Republican leaders are working to pass a sweeping legislative package advancing former President Donald Trump’s agenda, aiming for his signature by July 4. The effort includes trillions of dollars in tax cuts, defense, energy, immigration, and border security measures.

“This one big, beautiful bill” should be ready by Independence Day, said House Ways and Means Committee Chair Jason Smith. A key component is extending Trump’s 2017 Tax Cuts and Jobs Act (TCJA), along with eliminating taxes on tips, overtime, and Social Security benefits for retirees.

To fund the changes, House Republicans are debating $1.5 trillion in spending cuts, including proposed reforms to Medicaid and clean energy programs. Some GOP lawmakers from moderate districts have raised concerns over potential impacts on healthcare.

Treasury Secretary Scott Bessent emphasized the administration’s focus on tax, trade, and deregulation, calling the tax package a top priority. Lawmakers hope to use budget reconciliation to bypass Senate filibuster rules, requiring only 51 votes.

Although Republicans initially aimed to finalize the bill by Memorial Day, Speaker Mike Johnson has shifted that target to early summer. Lawmakers are also racing to act before the TCJA expires and to avoid a potential federal default as the debt ceiling looms.