House set to vote on Trump’s budget bill

House Speaker Mike Johnson says lawmakers are preparing to vote on President Donald Trump’s sweeping budget bill by tomorrow, with the President aiming to sign it by Independence Day.

(CNN)- House Speaker Mike Johnson says lawmakers are preparing to vote on President Donald Trump’s sweeping budget bill by tomorrow, with the President aiming to sign it by Independence Day. “We remain optimistic we’re gonna land this plane, so stay tuned,” Johnson told reporters on Monday.

The bill has drawn praise from many Republicans, who highlight tax breaks such as extensions of the 2017 Trump-era tax cuts, an increased child tax credit, higher standard deductions, and temporary relief on taxes for tips and overtime pay. President Trump has called the package “a bill that has something for everybody.”

Not everyone is on board. The nonpartisan Congressional Budget Office estimates the legislation could add trillions to the national deficit. Fiscal conservatives are raising concerns, with Rep. Ralph Norman (R-SC) warning, “We’re adding debt to our children and grandchildren.”

Republican leaders can only afford to lose three votes in the House to pass the bill. Some, including Rep. Chip Roy (R-TX), are already voicing frustration over the Senate’s handling of the legislation. “My colleagues in the Senate failed us,” Roy said.

Critics also point to how the tax cuts are distributed. The Tax Policy Center estimates that 60 percent of the benefit from the extended 2017 cuts would go to the wealthiest 20 percent of households — averaging $12,500 in savings. Middle-income households would receive about $1,800 on average, while those earning $35,000 or less would get just $150. Democrats are also slamming the bill for its impact on social programs. The CBO projects the plan would lead to millions losing health insurance and make it more difficult to access food stamps.

“Republicans are not the party of working-class Americans,” said House Minority Leader Hakeem Jeffries (D-NY). “They are the party of the wealthy, the well off, and the well connected. All of this is being done to provide massive tax breaks to their billionaire donors.”