President Trump is pushing for the swift passage of the "Big Beautiful Tax Bill," with a new timeline set for July 4. Initially, Republicans aimed to finalize the bill by Memorial Day, but the deadline has been extended, according to the Washington Examiner Republican Speaker Mike Johnson of Louisiana expressed optimism on Monday, stating, "I think the bill can be voted on by Memorial Day to make it out of the House of Representatives." Following this, the bill will proceed to the Senate, where Senate Majority Leader John Thune of South Dakota concurred with the July 4 timeline for completion and delivery to the President's desk.

The bill seeks to solidify tax cuts from President Trump's first term, which are set to expire this year. It also proposes eliminating taxes on tips, overtime, and Social Security payments. Additionally, the legislation aims to increase defense and border security spending while raising the debt ceiling.

However, the bill faces challenges over spending cuts. The House is advocating for substantial cuts totaling $1.5 trillion, whereas the Senate is proposing a more modest $4 billion in reductions. A significant portion of these cuts is expected to affect Medicaid, a contentious issue that will require careful negotiation.