House Passes Trump’s Sweeping Tax, Student Aid Overhaul

The U.S. House of Representatives narrowly passed the One Big Beautiful Bill, a sweeping legislative package championed by President Donald Trump and House Republicans that includes major tax cuts, border security funding, and significant reforms to federal student loans. The bill, hailed by Trump as potentially the most significant legislation in U.S. history, features tax breaks such as no taxes on tips and overtime and introduces "TRUMP Savings Accounts" for newborns. On the student loan front, the bill overhauls repayment options by eliminating various income-driven repayment plans and introducing a simplified system with only two repayment choices, alongside new caps on borrowing and changes to Pell Grant eligibility. It aims to reduce federal spending by $330 billion in education-related costs, with supporters arguing it curbs waste and raises accountability, while critics warn it could increase costs for students and restrict access. The bill also limits the Education Secretary's authority to issue new student loan regulations through executive action, effectively blocking future broad debt forgiveness without Congressional approval. The legislation now awaits Senate consideration amid ongoing debates over its economic and social impacts.