"I'm just a bill. Yes, I'm only a bill. And I'm sitting here on Capitol Hill." As the Schoolhouse Rock song goes, so it may seem it goes with President Donald Trump's "Big Beautiful Bill."
Of course, the tax, spending and policy megabill hasn't just been sitting on Capitol Hill since House Republicans passed it by their Memorial Day deadline. Senate Republicans have been working to find common ground ever since. But now they are running up against another self-imposed deadline to hand the bill over to Trump to sign into law by July 4.
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Below, we've collected the items that will likely have the biggest impact on your lives and your dollars. The biggest among them: extending the 2017 tax cuts, which amounts to about $3.7 trillion that federal government won't have in its coffers over the next 10 years. Proposed cuts to programs would save about $1.3 trillion, according to a June 17 Congressional Budget Office report.
Three in 5 Americans will continue to have lower federal taxes, which will drive our national debt higher. Within 10 years, this bill alone could ultimately add $3.3 trillion to the current $29 trillion national debt held by the public, according to the CBO.
