US President Donald Trump has secured a significant shift in economic policy after the House passed a $3.4 trillion fiscal package. The bill slashes taxes, reduces spending on social welfare programs, and reverses key climate change initiatives introduced by Joe Biden’s administration.
The 218-214 vote in the House sent the legislation to Trump, meeting his July 4 deadline. After protracted negotiations, House leaders managed to persuade a small group of holdouts to support the bill, keeping earlier procedural votes open for several hours.
Source: https://www.bloomberg.com/news/articles/2025-07-03/trump-wins-economic-policy-shift-as-house-passes-one-big-beautiful-tax-bill