Summary
- The U.S. House has passed President Donald Trump's tax cut plan, the One Big Beautiful Bill.
- The bill’s core is the extension of tax cuts and a reduction in social welfare programs, signaling changes in fiscal policy.
- With passage in the House, only the president’s signature remains, prompting investors to pay attention to policy changes.
According to The New York Times on the 3rd (local time), the United States House of Representatives passed President Donald Trump's tax cut plan, known as the 'One Big Beautiful Bill (One Big Beautiful Bill·OBBBA)'.
In the vote, 218 Republican lawmakers voted in favor, while 212 Democratic lawmakers and 2 Republicans voted against the bill.
The core of this bill is the extension of tax cuts and reduction of social welfare programs. Processing had been delayed for several months due to intense internal conflict within the Republican Party. However, the House narrowly passed the bill in order to meet President Trump’s requested deadline of 'by July 4'.
Speaker of the House Mike Johnson reportedly devoted all efforts to persuading party dissenters up to the moment of the vote. With the House passing the bill, only the president’s signature remains for it to become law.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
