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Budget: What happened and what happens now?
Based on the latest information, here’s a concise update on the status and what to expect in the Senate as of May 22, 2025. Status of the Bill The House of Representatives passed a sweeping domestic policy package, often referred to as the “big, beautiful bill” championed by President Trump, on or around May 18, 2025, after intense negotiations with GOP holdouts. The bill, advanced by the House Ways and Means Committee on May 12, includes: Tax Cuts : Approximately $4.1–$4.6 trillion over 10 years, extending and expanding the 2017 Tax Cuts and Jobs Act (TCJA), with provisions like no taxes on tips, Social Security benefits, and overtime, and an increased state and local tax (SALT) deduction. Spending Cuts : At least $1.5 trillion, potentially up to $2 trillion, targeting programs like Medicaid ($880 billion), SNAP ($230 billion), and green energy ($100–200 billion), alongside other mandatory and discretionary spending reductions. Other Provisions : Increased funding for defense ($...
