House Speaker Mike Johnson Pushes Forward Trump's Contentious Tax Bill

House Speaker Mike Johnson announced his intention to bring President Donald Trump's substantial tax and spending bill to a vote by Wednesday night. This decision signals progress in overcoming Republican objections that jeopardized the bill's approval. Johnson, after discussions with Trump and opposing Republicans at the White House, expressed optimism about resolving the issues.

Among the changes to the bill are new work requirements for Medicaid and adjustments to state and local tax deductions. Despite efforts to appease dissenters, it's uncertain if these changes will sway those Republicans demanding further spending cuts. The proposed legislation would extend key tax cuts, introduce new tax breaks, and increase allocations for military and immigration enforcement, all while ending numerous green-energy subsidies.

The Congressional Budget Office projects the bill would add $3.8 trillion to the U.S. debt over the next decade. The bill's impact on the national debt has sparked concerns amid recent downgrades from credit rating agency Moody's. The proposed bill, with a debt ceiling increase, sets the stage for rigorous Senate debate and potential alteration.

(With inputs from agencies.)