President Trump speaks along with the president of the Mike Johnson Chamber, Republican of LA-LA, in Capitol Hill on Tuesday. Trump was present to meet with the Republicans of the House of Representatives and gather support for his legislative agenda.
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The Republicans of the House of Representatives published an updated version of their massive bill on Wednesday in the hope of advancing in much of the national agenda of President Trump at the end of the week. The new legislation aims to meet the competitive demands of fiscal hawks that seek to reduce the deficit to blue state Republicans who seek to obtain more favorable taxes for their voters.
The updated legislation reached the end of an almost constant negotiations within the Republican party. The conversations included a White House meeting on Wednesday afternoon between Trump, the president of the House of Representatives, Mike Johnson, R-La., And several holders and skeptics.
Johnson told journalists after the meeting that he was optimistic about approving the bill from Thors Day.
“The plan is to advance as expected,” said Johnson. “I think all our cockleages will really like this final product.”
Johnson will need almost unanimous support of its members to approve the bill and could face more challenges in the Senate. Democrats are expected to vote against the bill in unison.
The wide piece of legislation has more than 1,000 pages. Here is a letter look at what is inside the latest version.
Note: This is a partial list that will be updated.
Extend Trump’s tax cuts
The Republican Plan requires approximately $ 3.8 billion in tax cuts, whose varieties would come when extending Trump’s tax cuts of 2017. Those cuts must expire at the end of the year, so without an extension, most homes would see their taxes increase.
There are no taxes on extra tips or hours
The bill includes temporary changes designed to comply with several of Trump’s campaign promises, including any tax on overtime earned between 2026 and 2028. The plan would also allow Americans Social Security. After that, it would fall to $ 2,000 and grow with inflation. It would allow a higher standard deduction until 2028, and to comply with Trump’s commitment not to tax the benefits of Social Security, the bill would allow an additional deduction of $ 4,000 for people over 65, but applies to people.
More salt
One of the most thorny problem duration negotiations has been the duction of state and local taxes, also known as Salt. The deduction is very important for a small number of republican legislators of blue states with high taxes, such as California and New York. The 2017 tax cuts limited salt deduction by $ 10,000. The house plan would raise the limit to $ 40,000 for married couples with income of up to $ 500,000.
Work requirements for Medicaid
The bill includes several proposition changes to Medicaid, the Joint Federal/State Medical Care Program for low -income, elderly and disabled Americans. It has been maintained as one of the most divisive issues through the negotiations of the Republican Party, but legislators argue that the changes introduced by the bill will bring hungry for billions in the necessary savings through the introduction of new work requirements. From the end of 2026, adults without children without disabilities should work 80 hours per month to qualify for benefits.
The legislation also focuses on what the Republicans characterize as “waste fraud and abuse” within the program by changing the registration period from one year to six months and people of income and verification of added residence.
Snap changes
Republican legislation also describes reforms for the supplementary nutritional assistance program, known as SNAP, which benefits more than 40 million low -income Americans. The bill increases the amount that states contribute to the program and require the work requirements for SNAP-SNAP registered that do not have dependents. Independent estimates suggest that these changes could result in many people lose coverage. As with Medicaid conversations, some Republican legislators have rejected the massive changes to SNAP given their wide range and the millions registered in the program.
Raise the debt roof
The Chamber’s bill would raise the nation’s debt limit in $ 4 billion. Raising the debt limit does not authorize new expenses. Instead, it allows the government to pay for the programs that Congress has already authorized. If the limit does not rise and the government cannot fulfill its obligations, then it will be at risk of breach, a scenario that economists say it would be catastrophic not only for the United States, but also for the global financial system as a whole. The Treasury Secretary, Scott Besent, told Congress that without action, the United States will run out of money to pay for their bills as soon as August, which means that the clock is marking.