Core Points - The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill with a vote of 218 in favor and 214 against, raising concerns about increasing fiscal deficits and debt risks in the U.S. [1] - The bill, a key legislative agenda for President Trump upon his return to the White House in early 2025, aims to extend tax cuts for corporations and individuals introduced in 2017, including tax exemptions for tips and overtime pay, with a primary focus on lowering corporate taxes [1] - Critics argue that the bill will lead to cuts in federal aid, increase long-term debt, and provide tax cuts for the wealthy and large corporations, potentially resulting in a significant increase in the U.S. deficit by approximately $3.3 trillion over the next decade [1][2] - The Manhattan Institute's senior researcher highlighted that this could be the most expensive piece of legislation since the 1960s, exacerbating existing debt levels and making it harder for lawmakers to control future debt [1] - The U.S. national debt has reached $36.2 trillion, and the bill is expected to further expand the structural deficit, impacting future generations [2] - The bill was previously passed by the Senate and is set to be signed into law by President Trump on July 4, coinciding with Independence Day [2]

Core Viewpoint - The U.S. House of Representatives is set to pass the "Big and Beautiful" tax and spending bill pushed by President Trump before the July 4 deadline, as stated by House Speaker Mike Johnson [1] Group 1 - House Speaker Mike Johnson emphasized the commitment to complete the bill, stating, "Our way is to stick to it and finish it" [1]