The Republican-led U.S. House took a significant step on Thursday by moving forward with President Donald Trump’s extensive tax and spending bill, navigating a night filled with tense voting that was almost disrupted by dissent within the party.
The final tally saw the House approve the advancement of the bill by a margin of 219 to 213.
This progression represents a victory for Republican leaders who are eager to fulfill the policy agenda set forth during Trump’s second term.
Market reactions were muted, with U.S. stock futures showing little change. By 03:52 a.m. E.T., S&P 500 futures had increased by 0.16%, Nasdaq 100 futures were up by 0.25%, and Dow Jones Industrial Average futures saw a rise of 0.12%.
After extensive negotiations and conflicts, Republicans successfully rallied their slim majority, stifling sufficient internal opposition to advance the legislation.
The debate leading up to the vote was marked by intense negotiations and shifting alliances, culminating in a party-line vote spearheaded by House Speaker Mike Johnson, who managed to lose only a handful of members to dissent.
A follow-up vote will occur on the final bill, which seeks to extend the tax cuts from 2017, allocate additional funds for border security, and impose cuts to health insurance and nutrition programs benefiting low-income families.
Once the House passes the bill again, it will head to Trump, who has long expressed a desire to enact this legislative package into law.
The House received the updated bill from the Senate on Tuesday, following a narrow passage in the upper chamber, where U.S. Vice President JD Vance cast the tie-breaking vote.
Significant modifications made by the Senate included more extensive cuts to Medicaid and an increase of $5 trillion to the debt limit, surpassing the $4 trillion rise that was initially proposed by the House.
These adjustments contributed to wariness among some House Republicans; however, leadership opted not to introduce any further modifications to the bill, aiming to avoid delays.
This is developing news. Please check back for updates.
