House Republicans Advance Trump’s Tax Cut Bill Amid Medicaid Funding Debate

House Republicans are advancing President Trump's "one big, beautiful bill," a tax and spending package that aims to extend the 2017 Trump tax cuts and introduce new tax relief measures such as no taxes on tips and overtime pay, alongside a $4,000 enhanced standard deduction for seniors. The bill, which includes plans to cut over $700 billion in Medicaid spending and make reductions in federal food aid programs, faces significant opposition, particularly from Democrats concerned about the impact on healthcare for millions of Americans. GOP leaders, including Ways and Means Committee Chairman Jason Smith, emphasize that the legislation prioritizes middle-class and low-income families, small businesses, and farmers, while ending tax benefits for illegal immigrants and foreign entities. The bill also proposes raising the debt limit by $4 trillion and increasing state and local tax deductions for couples. However, the bill is unlikely to pass quickly, with former Trump aide Mick Mulvaney predicting extended negotiations and no firm timeline, potentially pushing decisions into December. President Trump has expressed optimism about the bill's economic impact, linking it to a "Golden Age of America," while the stock market has reacted positively to related news.