Trump's Big Bill Passes House 218-214 Adding $3.3 Trillion to National Debt

President Donald Trump’s landmark tax-and-spending legislation, dubbed the “Big Beautiful Bill,” successfully navigated through Congress on July 3, following a tight 218-214 vote in the House of Representatives. The bill had previously cleared the Senate earlier in the week. Two Republican representatives, Brian Fitzpatrick of Pennsylvania and Thomas Massie of Kentucky, joined Democrats in opposing the measure.

The legislation, which includes tax reductions for individuals and businesses, increased discretionary spending, and cuts to safety-net programs, is projected to add $3.3 trillion to the national debt over a decade. The bill now awaits President Trump’s signature at the White House.

One notable aspect of the bill is the absence of proposed crypto tax amendments aimed at benefiting stakers, miners, and digital asset holders. Despite efforts by Senator Cynthia Lummis and other proponents, these crypto-specific measures were excluded due to time constraints during the bill’s final negotiations. This omission suggests that the regulatory environment for cryptocurrencies may remain uncertain, which could impact market sentiment and the adoption of cryptocurrencies in the US.

The bill’s focus on tax cuts and spending reductions could have broader economic implications. The legislation allocates significant funds for defense and immigration enforcement while expanding work requirements for able-bodied adults receiving federal assistance. These provisions could lead to changes in government spending and fiscal policy, potentially affecting the overall economic landscape and the demand for Bitcoin as a store of value.

The passage of the bill is a significant victory for Trump and the Republican Party, who have been advocating for tax reductions, immigration enforcement, and deep Medicaid cuts as part of their second-term agenda. However, the narrow House vote and the bill's projected impact on the national debt have raised concerns about its long-term sustainability and potential economic consequences. The bill's passage marks a pivotal moment in US fiscal policy and could have far-reaching implications for the cryptocurrency market and the broader economy.