Trump's new taxes deadline: The 4th of July

Top White House and congressional officials announced on Monday a new deadline for passing President Trump's big tax promises — July 4.Why it matters: It gives a little more room than House Speaker Mike Johnson's (R-La.) aggressive Memorial Day deadline. But there are still major decisions that need to be made, and quickly.Johnson and Senate Majority Leader John Thune (R-S.D.), along with Treasury Secretary Scott Bessent, National Economic Council director Kevin Hassett, Senate Finance Chair Mike Crapo (R-Idaho) and House Ways and Means Chair Jason Smith (R-Mo.), all huddled for about an hour on Monday to discuss the budget reconciliation package. The bill will raise the debt ceiling, extend 2017 tax cuts, provide additional tax cuts, supply hundreds of billions of dollars in border and defense funds and slash federal spending. Zoom in: Over the two-week Easter recess, staffers for Crapo and Smith met consistently to write up the details for the tax provisions of the bill.There is broad GOP agreement on extending the 2017 tax cuts and other Trump campaign promises, like no tax on tips.Other issues could get dicey, including raising the cap on the SALT deduction. The depth of cuts to the Inflation Reduction Act is an ongoing discussion between the chambers, per Bessent.Finding more than $1 trillion worth of spending cuts to help pay for the bill is sure to be the biggest headache, with moderates in both chambers insisting that Medicaid be preserved.What to watch: The most serious deadline for passing the package is the debt ceiling X date, which people expect to hit in August or September."We do not have a new X date yet," Bessent told reporters after the meeting. "We are still taking in revenues. ... We may have a better calculation toward the end of the week or next.""The U.S. will never miss the X date," Bessent added.

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