U.S. House Passes Trump Tax Spending Bill Adding $3.3 Trillion Deficit

The U.S. House of Representatives passed the One Big Beautiful Bill Act (HR 1), a wide-ranging tax and spending package championed by President Trump, with a 218 to 214 vote largely along party lines. The bill permanently extends the 2017 Tax Cuts and Jobs Act provisions, including key tax breaks like the 20% Qualified Business Income deduction, tip and overtime pay deductions, and expanded state and local tax (SALT) deductions. It also includes significant investments in agriculture, trade promotion, agricultural research, disaster assistance, national security, and immigration enforcement, including expanded deportation efforts and border wall funding. Democrats unanimously opposed the bill, highlighting cuts to Medicaid and food assistance programs, while Republicans hailed it as a major victory that strengthens the economy and supports farmers, small businesses, and family-owned operations, including in the trucking industry. The legislation phases out several green energy tax incentives, signaling a departure from Biden-era climate policies. President Trump is expected to sign the bill into law, marking a defining legislative achievement of his second term and a key priority for the Republican-controlled Congress.