House Speaker Mike Johnson (R-LA) underscored the need to extend President Donald Trump‘s tax cuts in Congress’s budget bill, warning that the biggest tax increase “in U.S. history” would occur at the end of the year if the House’s resolution fails.
House Republicans scored a major win on Tuesday night when they approved a budget framework combining all of the party’s priorities into “one big, beautiful bill,” something Trump has called for to enact his vision for the nation. However, there is debate within the Senate over extending Trump’s tax cuts amid possible cuts to Medicaid, the latter of which could happen due to the structuring of the House’s budget framework.
Johnson was pressed on whether House and Senate Republicans could find common ground on the bill, to which the House speaker predicted success for the party, warning that extending the tax cuts is imperative.
“If we fail in this mission, everyone will see the largest tax increase in U.S. history at the end of this year when the Trump era tax cuts expire,” Johnson explained on Fox News’s Hannity. “We have to extend them. We’ve got to get back to energy dominance. We’ve got to get the border secured. We have to cut the bureaucracy and the deep state and cut the regulations. All those things are going to happen in one big, beautiful bill, as President Trump has talked about and as we’ve said repeatedly.”
“Making the tax cuts permanent is critical because business owners, small business owners, have to have stability,” Johnson added. “They’ve got to have certainty as they are making plans for the future,” the speaker added. “This will be good for the economy.”
MIKE JOHNSON’S BIG, BEAUTIFUL WIN
Johnson added that Republicans will not be cutting Medicaid or Social Security but will instead be cutting waste, fraud, and abuse within the government, referring to the work of the Department of Government Efficiency. Johnson argued that cutting waste would allow government programs to remain “solvent.”
Sen. John Kennedy (R-LA) has confirmed that the Senate will be making changes to the budget framework from the House. Senate Majority Leader John Thune (R-SD) has also underscored that permanence is critical to the final bill, which will include “all of the president’s key tax priorities.”