Trump is celebrating the passage of a "big, beautiful" law. What the media is writing
The U.S. House of Representatives has passed President Donald Trump's so-called "big, beautiful" budget bill. He plans to sign it on July 4, Independence Day. This will be a great achievement of the head of the White House in domestic policy, although economists predict too much growth in public debt. What the media write about the bill is in the Izvestia digest.
NBC News: House of Representatives sends bill to Trump for signature
The U.S. House of Representatives has passed a multi-trillion dollar package of tax and spending cuts, sending it to President Donald Trump's desk after an intense 24 hours of negotiations. The 218-214 vote was the end of a complex process that lasted more than four months. It was full of ideological clashes and recriminations between the House of Representatives and the Senate, where Republicans had little margin for error given their slim majority.
NBC News
In the end, the Republican Party largely banded together to package much of Trump's domestic agenda into a single measure, which only Representatives Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania voted against. A block of Republicans who disagree with this initially opposed the July 3 procedural vote on the bill, which led to an hour-long overnight standoff. But Trump and Speaker Mike Johnson, a Republican from Louisiana, managed to win over all but one, which was the beginning of the final passage in the House of Representatives.
Throughout the process, Republican leaders knew that members of Congress would not ultimately say no to Trump — from the most conservative to the least ideologically and politically vulnerable. Republicans have often turned to Trump to help seal a deal on key votes. He regularly held meetings and called key lawmakers, from time to time threatening those who stood in the way of the bill on Truth Social.
Associated Press: What's in the Trump bill?
The nearly 900-page bill is an extensive compilation of tax breaks, spending cuts, and other Republican priorities, including new funds for national defense and deportations. Republicans say the bill is particularly important because after December, when the tax breaks from Trump's first term expire, there will be significant tax increases. The bill provides for about $4.5 trillion dollars in tax benefits.
Associated Press
New tax deductions for tips, overtime, and car loans will be temporarily added. There is also a deduction of $6,000 for seniors who earn no more than $75,000 per year, which is a reference to his promise to eliminate taxes on social security benefits. He will also increase the child tax deduction from $2,000 to $2,200. Millions of lower-income families will not receive the full deduction.
The ceiling on state and local deductions will quadruple to $40,000 for five years. This provision is important for New York and other states with high taxes, while Congress wanted the ceiling to last 10 years. Dozens of business-related tax benefits have emerged, including allowing companies to immediately write off 100% of the cost of equipment and research. According to an analysis by the House of Representatives, the richest households will receive an increase of $12,000, and the bill will cost the poorest segments of the population $1,600 per year, mainly due to cuts in medical and food aid.
The Washington Post: Trump's bill will increase the national debt
During his first term, Trump has increased the federal debt by about $8 trillion, made possible by tax breaks he took in his first term and emergency spending approved by Congress during the coronavirus pandemic. The second term began with the fact that billionaire Elon Musk promised to reduce the federal debt by reducing government spending by more than $ 1 trillion. But those efforts have come to naught, and the second tax cut is expected to add more than $4 trillion to the national debt when interest costs are factored in.
The Washington Post
Collectively, Trump's tax laws mark one of the most significant peacetime fiscal expansions in U.S. history. Economists disagree on the extent to which Trump has surpassed the deficit rampage of his predecessors, in part because no one knows how much revenue the White House will ultimately receive in the form of new tariff revenue.
Last year, the ratio of public debt to GDP was higher than at any time except for the Second World War, the consequences of the 2008 financial crisis or the coronavirus pandemic. Concerns about the deficit contributed to the downgrade of the U.S. credit rating by Moody's in May due to a lack of progress on the deficit. The White House strongly rejected the economists' criticism, saying that the new tax bill does not worsen the country's fiscal prospects and that the administration's agenda is generally improving them.
CNN: Trump is at the peak of his political power
Trump is expected to sign the bill at a July 4 ceremony at the White House, which will be accompanied by a flight of B-2 bombers that dropped bunker buster bombs on Iranian nuclear facilities last month. This spectacle only underscores how important these days were for the president, who is now, about six months into his second term, at the peak of his political power.
CNN
The Supreme Court's decision last week paved the way for an even wider use of executive power. His strikes on Iran's nuclear facilities appear to have created new momentum for a cease-fire agreement in Gaza. The NATO summit last week, prepared with his preferences in mind, led to new commitments on defense spending after years of pressure from Trump.
At home, Trump is leading an economy that continues to create jobs, despite continued anxiety over the threat of tariffs. His harsh immigration control tactics, which opponents condemn as inhumane, have reduced illegal crossings of the southern U.S. border to historic lows. According to Trump's detractors, his unshakeable power over the Republicans creates the image of a future authoritarian regime. However, for his supporters, the last two weeks have been an exciting culmination of his unlikely return to power and the rapid fulfillment of promises he made to his constituents last year.
The New York Times: Trump holds victory rally in Iowa
Trump held celebrations in the evening after his bill passed Congress. In his speech in Iowa, the jubilant president praised the bill and himself, claiming that it was fulfilling his campaign promises and transforming the American economy. Trump is now facing a difficult new phase: the sale of a bill that, according to polls, is generally unpopular with the American public, as Democrats constantly point out how he helps the rich at the expense of the working class.
The New York Times
The president, who spoke for just over an hour in sweltering heat, reminded his supporters of the executive orders he had signed, the trade deals he had negotiated, and the crackdown on immigration that he had overseen during his first five months in office. But it was precisely what he called his successes of the past two weeks — the US strikes on Iran's nuclear facilities, the increase in NATO military spending and the adoption of a political bill — that particularly pleased him.
At a rally in Iowa, the president's supporters welcomed his second term, with many particularly welcoming his efforts to restrict access to social services for illegal immigrants. Doug Leinen, a 65-year-old contractor from Omaha, said he was encouraged by the bill's measure to eliminate some taxes on tips, but he also acknowledged that he still had a lot to learn about this vast law.
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