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Saturday, May 17, 2025

Sunday meeting on tax bill next

 U.S. President Donald Trump's sweeping tax bill failed to clear a key procedural hurdle on Friday.

Five hardline Republicans joined all 16 Democrats on the House Budget Committee to oppose the measure in a rare political setback for the Republican president in Congress.

Texas Republican Chip Roy was among the hardliners demanding deeper spending cuts.

"We are writing checks we cannot cash and our children are going to pay the price. So, I am a 'no' on this bill unless serious reforms are made."

The legislation would extend tax cuts passed during Trump's first term. Congress' bipartisan Joint Tax Committee estimates the tax cuts would cost $3.72 trillion over a decade.

Trump has highlighted measures including lifting taxes on tips and overtime that Republicans say would boost working-class Americans, while critics say the bill will offer more benefits to the wealthy.

Republicans opposed to the bill said they would continue to withhold support unless Speaker Mike Johnson agreed to further cuts to the Medicaid healthcare program for lower-income Americans and the full repeal of green energy tax cuts implemented by Democrats.

The vote came despite Trump's call on social media for Republicans to "UNITE behind" the legislation.

It is likely only a temporary setback for the measure in a Congress that is controlled by Trump's Republicans and so far has not rejected any of his legislative requests.

House Budget Committee Chairman Jodey Arrington said the legislation was important to voters who elected Trump to the White House and gave Republicans full control of Congress last November.

"They want common sense policies. And they want from all of us a commitment to putting America and Americans first. Let's give the people what they voted for."

Democrats said the plan would benefit the rich while hurting working-class families.

Here's the committee's ranking member Brendan Boyle.

"It is the biggest tax cut for billionaires in American history, paid for by throwing 13.7 million Americans off their healthcare coverage.

The non-partisan Congressional Budget Office just this week confirmed that at least 13-million 700-thousand Americans will lose their healthcare if the GOP bill for billionaires becomes law."

The committee is set to reconvene Sunday evening to reconsider the legislation.

https://www.marketscreener.com/news/latest/Republicans-reject-Trump-tax-cut-bill-after-president-calls-for-unity-49985930/


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