House Republicans narrowly passed President Trump’s budget blueprint with a 216-214 vote on Thursday, marking a significant win for his legislative agenda after he paused some tariffs a day earlier.
The vote unlocks a fast-track procedure for legislation that would extend expiring tax cuts, implement additional tax reductions, and increase border security and defense spending.
While Republicans agree on extending Trump’s first-term tax cuts and boosting funding for border security and defense, they remain divided on specific spending cuts, particularly regarding Medicaid. The House plan requires at least $1.5 trillion in spending cuts and allows $4 trillion in tax cuts, while the Senate version includes just $4 billion in cuts but allows over $5 trillion in tax reductions.
Democrats criticized the plan, with Leader Hakeem Jeffries arguing it would worsen America’s affordability crisis by targeting essential benefits for tax cuts that primarily benefit the wealthy.
EURUSD (D1)
EUR/USD extends its gains and approaches previous highs as Trump’s plan passes through the House.
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