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House, Senate set for clash over Trump bill

  • On Monday evening, Senate Republicans unveiled their draft legislation revising President Trump's tax-cut and spending plan, aiming to extend the 2017 tax cuts and raise the federal debt ceiling by $5 trillion.
  • The legislation responds to expiring 2017 tax breaks and seeks to offset costs with deeper Medicaid cuts, including broad new work requirements for able-bodied adults and parents of teens on Medicaid.
  • The bill keeps a $10,000 cap on the state and local tax deduction, expands a senior tax break to $6,000 for moderate earners, aims to cut green energy funds, and boosts military and border security spending.
  • Senate Democratic Leader Chuck Schumer called the Medicaid cuts “deeper and more devastating” than the House’s bill, while Senator Ron Johnson admitted, “We’ve got a ways to go on this one.”
  • The bill faces unified Democratic opposition and divided Republican support, with GOP leaders pushing to pass it by the July 4 deadline to avoid a default on the nation’s $36.2 trillion debt.
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Bloomberg broke the news in United States on Monday, June 16, 2025.
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