Overview

• The House approved the 'One Big Beautiful Bill' early Thursday in a 215-214 vote following intense Republican negotiations.
• The bill permanently extends Trump’s 2017 tax cuts, raises the SALT deduction cap to $40,000, and introduces exemptions for tips and overtime wages.
• It accelerates Medicaid work requirements to December 2026, with the Congressional Budget Office projecting millions could lose health coverage.
• The nonpartisan CBO estimates the legislation will increase federal deficits by $3.8 trillion over the next decade despite $1 trillion in spending cuts.
• The measure now heads to the Senate, where further amendments and negotiations are expected to address Republican divisions and fiscal concerns.