House Passes Trump’s ‘One Big Beautiful Bill’ by Single Vote, Sparking Economic and Political Debate

In a dramatic overnight session on May 22, 2025, the U.S. House of Representatives narrowly passed President Donald Trump’s sweeping tax and spending legislation, dubbed the “One Big Beautiful Bill,” with a 215-214 vote. The bill now moves to the Senate, where it faces further scrutiny and potential amendments.

Key Provisions of the Bill

• Tax Reforms: The legislation extends the 2017 tax cuts and introduces new tax breaks, including exemptions on tips, overtime pay, and car loan interest. It also increases the standard deduction and child tax credit temporarily.

• Social Program Changes: The bill imposes work requirements for certain Medicaid recipients and reduces funding for programs like food stamps and clean energy initiatives.

• Defense and Immigration: It allocates additional funds for military spending and border enforcement, aligning with the administration’s priorities.

Economic and Political Implications

The Congressional Budget Office estimates that the bill could add approximately $3.8 trillion to the national debt over the next decade. This projection has raised concerns among economists and contributed to a downgrade in the U.S. credit rating.

Market reactions have been mixed, with increases in Treasury yields and fluctuations in stock indexes. Bitcoin prices surged, reflecting investor uncertainty.

Next Steps

The bill’s passage in the House marks a significant legislative victory for President Trump. However, its future in the Senate remains uncertain, with some Republicans expressing reservations about specific provisions. The administration aims for Senate approval by July 4, 2025.

As the bill progresses, its potential impact on the U.S. economy and social programs will continue to be a focal point of national debate.