The House narrowly passed a sweeping Republican-backed bill on Thursday. The legislation would overhaul Medicaid, food stamps, taxes, and immigration in what President Trump calls the “big, beautiful bill.” Approved 215-214 after intense negotiations, the legislation enacts key Trump campaign promises, including eliminating taxes on tips and overtime and raising the SALT deduction cap to $40,000 for residents of high-tax states. The bill is projected to add $3.3 trillion to the deficit over 10 years while making the 2017 tax cuts permanent. Medicaid changes could lead to 7.6 million losing coverage, and SNAP reforms would shift more cost burdens to states. The bill now heads to the Senate, where changes are expected before the debt ceiling deadline in August.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The House nearly passed a sweeping Republican-backed bill on Thursday.
00:05The legislation would overall Medicaid, food stamps, taxes, and immigration,
00:09what President Trump calls the big, beautiful bill.
00:12Approved 215 to 214 after intense negotiations,
00:15the legislation enacts key Trump campaign promises,
00:18including eliminating taxes on tips and overtime,
00:20raising the SALT deduction cap to $40,000 for residents of high-tax states.
00:24The bill is projected to add $3.3 trillion to the deficit over 10 years
00:28while making the 2017 tax cuts permanent.
00:31Medicaid changes could lead to $7.6 million, losing coverage.
00:33SNAP reforms would shift more cost burdens to states.
00:37Though now it's the Senate where changes are expected
00:39before the debt ceiling deadline in August.
00:41For all things money, visit Benzinga.com slash GSTV.