BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home FEATURED

Trump’s “Big Beautiful” Tax and Spending Bill Clears House Hurdle: Here is What’s Next

Michael Juanico by Michael Juanico
May 22, 2025
in FEATURED, FINANCE, OPINION, POLITICS
Share on XShare in TelegramShare on Reddit
  • Trump’s sweeping tax bill narrowly passed the House with a 215–214 vote after intense GOP negotiations.
  • The package includes permanent tax cuts, stricter Medicaid work rules, and a big SALT cap hike.
  • The Senate still needs to debate and amend the bill before it reaches Trump’s desk by July 4.

After a long, chaotic push, House Republicans managed—just barely—to shove President Trump’s latest tax package through the chamber early Thursday morning. It passed on a knife’s edge: 215–214. Every single Democrat voted against it, joined by a couple GOP rebels—Reps. Warren Davidson and Thomas Massie. One more defection, and the whole thing would’ve crashed. Close doesn’t even begin to describe it.

🚨 TRUMP: THE ONE, BIG, BEAUTIFUL TAX BILL…is arguably the most significant piece of legislation that will ever be signed 👀 pic.twitter.com/CLbobkcHcx

— BlockNews (@blocknewsdotcom) May 22, 2025

Rep. Andy Harris, who chairs the Freedom Caucus, didn’t vote yes or no—he went with “present.” And Rep. Keith Self, apparently the very last to cast a vote, said he wasn’t thrilled either. “Would’ve liked it to go further,” he told NBC. “But hey—we did what we could.” The bill, dubbed “One Big, Beautiful Bill,” is over a thousand pages long (plus 40+ more in amendments), packed with giveaways to win over just about every faction inside the GOP tent.

Big Promises, Big Cuts—and Even Bigger Divides

The bill’s packed with headline items: permanent Trump-era tax cuts, work requirements for Medicaid bumped up two years earlier (a win for hardliners), and a quadruple hike in the SALT cap—from $10K to $40K—for those earning under $500K. That last one sealed the deal for Rep. Mike Lawler of New York, who was holding out till the SALT piece landed. “This was a promise,” he said. “And we got it done.”

Still, the cost is massive. Wall Street isn’t exactly thrilled. Markets dipped Wednesday, with analysts worried the spending spree could blow out the deficit long-term. The 30-year Treasury yield? Hit 5.09%. That’s… a flag. And Democrats? They’re livid. The bill takes a machete to the social safety net—Medicaid, education, and more—to fund tax breaks that mostly benefit the rich. The CBO’s take? Lower-income households lose, top earners gain. Plain and simple.

A Long Road Ahead in the Senate

Now the real fight begins. Over in the Senate, the bill moves under reconciliation rules, so it technically only needs 51 votes. But several Republicans already say the House version won’t cut it. Changes are coming—lots of ‘em. The final bill might look pretty different, assuming it even makes it out.

Speaker Mike Johnson, riding high after the vote, said they’re pushing to get it on Trump’s desk by July 4. “Today proves we can do that,” he said. Trump was even more amped. “Send this Bill to my desk AS SOON AS POSSIBLE!” he posted on Truth Social. Caps and all.

Long Days, Late Nights, and a Rush to the Finish

To get it done in time, the House Rules Committee ran 21 hours straight—no break. Lawmakers were exhausted, but determined to meet Johnson’s Memorial Day deadline. Each tweak, each amendment, was a careful nod to this group or that district. Some wanted more cuts. Others wanted more perks. In the end, they stitched together just enough votes to squeak by.

Donald Trump Truth Social 05.22.25 08:23 AM EST pic.twitter.com/Mr2N5rNyy7

— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) May 22, 2025

It’s a big deal politically—Trump needed this win. But it’s a complicated, heavy bill. A lot of people love parts of it. A lot more hate other parts. And as the Senate gears up for its own brawl, it’s clear: this isn’t over. Not by a long shot.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: DemocratHouse RepublicansPresident Trumptax cutsWarren Davidson
Tweet5ShareShare
Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

DON'T MISS THESE! HOT OFF THE PRESS

Shiba Inu Struggles To Reclaim Momentum as Investors Eye a Zero Deletion Soon – Here Is What Could Trigger It
CRYPTO

Shiba Inu Struggles To Reclaim Momentum as Investors Eye a Zero Deletion Soon – Here Is What Could Trigger It

December 10, 2025
Powell Signals Rate Hikes Are Off the Table After Latest Cut – Here Is What That Means for Markets
OPINION

Powell Signals Rate Hikes Are Off the Table After Latest Cut – Here Is What That Means for Markets

December 10, 2025
TON Holds Above Key Support Ahead of Fed Decision – Here Is What Traders Should Watch
CRYPTO

TON Holds Above Key Support Ahead of Fed Decision – Here Is What Traders Should Watch

December 10, 2025
Fed Cuts Rates by 25bps as Markets Brace for 2026 Shift – Here Is What It Means for Bitcoin
OPINION

Fed Cuts Rates by 25bps as Markets Brace for 2026 Shift – Here Is What It Means for Bitcoin

December 10, 2025
Bitcoin’s Bottom is in and Here is Why — A Bold Call from the “World’s Highest IQ”
BITCOIN

Bitcoin’s Bottom is in and Here is Why — A Bold Call from the “World’s Highest IQ”

December 10, 2025
BlackRock Shifts Over $200M in Bitcoin to Coinbase Prime as ETF Outflows Rise – Here Is What This Move Signals for the Market
BITCOIN

BlackRock Shifts Over $200M in Bitcoin to Coinbase Prime as ETF Outflows Rise – Here Is What This Move Signals for the Market

December 10, 2025
Load More

Related News

Shiba Inu Struggles To Reclaim Momentum as Investors Eye a Zero Deletion Soon – Here Is What Could Trigger It

Shiba Inu Struggles To Reclaim Momentum as Investors Eye a Zero Deletion Soon – Here Is What Could Trigger It

December 10, 2025
Powell Signals Rate Hikes Are Off the Table After Latest Cut – Here Is What That Means for Markets

Powell Signals Rate Hikes Are Off the Table After Latest Cut – Here Is What That Means for Markets

December 10, 2025
TON Holds Above Key Support Ahead of Fed Decision – Here Is What Traders Should Watch

TON Holds Above Key Support Ahead of Fed Decision – Here Is What Traders Should Watch

December 10, 2025
Fed Cuts Rates by 25bps as Markets Brace for 2026 Shift – Here Is What It Means for Bitcoin

Fed Cuts Rates by 25bps as Markets Brace for 2026 Shift – Here Is What It Means for Bitcoin

December 10, 2025
Bitcoin’s Bottom is in and Here is Why — A Bold Call from the “World’s Highest IQ”

Bitcoin’s Bottom is in and Here is Why — A Bold Call from the “World’s Highest IQ”

December 10, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews