House passes Trump-backed budget bill, setting stage for tax cuts

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Wed, Feb 26, 2025, 8:24 AM

House Republicans' budget bill has secured passage by a narrow margin, winning approval with a 217-215 vote. This sweeping legislation encompasses $4.5 trillion in tax reductions spanning the next decade, paired with $2 trillion in federal spending cuts and a substantial $4 trillion elevation of the debt ceiling.

Yahoo Finance Senior Columnist Rick Newman dissects the details of this budget package, exploring how it weighs on Medicaid and benefit programs for Americans.

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This post was written by Angel Smith