The Republican-led U.S. House of Representatives is once again attempting to move forward with a major tax cut proposal rooted in former President Donald Trump’s economic agenda. The chamber, under narrow Republican control, is set to vote Thursday on a plan that would slash taxes by roughly $5 trillion—though critics point out it could increase the national debt by an estimated $5.7 trillion over the next ten years.
House Speaker Mike Johnson initially aimed to bring the bill to a vote on Wednesday, but the effort was delayed due to uncertainty about securing enough support. With a slim 220-213 majority, Republicans are still divided, particularly over the scale of spending cuts to accompany the proposed tax reductions.
The version of the bill recently passed by the Senate outlines at least $4 billion in budget cuts—far less than the $1.5 trillion in cuts approved in an earlier House version. Senate Republicans argue that the $4 billion is merely a baseline, leaving room for more aggressive fiscal reductions in future legislation. However, several staunch conservatives in the House remain hesitant, pushing for deeper spending cuts before lending their support.
Ahead of the Thursday vote, Johnson and Senate Minority Whip John Thune held a joint press conference in an attempt to assuage concerns and present a unified front. “We’re in alignment with the House’s budget framework,” said Thune. “There’s strong consensus around the need for ambitious savings.”
Even if the House manages to pass the bill, it would only represent an initial step in a longer legislative journey—one that involves hammering out the specific changes to taxes and federal programs. Former President Trump has publicly endorsed the effort, urging Republicans to rally behind what he called “The Big, Beautiful Bill” on social media, touting it as the foundation for the largest tax cut in U.S. history.
The measure would renew and expand key components of Trump’s 2017 tax overhaul, his flagship legislative win during his first term. He’s also pushing for further reductions, including eliminating taxes on overtime pay, tips, and Social Security income—proposals that, according to independent estimates, could push the cost of the legislation past $11 trillion.
Republican lawmakers are also using the budget framework to tackle another major issue: raising the federal debt ceiling. With a deadline looming this summer to avoid a default on the government’s $36.6 trillion debt, the stakes are high.
All of this is unfolding against a backdrop of economic uncertainty fueled by Trump’s recent tariffs on imported goods, which have rattled global markets. Some economists warn that a potential slowdown triggered by a trade war could worsen budget shortfalls and further complicate Congress’s efforts to balance tax cuts with fiscal responsibility.