Republicans in the U.S. House of Representatives managed to pass President Donald Trump’s “big, beautiful” tax bill with a narrow vote early Thursday. The Democrats on the floor and two Republican representatives, Warren Davidson of Ohio and Thomas Massie of Kentucky, voted against the bill. Rep. Andy Harris, R-Md., who chairs the conservative House Freedom Caucus, voted present, leading to a final vote tally of 215-214. The passage marked a significant victory for Republican leaders, who had been working on the bill for the past two months and made last-minute changes over the past two days.
The more than 1,000 pages of legislation and 42 pages of amendments showcased the efforts to appeal to both moderates and hardline conservatives. Despite some reservations from House Freedom Caucus member Rep. Keith Self, R-Texas, who believed the bill could have gone further on tax cuts, the caucus did what they could to support it. Self mentioned that he was the last vote cast and he wasn’t willing to take the bill down, indicating a sense of compromise within the party. Trump praised Johnson and House GOP leadership after the bill passed and urged the Senate to act quickly to send the bill to his desk.
However, the bill’s reception on Wall Street was not as positive as expected, with concerns over exploding federal deficits and weaker fiscal health for the nation. Democrats strongly opposed the bill’s steep cuts to the social safety net to fund the promised tax cuts. The bill faces a challenging path through the Senate, with several Republican senators already demanding significant changes before agreeing to vote in favor. Despite the amendments made to cater to different factions within the House GOP conference, the bill’s fate in the Senate remains uncertain, raising doubts about its future.
