^{Speaker of the House Mike Johnson, R-La., speaks at a press conference at the U.S. Capitol on June 4. | Kevin Dietsch/Getty Images}

Trump’s Ambitious Tax-and-Spending Megabill Advances After Narrow House Vote

In a high-stakes legislative push, the Republican-led U.S. House of Representatives has taken a major step toward enacting President Donald Trump’s sweeping $5 trillion tax and spending package. After a turbulent day of negotiations and late-night pressure campaigns, lawmakers voted 219-213 on Thursday to proceed to a final debate — a razor-thin margin that underlined the deep fractures within the GOP.

The bill, a cornerstone of Trump’s second-term economic strategy, aims to extend the 2017 tax cuts, inject more funds into border security, and slash spending on Medicaid, SNAP, and other public welfare programs.

A Win for Republican Leadership — But a Fragile One

The vote marks a symbolic and strategic win for House Speaker Mike Johnson, who spent hours locked in private meetings with GOP members, many of whom remained skeptical of the bill’s aggressive stance on social spending and its alignment with Senate modifications.

“It’s been a long, productive day,” Johnson told reporters late Wednesday. “We’ve listened, negotiated, and now we’re finally in a position to deliver on the president’s agenda.”

But the unity came at a cost. Sources close to the matter say that multiple concessions were made behind closed doors to ensure just enough defections were contained. The final count saw all Democrats oppose the bill, while only a small group of Republican moderates broke ranks.

Trump’s Pressure Campaign: “This Should Be an Easy Yes Vote”

President Trump, eager to meet his July 4 legislative deadline, took to Truth Social to blast hesitant Republicans. “FOR REPUBLICANS, THIS SHOULD BE AN EASY YES VOTE. RIDICULOUS!!!” he wrote late Wednesday night, signaling growing frustration within the party’s highest ranks.

The bill is designed to lock in key legacy items before Trump intensifies his re-election campaign trail. Its provisions include:

• Extension of the 2017 Tax Cuts, originally set to expire in 2026
• $60 billion in increased border security funding, including surveillance and immigration enforcement
• Sharp reductions to Medicaid, expected to impact over 15 million low-income Americans
• Elimination or cutbacks to nutrition programs affecting millions of families
• A $5 trillion increase to the debt ceiling, revised upward from the $4 trillion in the original House version

Senate Roadblocks and a Tie-Breaking Vote

The House vote follows a narrow victory in the Senate, where the bill faced stiff resistance. The final passage there required a tie-breaking vote from Vice President JD Vance, signaling the tightrope Republican leadership is walking even in the upper chamber.

Significant Senate amendments included deeper welfare cuts and the larger debt ceiling adjustment. These last-minute changes caused unrest among House Republicans who had initially passed a more restrained version of the bill.

Still, GOP leadership rejected calls to revise the bill further, citing the need to maintain legislative momentum and avoid dragging the process past the July 4 target.

Democrats Slam the Bill: “Billionaires Win, Millions Lose”

Democrats remain united in opposition, framing the bill as a handout to the wealthy at the expense of working-class Americans.

“The top 1% are salivating over getting an extra $300,000 a year because of this dangerous bill,” said Rep. Gabe Amo (D-RI) during floor debates. “Billionaires win. Seventeen million Americans will lose their health insurance.”

They argue the legislation disproportionately rewards corporations and high-income earners while gutting essential social safety nets, particularly for rural, elderly, and disabled populations.

Market Reaction: Little Movement, Lots of Caution

Despite the political drama, U.S. futures markets showed little immediate reaction. As of 03:52 a.m. ET:

• S&P 500 Futures: +0.16%
• Nasdaq 100 Futures: +0.25%
• Dow Jones Futures: +0.12%

Investors appear to be taking a “wait and see” approach, weighing the short-term fiscal impact of the bill against longer-term macroeconomic consequences, including its effect on deficits, interest rates, and inflationary pressures.

What’s Next: Final Vote and Trump’s Signature

The final House vote is expected around 05:30 a.m. ET, according to Reuters. Should it pass — and margins suggest it likely will — the bill will head to President Trump’s desk for signature.

Once signed, it will become the largest single legislative spending package since the CARES Act, and possibly a defining moment in Trump’s presidency — cementing his economic doctrine of tax cuts + spending reallocation as the new GOP orthodoxy.

Policy Win or Political Gamble?

While the bill’s advancement reflects Trump's tight grip on the GOP and House leadership’s ability to enforce discipline, the political blowback — especially from moderate districts — is just beginning.

With welfare programs in the crosshairs, a $5 trillion debt ceiling hike, and deepening partisan divisions, the legislation could shape voter sentiment in both the 2025 off-cycle elections and the looming 2026 presidential race.

The big question now: Will this economic gamble pay off, or become a political liability?

Only time — and the final vote — will tell.