Republicans Face Internal Disagreements Over Trump’s Tax and Spending Bill
Lawmakers are working to pass President Trump’s tax and spending bill by Memorial Day, but internal GOP disagreements could delay progress. Key issues include:
- Budget hawks demand larger cuts to offset a projected $4.5 trillion decrease in federal tax revenue over a decade from proposed tax cuts.
- The bill proposes at least $1.5 trillion in spending cuts.
- A coalition of Republicans opposes clawbacks of funding and limits on tax credits from the Inflation Reduction Act.
- House Ways and Means Committee Chair Jason Smith indicated finalization is close, while other committee members suggest early June as a more realistic timeline.
Given this focus, significant advancements in crypto legislation are unlikely in the near term.