On May 22, the House of Representatives of the US Congress approved Donald Trump’s budget project called “One, Big, Beautiful Bill” by a margin of 1 vote. About this informs The Hill.
The document was adopted by the minimum majority of votes — 215 to 214. Only two Republicans spoke against it, and one abstained. The bill avoids raising taxes at the end of the year by raising the US debt ceiling, which currently stands at $4 trillion. Without this step, the country is threatened with default already in August.
Before the vote in the House of Representatives, there were intensive discussions, several days of meetings and amendments to the final version of the document. It must now be considered by the Senate, and a vote there is expected by August. The bill continues tax breaks introduced by the Donald Trump administration in 2017, including raising the limit on state and local tax deductions to $40,000.
Trump actively lobbied for the adoption of this document, urging Republicans to support it. The bill includes not only tax breaks, but also cuts to social programs such as Medicaid and the food assistance program, which has drawn criticism from Democrats. They believe that the new budget favors the rich and deepens social inequality.
In addition, the law provides for increased military spending and funding for immigration security. One of the key points was the cancellation of tax breaks for electric cars, in particular Tesla, instead new incentives are offered for cars assembled in the US. This has become another topic of political debate and discussion among investors concerned about the impact of the innovations on the budget deficit.
