01/07/2025 07:39
The Guardian
Massive tax-and-spending bill is critical to US president’s agenda but faces division and splitsThe Senate bill includes $4.5tn in tax cuts, according to the latest analysis from the congressional budget office, making permanent Trump’s 2017 rates, which would expire at the end of the year if Congress fails to act.The Senate package would roll back billions of dollars in green energy tax credits, which Democrats warn will wipe out wind and solar investments nationwide.It would impose $1.2tn in cuts, largely to Medicaid and food stamps, by imposing stricter work requirements, making sign-up eligibility more stringent and changing federal reimbursements to states. Medicaid provides government-sponsored health care for low-income and disabled Americans.The bill would provide a $350bn infusion for border and national security, including for deportations, some of it paid for with new fees charged to immigrants.Senate minority leader Chuck Schumer says Democrats will bring “amendment after amendment after amendment to the floor, so Republicans can defend their billionaire tax cuts.” Continue reading...
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