Trump Tax Cut Bill Passes House, U.S. Federal Deficit Projected to Rise by $5.2 Trillion

Passed by a Narrow Margin of 215 to 214

A key tax bill aimed at fulfilling U.S. President Donald Trump's pledge to cut taxes has passed the House of Representatives.

According to major foreign media outlets such as AP Yonhap News on May 22 (local time), the U.S. House narrowly approved the "big and beautiful single bill" (a comprehensive bill reflecting President Trump's budget and tax cut agenda) by a vote of 215 to 214, sending it to the Senate.

AP Yonhap News

All Democratic members of the House voted against the bill, and two Republican members?Thomas Massie of Kentucky and Warren Davidson of Ohio?also broke ranks to vote no. There was one abstention.

The bill primarily seeks to extend key provisions of the 2017 tax cuts that are set to expire at the end of this year, including reductions to individual income tax rates, a lower corporate tax rate ceiling, and expanded standard income and child tax credits. It also includes tax exemptions for tips and overtime pay, as well as tax credits on loan interest for purchasing American-made vehicles?measures President Trump promised during his last election campaign.

House Speaker Mike Johnson, a Republican, stated, "Nothing is easy in Congress, especially when you are short on seats. But we are going to land this plane and get this done, and I am proud of what we have achieved together," adding, "In the end, every member of Congress will be able to be proud of this bill. This is truly a nation-shaping piece of legislation."

In contrast, Democrats condemned the bill, arguing it would have a devastating impact on America's poor. House Democratic Leader Hakeem Jeffries sharply criticized, "This Republican tax scam will cause nearly 14 million people to lose their health insurance and force millions more to pay higher out-of-pocket costs, premiums, and deductibles," adding, "Hospitals and nursing homes will close, and people across your districts will lose their lives."

Major foreign media explained that "this 1,000-page bill repeals several clean energy incentives passed under former Democratic President Joe Biden and tightens eligibility for health and food assistance programs for low-income Americans," outlining the reasons for Democratic opposition. Concerns have also been raised about the risk to tax revenues as government spending is cut while tax reductions are extended. The Congressional Budget Office (CBO) projected that if the bill is finalized in the Senate, the U.S. federal deficit?currently at $36.2 trillion (about 5 quintillion won)?will increase by an additional $3.8 trillion (about 5,249 trillion won) over the next decade.