🏛️ Overview & Process

• Introduced as H.R. 1 in the 119th Congress (May 16, 2025) by Rep. Jodey Arrington.
• Passed the House narrowly, 215–214–1, on May 22, 2025 svd.se+15en.wikipedia.org+15nypost.com+15.
• Senate approved the revised bill 51–50, with Vice President J.D. Vance casting the tie-breaking vote nypost.com+3svd.se+3time.com+3.
• Now awaits Trump’s signature—aiming for enactment around July 4, 2025 theguardian.com+12svd.se+12time.com+12.

💰 Major Tax & Benefit Provisions

• Permanently extends the 2017 Tax Cuts and Jobs Act (TCJA) nypost.com+4en.wikipedia.org+4theguardian.com+4.
• Introduces new tax-free deductions: tips, overtime, domestic car loan interest, with provisions set to expire around 2028 washingtonpost.com+13waysandmeans.house.gov+13theguardian.com+13.
• Raises Child Tax Credit to $2,200–$2,500, and enhances Standard Deduction up to ~$31,500 for married couples waysandmeans.house.gov.
• Adds a $6,000 deduction for seniors and introduces “MAGA savings accounts” ($1,000 per child) en.wikipedia.org.

🇺🇸 Defense & Border Security

• Adds $150 billion to military funding, including drones and defense systems en.wikipedia.org+1en.wikipedia.org+1.
• Allocates roughly $70 billion for border security: ~$46 billion for wall infrastructure, additional $4–5 billion for staffing and surveillance en.wikipedia.org+12en.wikipedia.org+12houstonchronicle.com+12.

🩺 Healthcare & Social Safety Nets

• Enacts substantial cuts to Medicaid and SNAP, with new work requirements reducing coverage by around 10 million people whitehouse.gov+6theguardian.com+6en.wikipedia.org+6.
• Medicaid oversight stripped—no expanded federal standards—possibly diminishing transparency and access .
• Introduction of work conditions for Medicaid/food stamp recipients ages 18–49 .

🌱 Energy & Environmental Adjustments

• Rolls back many clean-energy incentives from the Inflation Reduction Act washingtonpost.com+2en.wikipedia.org+2theguardian.com+2.
• Senate version curbed some provisions, but overall incentives are significantly reduced .

🤖 AI & Regulatory Measures

• Imposes a 10-year ban on state-level AI regulation, provoking bipartisan criticism indiatimes.com+2en.wikipedia.org+2nypost.com+2.
• Senate Parliamentarian removed some extraneous measures under the Byrd Rule, but core language remains en.wikipedia.org.

📉 Fiscal & Economic Impact

• Adds approximately $2.4–$3.3 trillion to the federal deficit over the next decade en.wikipedia.org+8en.wikipedia.org+8time.com+8.
• The CBO and other analysts indicate around 10–11 million Americans may lose health coverage en.wikipedia.org.
• Credit agencies, including Moody’s, have warned of a potential debt rating downgrade washingtonpost.com.
• Critics claim it accelerates wealth transfer upward, with regressive impacts on lower-income groups .

🗣️ Political & Public Response

• Elon Musk labeled it “a hateful monstrosity” and threatened to form a new party .
• Democratic leaders like Schumer and AOC harshly criticized it as “war on the American public” indiatimes.com.
• Mixed reception even within the GOP—some moderate Republicans opposed specific cuts, though most lined up behind tax and defense boosts thetimes.co.uk.
• National polls show around 64% unfavorable ratings, with concern particularly over health and welfare provisions .

📌 Summary Table

What Happens Next?

1. Trump is expected to sign it soon, likely around July 4, 2025.
2. Administration will implement the tax, defense, and deduction changes.
3. Legal challenges and advocacy efforts will likely intensify around the healthcare cuts and AI ban.

This is arguably Trump’s most sweeping legislative package: combining tax reforms, enforcement, spending, and regulatory rollback into one reconciliation vehicle.