The U.S. House of Representatives moved forward with President Trump’s tax bill on Thursday (July 3, 2025), following a dramatic night of voting that nearly derailed due to Republican defections. The House passed the legislation by a vote of 219-213, marking a crucial step toward final debate and a potential win for Republican leadership aiming to advance the agenda of Trump’s second term.
American futures contracts barely budged after the news. S&P 500 futures rose 0.16%, Nasdaq 100 futures climbed 0.25%, and Dow Jones Industrial Average-linked futures added 0.12%.
The vote to begin debate in the deeply divided House was not without drama, filled with behind-the-scenes deals, shifting alliances, and last-minute negotiations. Ultimately, House Speaker Mike Johnson managed to push the bill forward, losing only a handful of members in a largely party-line vote.
“It was a long, productive day. We talked with members across the conference and made sure everyone’s concerns were addressed… and their questions answered. It was a good day. We are in a good place right now,” Johnson told reporters late Wednesday night (July 2, 2025), before the vote that secured the deal.
Meanwhile, Trump lashed out at members of his own party during the night, posting on Truth Social: “FOR THE REPUBLICANS, THIS WILL BE AN EASY YES VOTE. RIDICULOUS!!!”
Democrats oppose the legislation over objections to cuts in social welfare programs and perceived benefits for the ultra-wealthy. Republican lawmakers have accused the opposition of fearmongering.
“The top 1% are drooling to get an extra $300,000 annually because of this dangerous bill,” said Gabe Amo, a Democratic member from Rhode Island, during floor debate. “Billionaires win. Seventeen million Americans will lose their health insurance.”
The final vote is expected around 05:30 a.m. Greece time, according to Reuters. The debate will be followed by a vote on the final bill, which extends the 2017 tax cuts, allocates more funds for border security, and simultaneously cuts programs for healthcare and food assistance for the poor.
Once the bill passes the House once more, it will head to Trump’s desk, where he has long sought to sign the package into law.