National Economic Council (NEC) Director Kevin Hassett anticipates the GOP tax bill will be approved by Congress by the start of summer.
What Happened: Hassett informed journalists at the White House of his expectations for the tax bill. He stated, “The hope is that the tax bill will be passed by the summer, early summer and so things are moving very, very quickly.” Hassett expects to "finalize the president's thoughts on the tax agenda" by next week, reported POLITICO.
Hassett’s timeline aligns with House Speaker Mike Johnson‘s aspirations to pass President Donald Trump‘s policy agenda by Memorial Day. However, this is an ambitious goal, considering the significant differences between Senate and House Republicans’ proposals to extend trillions of dollars in expiring tax cuts from Trump’s first term.
The GOP legislation also aims to deliver on Trump’s campaign promises by eliminating taxes on tips, overtime pay, Social Security benefits, and implementing other new tax cuts. These tax provisions are included in the “one big beautiful bill” that Trump envisions, which also covers energy, border, and defense policies — along with potential significant spending cuts that may affect Medicaid.
Last week, House Republicans passed a budget blueprint for the legislation before heading out of Washington for recess. Hassett also mentioned that the “Big Six” group, which includes himself, Johnson, Senate Majority Leader John Thune (R-S.D.), Treasury Secretary Scott Bessent, Senate Finance Chair Mike Crapo (R-Idaho), and House Ways and Means Chair Jason Smith (R-Mo.), has been holding regular meetings to discuss the details of Trump’s tax bill.
Why It Matters: President Trump’s ambitious tax plans could reduce federal revenue by $5 trillion to $11.2 trillion over the next decade, potentially increasing the nation’s debt, estimated the Committee for a Responsible Federal Budget. This plan includes extending tax cuts from the 2017 Tax Cuts and Jobs Act, expanding deductions, and providing targeted tax relief for specific groups.
In March, Congress found itself in a standoff over the federal budget, with House and Senate Republicans passing different budget measures to advance parts of Trump’s economic agenda. The impasse sets the stage for a prolonged battle over government spending, tax cuts, and the deficit.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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