Today in one sentence: House Republicans passed Trump’s $4.5 trillion tax-and-spending bill by a 218-214 vote after overcoming weeks of internal disputes and late-night negotiations to flip holdouts; the Congressional Budget Office estimates that the bill will increase the national debt by $3.4 trillion and lead to 11.8 million fewer Americans with health insurance coverage by 2034, while 3 million more would lose SNAP benefits; House Minority Leader Hakeem Jeffries delayed the vote with a record-breaking 8-hour, 44-minute floor speech, calling Trump’s signature legislation “an immoral document” that would “end Medicaid as we know it”; the U.S. economy beat expectations and added 147,000 jobs in June, while the unemployment rate fell to 4.1%; Trump made “no progress at all” with Putin about ending the war in Ukraine; and the Supreme Court allowed the Trump administration to deport eight foreign nationals to South Sudan.

1/ House Republicans passed Trump’s $4.5 trillion tax-and-spending bill by a 218-214 vote after overcoming weeks of internal disputes and late-night negotiations to flip holdouts, which ultimately required direct pressure from Trump, who called the legislation “the biggest bill ever signed of its kind.” He said that flipping skeptics was “very easy.” All Democrats and two Republicans opposed a bill, while some Republicans criticized the process and policy, but voted yes anyway. The 887-page bill makes Trump’s 2017 tax cuts permanent, adds new tax breaks for tips, overtime, and seniors, increases spending for border security and defense, raises the debt ceiling by $5 trillion, cuts Medicaid by nearly $1 trillion, cuts SNAP benefits by $185 billion, imposes stricter work requirements for safety-net programs, and phases out most clean-energy tax credits. The Congressional Budget Office estimates that the bill will increase the national debt by $3.4 trillion and lead to 11.8 million fewer Americans with health insurance coverage by 2034, while 3 million more would lose SNAP benefits. Speaker Mike Johnson characterized the megabill as “a key cornerstone of America’s new golden age.” House Minority Leader Hakeem Jeffries delayed the vote with a record-breaking 8-hour, 44-minute floor speech, calling Trump’s signature legislation “an immoral document” that would “end Medicaid as we know it.” He warned that “People will die,” and said Republicans were taking “a chain saw” to the safety net. “What is contemplated in this one big, ugly bill is wrong. It’s dangerous, and it’s cruel,” Jeffries said. “We don’t work for Donald Trump. We work for the American people,” he added, urging lawmakers to “vote no” on what he called “a crime scene.” After the vote, Trump told reporters he thinks the bill is “going to make this country into a rocket ship, it’s really great,” adding: “I think I have more power now.” Trump plans to sign his “big beautiful bill” on July 4th at the White House. (New York Times / Associated Press / Politico / NPR / Washington Post / Axios / NBC News / CNN / CNBC / Bloomberg / Wall Street Journal / Politico / Washington Post / Bloomberg / ABC News)

  • How this impacts you:

  • Medicaid: Nearly $1T in cuts over 10 years; 11.8M expected to lose coverage by 2034 (CBO); New 80-hour/month work requirement for non-disabled adults without young children (starts 2026); States must charge up to $35 for some visits (starts 2028); Caps provider taxes that states use to increase federal funding; $50B rural hospital fund added

  • SNAP (Food Assistance): Work requirement extended to age 65 (was 55); Caregiver exemption limited to parents of kids under 14 (was 18); States must begin covering part of benefit costs starting in 2028

  • Student Loans: All income-driven repayment plans eliminated for new loans after July 1, 2026; SAVE plan repealed; Two new repayment options: fixed 10–25 year plan or 30-year income-based plan; Grad Plus loans eliminated; Parent Plus loans capped at $65K per student; Grad loans capped at $20.5K/year; Professional loans capped at $50K/year; Aggregate caps: $100K for grad, $200K for professional students

  • Tips & Overtime Tax Breaks (2025–2028): No federal income tax on tips up to $25K; No federal income tax on overtime pay up to $12.5K (or $25K for couples); Income cap for both: $150K

  • Senior Tax Deduction (2025–2028): Deduct up to $6K from taxable income if earning under $75K ($150K for couples); Phases out completely above $175K ($250K for couples); Does not affect Social Security taxes

  • Auto Loan Interest Deduction (2025–2028): Deduct up to $10K in interest for U.S.-made cars; Phases out above $100K income

  • Child Tax Credit: Raised from $2,000 to $2,200 starting in 2026; Indexed for inflation; Made permanent

  • Trump Accounts: One-time $1,000 deposit for children born 2025–2028; Funds grow tax-deferred; Withdrawable at age 18; Up to $5,000/year can be contributed

  • SALT Deduction: Cap raised to $40K in 2025; Grows 1%/year through 2029; Phases down starting at $500K income; Reverts to $10K cap in 2030 unless extended

  • Clean Energy & EV Credits: EV credits ($7,500 new / $4,000 used) end Sept. 30, 2025; Home charging credit ends June 30, 2026; Solar, heat pump, weatherization, and energy-efficient home credits end Dec. 31, 2025

  • ACA Marketplace Coverage: Open enrollment shortened by about a month; Automatic renewals eliminated — must verify income and immigration status each year; Stricter verification for special enrollment; Subsidies cut for some lawfully present immigrants (not green card holders); No extension of enhanced subsidies — premiums expected to rise 75% in 2026

  • National Debt: Adds $3.4T to the debt over 10 years (CBO); Moody’s warned of higher interest rates for mortgages, car loans, and other credit

  • Sources: (CNBC / NBC News / ABC News / Wall Street Journal / Bloomberg / New York Times / Axios / NPR / Business Insider)

2/ The U.S. economy beat expectations and added 147,000 jobs in June, while the unemployment rate fell to 4.1%. Most of the gains came from state and local government, health care, and education, while private-sector job growth slowed to its weakest pace since October. Manufacturing and federal employment each lost 7,000 jobs, and the labor force shrank for the second straight month as 130,000 people left. Trump, nevertheless, claimed the “economy is BOOMING.” (Axios / Washington Post / Wall Street Journal / Politico / Bloomberg / NPR / New York Times / CNBC / Wall Street Journal / CNN)

3/ Trump made “no progress at all” with Putin about ending the war in Ukraine. The call came two days after the U.S. paused shipments of air defense missiles and other weapons to Ukraine, Trump claimed the U.S. hadn’t officially stopped support and needed to “make sure we have enough for ourselves.” The Kremlin said Putin told Trump that Russia “will not back down.” (Axios / Wall Street Journal / New York Times / Washington Post / Bloomberg)

4/ The Supreme Court allowed the Trump administration to deport eight foreign nationals to South Sudan, overturning a lower court’s order that blocked the removals. Only one of the men is from South Sudan; the others are from Cuba, Vietnam, Myanmar, Mexico, Laos, and South Korea. They were held for six weeks in a converted shipping container on a U.S. military base in Djibouti. Justices Sonia Sotomayor and Ketanji Brown Jackson wrote that the ruling lets Trump “send the eight noncitizens […] to South Sudan, where they will be turned over to the local authorities without regard for the likelihood that they will face torture or death.” (Politico / New York Times / CNN / Bloomberg)

The midterm elections are in 488 days.

Two years ago today: Day 895: "A serious moment."
Six years ago today: Day 895: Moving forward.
Seven years ago today: Day 530: Shredded.