{"id":56315,"date":"2025-05-21T16:06:18","date_gmt":"2025-05-21T16:06:18","guid":{"rendered":"https:\/\/prosfunds.com\/?p=56315"},"modified":"2025-05-21T16:06:19","modified_gmt":"2025-05-21T16:06:19","slug":"johnson-hails-deal-on-3tn-trump-budget-bill-but-republican-hardliners-hold-out","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=56315","title":{"rendered":"Johnson hails deal on $3tn Trump budget bill but Republican hardliners hold out"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\">Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=74086af5-d66c-4ea4-9fe8-6b2fec737f9d&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Mike Johnson, Speaker of the US House of Representatives, said he had reached an agreement on a key obstacle to Donald Trump\u2019s showpiece fiscal legislation on Wednesday but the deal was swiftly threatened by Republican hardliners.<\/p>\n<p>Johnson said he would take the $3tn-plus bill to the floor of the House of Representatives, where the Republicans have a slim 220 to 213 majority, as soon as Wednesday, after striking an agreement with party holdouts over state tax deductions.<\/p>\n<p>\u201cWe plan to do it tonight if possible,\u201d he said. <\/p>\n<p>But the deal drew immediate criticism from fiscal conservatives, who have pushed for steeper cuts to state-backed healthcare spending and clean-energy tax credits.<\/p>\n<p>Andy Harris, the chair of the far-right House Freedom Caucus, told Newsmax that the bill \u201cactually got worse\u201d after late-night negotiations and said there was \u201cno way\u201d it would pass on Wednesday. Ralph Norman of South Carolina also signalled his discontent.<\/p>\n<p>Global markets have been watching progress of the bill, amid warnings from economists about the US\u2019s growing fiscal deficit and signs of anxiety in the bond markets about the country\u2019s debt burden.<\/p>\n<p>Longer-dated Treasury yields rose as traders bet that the budget bill would lead to a surge of issuance in government debt. The 30-year Treasury yield rose 0.05 percentage points on Wednesday to 5.02 per cent.<\/p>\n<p>A number of Republican lawmakers from high-tax states had threatened to derail the passage of the legislation, which the president has called his \u201cbig, beautiful bill\u201d and includes sweeping tax breaks and deep cuts to spending programmes such as Medicaid.<\/p>\n<p>But on Wednesday, Johnson said that an \u201cagreement\u201d had been reached over raising the cap on the amount of state and local taxes, known as Salt, that can be deducted from federal levies.<\/p>\n<p>\u201cI think the Salt caucus, as they call themselves, it\u2019s not everything they wanted, but I think they know what a huge improvement that is for their constituents and it gives them a lot to go home and talk about,\u201d Johnson said.<\/p>\n<p>The legislation would need to be subsequently passed by the Senate, which is also controlled by the Republicans. Democrats in both chambers are expected to vote against the bill.<\/p>\n<p>Johnson had spent the night trying to unite the warring factions within the House Republican conference on a host of issues in the legislation.<\/p>\n<p>To earn the votes of a handful of Republicans in New York, New Jersey and California, Johnson offered to raise the Salt deduction cap to $40,000 with certain income limits. Harris, the Maryland Republican, said the offer \u201cupset a lot of conservatives\u201d.<\/p>\n<p>The bill would be the centrepiece of Trump\u2019s legislative agenda in his second term in office and extend many of the tax cuts he delivered in 2017.<\/p>\n<p>Its passage would mark a big political victory for the president, whose approval ratings have been languishing following weeks of market turmoil triggered by his trade war.<\/p>\n<p>Trump himself went to Congress on Tuesday to try to quell a pocket of Republican opposition to the bill.<\/p>\n<p>But its proposed tax cuts have also spooked investors who are concerned that the bill would increase the US\u2019s debt burden and damage its fiscal position. Some Republicans have sought deeper tax cuts, while others have called for more spending to be slashed. <\/p>\n<p>It would also extend individual income tax cuts, as well as an increased standard deduction and child tax credit, as well as slashing taxes on tips and overtime pay, as Trump pledged on the 2024 campaign trail. \u00a0<\/p>\n<p>The non-partisan Committee for a Responsible Federal Budget estimates the bill will increase US national debt by more than $3.3tn over the next decade. <\/p>\n<p>This would increase the federal government debt held by the public from about 98 per cent of GDP today to a record 125 per cent of GDP by the end of that period, according to the committee.<\/p>\n<p>Moody\u2019s last week stripped the US of its triple-A credit rating on fears of the ballooning deficit, and long-term Treasury yields have risen.\u00a0<\/p>\n<p>Trump has tried to appeal to moderates by saying the bill does not cut anything \u201cmeaningful\u201d, just \u201cwaste, fraud and abuse\u201d.\u00a0<\/p>\n<p>Russell Vought, director of the Office of Management and Budget, has said the legislation includes the most significant spending cuts in the past three decades. However, conservatives have pushed for more cuts.\u00a0<\/p>\n<p>During his Tuesday meeting with the lawmakers Trump \u201cmade it clear he wants us to pass this bill\u201d, Dusty Johnson, a South Dakota Republican, told the Financial Times. \u201cHe wants us to quit screwing around.\u201d <\/p>\n<p><em>Additional reporting by Kate Duguid<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/74086af5-d66c-4ea4-9fe8-6b2fec737f9d\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington, business and the world Mike Johnson, Speaker of the US House of Representatives, said he had reached an agreement on a key obstacle to Donald Trump\u2019s showpiece fiscal legislation on Wednesday but the deal was swiftly threatened [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":56316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-56315","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Johnson hails deal on $3tn Trump budget bill but Republican hardliners hold out | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the White House Watch newsletter for freeYour guide to what Trump\u2019s second term means for Washington, business and the worldMike Johnson, Speaker\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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