Trump advances spending cuts to Medicare, tax bill within reach
- Alexangel Ventura
- 2 days ago
- 2 min read
President Trump joined forces with members of the GOP congressional caucus to advance cuts to Medicare, while making progress in a monumental tax bill.
The House Budget Committee, led by Representative Jodey Arrington and co-chaired by Democratic Representative Brendan Boyle (consisting of 21 Republicans and 16 Democrats) voted on Sunday night to approve President Trump's Medicare cuts after intense negotiations with several wings of the Republican Party and some Democrats who showed fierce resistance to the president's budget cuts. These budget cuts, according to several members of the committee, is expected to strip away benefits from millions of Americans in an effort to balance the federal budget and pay for the president's massive tax cuts. The committee's late night vote also ushered in the opportunity for a broadened house vote over the president's "big, beautiful bill" which would implement a series of tax cuts on the middle-class.
These new economic reforms are a response to Trump's victory in the 2024 election, in which many Americans voted for him trusting in his authority to receive major tax cuts and a federal reduction of the deficit which has heightened the national debt. These reforms have been argued by Republicans to allow for the free expansion of domestic business which they believed was restricted by high taxes and regulations. However, many Democrats are arguing that these cuts would benefit the wealthy who do not receive Medicare benefits, and will receive the majority of the benefits of the tax cuts over the lower and middle classes.
But, the possibility of a bill is still inconclusive. Speaker Mike Johnson stated that more time is necessary for a bill to be produced, as a general vote in Congress will require more revisions to compromise and will also include fiercer opposition from House Democrats and some liberal Republicans.
Stocks Monday morning reacted negatively to the news as investors fear that these budget cuts could have a fatal impact on millions of Americans' bank accounts.
