Back to today’s briefing

Story perspectives

Senate GOP Races to Vote on Trump's $2.4 Trillion Bill

6/28/2025

40 6

Summary

Story summary

Senate Republicans are gearing up for a weekend vote on President Trump's ambitious spending and tax bill, even as contentious issues linger. With Medicaid cuts under the microscope and the bill set to balloon the national debt by $2.4 trillion, time is of the essence to meet the July 4 deadline for Trump's approval.

History

Historical Context

In 1981, President Ronald Reagan implemented the Economic Recovery Tax Act, reducing taxes by $750 billion over five years to spur economic growth. However, this led to a significant increase in national debt, a concern echoed in the 2017 Tax Cuts and Jobs Act under President Trump, which is projected to add $2.4 trillion to the deficit, highlighting ongoing tensions between fiscal conservatism and social welfare.

1 of 2

Story summary

Senate Republicans are gearing up for a weekend vote on President Trump's ambitious spending and tax bill, even as contentious issues linger. With Medicaid cuts under the microscope and the bill set to balloon the national debt by $2.4 trillion, time is of the essence to meet the July 4 deadline for Trump's approval.

1 / 2