establishes new tax breaks for tips, overtime work, seniors, and car loans, thus fulfilling several of Trump’s campaign pledges.
This final version of the bill includes deeper tax cuts and more aggressive reductions in healthcare spending than the initial version passed by the House in May.
