By Grace Vuoto
At last, Speaker Mike Johnson and the Republican majority passed “One Big Beautiful Bill” through the House on Thursday with a 215-214 vote. President Donald Trump celebrated the good news by posting that this is “the most significant piece of legislation that will ever be signed in the History of our country.” Granted this a hyperbolic assessment; but the bill does indeed reflect the America First economic principles he campaigned on. If passed by the Senate and eventually signed into law, it will buoy the economy and entrench conservative budget priorities. It will lead to great prosperity.
The two most important provisions in the bill are the extension of the 2017 tax cuts that were set to expire and will now be made permanent, along with the fact that the corporate tax rate remains at 21 percent. By providing clarity on tax policy, the bill allows consumers and corporations to plan accordingly—and unleash the creative energies and dynamism that drive growth. The message is simple: power is given to consumers and businesses to be the masters of their own destiny.
In tandem with Trump’s energy policies—a reversal of the climate change agenda of the Biden years—these tax provisions are the key ingredients needed to recreate the prosperity of the first Trump presidency, prior to the outbreak of the pandemic. Americans placed Trump in office to curtail inflation and restore the economy of Trump 1.0. This bill sets the stage for a similar outcome.
In addition, the bill provides no taxation on tips and overtime, and tax breaks for the purchase of American-made cars—these reflect Trump’s vision to empower laborers and support American manufacturing. Contrary to Democratic spin that the GOP cares only for the rich, such provisions directly impact the working and middle class. The GOP will continue to attract more blue-collar voters with these measures—and thus further erode the Democratic base.
The bill prioritizes the nation’s defenses by injecting $150 billion dollars in this area. Thus, we can fund the Golden Dome to defend the homeland and also support our Navy with money for shipbuilding. An additional $12 billion is provided for states to help them enact Trump’s border policies. Hence, taxpayer dollars are given to our nation’s defenses, the needs of our military community and our border—all top conservative values.
Johnson further boasts that the legislation provides $1.5 trillion in spending cuts, reforms Medicaid by enforcing a work requirement by 2026, bolsters health savings accounts and attempts to adjust the federal government’ s student loan program. There is therefore an attempt to curtail the rampant waste, fraud and abuse in existing government programs.
In short, many cardinal conservative values can be found in these initiatives: permanent lower taxes, funds for law and order, spending cuts and modest entitlement reform. This is far better than the alternative we have had for years: funds diverted primarily to special interests, boutique causes celebrated and illegal aliens supported ahead of citizens and veterans. Instead, this bill provides resources for the seminal defenders of our security and the producers of our wealth.
But this might not be enough for GOP Senators. Some argue that the bill is irresponsible and will add $3.3 trillion to the national debt over 10 years. There also concerns that the debt ceiling would be increased by $4 trillion by August.
Kentucky Sen. Rand Paul blasted the bill on Fox News Sunday, declaring the cuts are “wimpy and anemic;” he fears the bill will “explode the debt” and “the math doesn’t add up.” Wisconsin Sen. Ron Johnson expressed similar concerns on CNN's "State of the Union.” He believes there is enough opposition in the Senate to halt the bill.
This is our moment," Johnson said. "We have witnessed an unprecedented level of increased spending. This is our only chance to reset that to a reasonable pre-pandemic level."
Yet is this really “our moment” to enact even bolder cuts? GOP Senators who hold up the process by now demanding fiscal responsibility would, in effect, be sabotaging Trump. He and billionaire entrepreneur Elon Musk have already gone as far as the public is willing to go with spending cuts. Musk received fierce hatred and blowback as he led the Department of Government Efficiency (DOGE). No political leader has done more to cut government waste than the current president. The “moment” has been seized and we have reached its zenith.
Now, it is imperative that the Senate not enact too many changes to the bill, otherwise a compromise measure might not get through the House that has a shaky coalition. Too much tampering could result in ultimately killing it altogether.
Instead, GOP Senators must realize that this bill is essential to economic growth. There is currently a high level of uncertainty and turbulence stemming from Trump’s fitful tariff policies and interest rates remain high, stifling growth. Hence, if the “One Big Beautiful Bill” does not proceed, we are left with the worst of all possible worlds: the remnants of the malevolent aspects of the Biden economy, the threat of tax increases becoming a reality and the uncertainty of a new tariff regime. It is like asking a master chef to make a gourmet meal but giving him a dirty kitchen and rotten ingredients. It is a recipe for failure.
Speaker Johnson delivered a big win for Trump. While not a perfect bill, it provides the priceless task of resetting the economy according to free-market and patriotic values. If we light the capitalist engine now, we will have the prosperity later to pay down our debt and reduce our deficit. We will have the luxury to do so. Yet, if the GOP overreaches now, they risk dealing a devastating blow to Trump’s economic agenda, leaving us with a hodgepodge of incoherent, contradictory economic policies that will only result in stagnation.
Why court defeat when a great victory is so near at hand?
-Grace Vuoto, Ph.D. is a political commentator and columnist. She can be heard Wednesday mornings at 9:00 am on The Kuhner Report WRKO-AM 680.
Photo courtesy of Kevin Dietsch / Getty Images News / Getty Images