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businesspress > Blog > Business > Trump’s Huge, Magnificent Plan’ Lowers Taxes and Expenditures After Being Passed by Congress
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Trump’s Huge, Magnificent Plan’ Lowers Taxes and Expenditures After Being Passed by Congress

BusinessPress
Last updated: July 4, 2025 8:33 am
BusinessPress
Published July 4, 2025
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Donald Trump and his domestic agenda have achieved a major and arduous triumph with the passage of his expansive tax and spending measure by the US Congress. By a vote of 218 to 214 on Thursday afternoon, the House of Representatives approved the bill following a taxing session on Capitol Hill. By a single vote on Tuesday, the Senate approved it.

Trump had set a deadline of July 4th for the Republican-controlled Congress to provide a final draft of the measure to him for ratification. The measure may leave millions without health coverage and increase government deficits by $3.3 trillion (£2.4 trillion) over the next ten years, according to the Congressional Budget Office. The White House contests this assessment.

The law will “turn this country into a rocket ship,” Trump told reporters Thursday night. “This bill will be very beneficial to the nation,” he declared. On July 4, a national holiday, he is scheduled to sign it into law at a ceremony. After the vote, Republican Speaker Mike Johnson triumphantly left the House and told reporters that “belief” was essential to mobilising his party’s support.

Representative Chip Roy, a Republican from Texas, was one of the people he had to persuade. Only days prior, when the Senate passed its version of the plan, Roy had firmly opposed it. He referred to the Senate version as a “travesty,” but by the time voting started, he had changed his mind.

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