Core Points - The "Big Beautiful" bill, pushed by President Trump, has passed the House of Representatives with a narrow margin despite strong opposition from Democrats [1][2] - The bill aims to extend and upgrade Trump's tax policies from his first term, proposing a $4 trillion tax cut and a $1.5 trillion spending reduction over the next decade [2][8] - The bill raises the federal debt ceiling by $5 trillion, which could increase the budget deficit by $3.4 trillion over the next ten years according to the Congressional Budget Office (CBO) [2][9] Summary by Sections Legislative Process - The House voted 218 in favor and 214 against the bill, with two Republican representatives voting against it alongside Democrats [2][5] - The debate preceding the vote saw Democratic leader Hakeem Jeffries set a record for the longest speech in modern House history at approximately 8 hours and 46 minutes [4] Economic Implications - Treasury Secretary Becerra indicated that the market shows investor support for the bill, suggesting it has fiscal prudence and could benefit economic growth [6] - The bill includes provisions to permanently extend tax cuts from 2017, exempt overtime pay and tips from taxation, and impose work requirements for Medicaid [3][8] Budgetary Changes - The Senate version of the bill differs from the House version by making tax cuts permanent and increasing military and border security spending [8] - The CBO estimates that the extension of tax cuts alone will result in over $4.5 trillion in spending costs over the next decade [8]