House Republicans to Revive Trump's 'Big, Beautiful' Tax Cut Bill

The U.S. House of Representatives, led by Republicans, plans to revisit legislation to extend President Trump's tax cuts. This $5 trillion proposal has faced delays due to party hardliners. While Trump praises progress, challenges remain as it aims to add trillions to national debt and negotiations unfold.

The Republican-dominated U.S. House of Representatives will make another attempt on Thursday to advance legislation aimed at extending President Donald Trump's tax cuts, following delays from internal party concerns over insufficient spending reductions.

A leadership source stated that the House anticipates voting on this $5 trillion tax cut proposal, which is projected by nonpartisan analysts to increase federal debt by $5.7 trillion over the next decade. This legislative effort marks the beginning of what is expected to be prolonged negotiations between Senate and House Republicans on the bill's specifics.

President Trump expressed optimism on Truth Social, lauding the 'Big, Beautiful Bill' as a significant step towards achieving the biggest tax cuts in U.S. history. The proposal also includes additional cuts that could push its cost to over $11 trillion. Concurrently, congressional Republicans plan to link this measure to raising the federal debt ceiling to avoid defaulting on the nation's $36.6 trillion debt.

(With inputs from agencies.)