Trump Sets July 4 Deadline For His ‘One Big, Beautiful’ Tax Bill — But GOP Unity Still Elusive

President Donald Trump defended his tax bill, dubbed the “one big, beautiful bill,” urging his partymen to pass it expeditiously and send it to his desk before July 4. 

His rallying call comes even as the House narrowly passed the bill, which is now headed toward the Senate for clearance. The bill's fate hangs in limbo as Republican senators are divided over several of its provisions, including the Medicare cut it envisages.

In a Truth Social post late Monday, Trump said, “With the Senate coming back to Washington today, I call on all of my Republican friends in the Senate and House to work as fast as they can to get this Bill to MY DESK before the Fourth of JULY.”

The president said the bill marks a massive step to balance budget by “enacting the largest mandatory Spending Cut, EVER, and Americans will get to keep more of their money with the largest Tax Cut, EVER, and no longer taxing Tips, Overtime, or Social Security for Seniors — Something 80 Million Voters supported in November.”

He said the tax bill will expedite permitting for energy and refilling strategic petroleum reserve (SPR) and make American travel “Great again” by purchasing the final Air Traffic Control System. 

The “Golden Dome” project, securing borders, and deportation of undocumented immigrants are all part of the provisions.

Trump also said, “It will kick millions of Illegals off Medicaid, and make sure SNAP is focused on Americans ONLY!”

Through the bill, the president seeks to cancel the electric vehicle (EV) tax credits implemented by the Biden administration. 

Given that GOP has only 53 votes in the Senate, support from the party may not suffice to get the bill across the finish line. An Independent report said the Republicans planned to use “budget reconciliation,” a process that ties the bill to the budget and allows passage with only 51 votes. 

Therefore, the senators are expected to make changes to the bill, which would require it to be routed back to the House for its approval of any potential changes.

The House Republicans have urged their counterparts in the Senate to leave the bill's provisions largely unchanged. According to Bloomberg, Rep. Jason Smith (R-Mo.), a ranking member of the House Budget Committee, said, “I would encourage my counterparts to be very balanced, not too drastic.”

Trump has reportedly touched base with GOP Congressmen over the bill. Sen. Josh Hawley (R-Mo.) said in a post on X on Monday that he had a great talk with the president about the bill and was assured of no cuts to Medicaid benefits.

Sen. Ron Johnson (R-Wis.), a holdout, reportedly said Trump spoke with him and urged him to support the bill. The senator has demanded $5.5 trillion to $6.5 trillion in spending cuts to balance the budget.

The tax bill, which also envisages raising the U.S. debt ceiling, is key for the U.S. to sidestep a potential default. The Treasury Department estimates that the country will exhaust its borrowing capacity by August or September.

The Invesco QQQ Trust (QQQ) ETF and the SPDR S&P 500 ETF (SPY) are up 2.5% and 1.4% this year, respectively.

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