President Trump signed his sweeping tax cut and spending bill into law on the Fourth of July, capping a monthslong push that saw just five Republican lawmakers break ranks to oppose the legislation. The historic bill includes some $1 trillion in federal cuts to Medicaid over a decade and is expected to result in some 17 million people losing health insurance. It makes the largest-ever cuts to food assistance benefits, could cause the closure of nursing homes and rural hospitals across the U.S., will raise housing and energy costs and will supercharge Trump’s crackdown on immigrants, all while extending Trump’s 2017 tax cuts for the rich and delivering massive new tax benefits for the wealthiest Americans. The Congressional Budget Office says it will add $3.3 trillion to the national debt by 2034. New York Congressmember Alexandria Ocasio-Cortez spoke out against the bill ahead of its final passage in the House on Thursday.
Rep. Alexandria Ocasio-Cortez: “This bill is a deal with the devil. It explodes our national debt, it militarizes our entire economy, and it strips away healthcare and basic dignity of the American people. For what? To give Elon Musk a tax break and billionaires the greedy taking of our nation. We cannot stand for it, and we will not support it. You should be ashamed.”
We’ll have more on Trump’s historic legislation after headlines.