Speaker Johnson Shares Big Update After Speaking With Trump
Republican leaders are working at full speed to finalize a massive legislative package that would cement much of President Donald Trump’s policy platform into law before the Fourth of July — potentially in time for the 250th anniversary of the nation’s founding, according to a report from Fox News.
“I’ve said all along, my goal is for the president to sign this one big, beautiful bill on July 4th,” said House Ways and Means Committee Chair Jason Smith (R-Mo.) in a statement to Fox.
GOP lawmakers are still negotiating key aspects of the legislation — including disagreements over clean energy and Medicaid — while also aiming to identify at least $1.5 trillion in spending reductions to offset the costs of Trump’s proposed tax agenda.
Speaking to reporters at the Capitol, Treasury Secretary Scott Bessent said, “We’ve got three legs to the President’s economic agenda: trade, tax, and deregulation, and we hope that we can have this tax portion done by Fourth of July.”
The proposed legislative package, which could span trillions of dollars, touches nearly every major policy area: taxes, defense, energy production, immigration, border enforcement, and the national debt ceiling.
Trump’s tax blueprint — considered the most costly and central component — includes a full extension of the 2017 Tax Cuts and Jobs Act (TCJA), along with new exemptions for tips, overtime income, and Social Security benefits for retirees.
Fiscal conservatives and Republican leadership have warned that failure to renew TCJA provisions, many of which are set to expire at year’s end, could trigger a tax hike of over 20% for millions of American households.
In an April 5 letter to lawmakers, House Republican leaders wrote, “Immediately following House adoption of the budget resolution, our House and Senate committees will begin preparing together their respective titles of the reconciliation bill to be marked up in the next work period. As always, this will involve input from all Members and will keep us on track to send a bill to the President’s desk by Memorial Day.”
However, House Speaker Mike Johnson (R-La.) has since adjusted the timeline, now expressing confidence that the House can complete its portion by Memorial Day — without contradicting the broader July 4 goal.
A GOP leadership aide clarified to Fox News that Johnson “stated his goal is to move the bill through the House by Memorial Day” and that it remains compatible with the objective of finalizing the legislation in time for Independence Day.
Asked about the feasibility of that timeline, Rep. Mike Lawler (R-N.Y.) said bluntly, “It’s gonna have to be.”
Beyond the looming TCJA deadline, Republicans are also motivated by warnings that the federal government could face a funding shortfall this summer, potentially leading to a debt default. The precise timeline depends on multiple variables, including federal tax receipts.
Failing to act on the debt ceiling could send shockwaves through domestic and international financial markets.
To streamline the legislative effort, Republicans are using the budget reconciliation process — a procedure that lowers the Senate vote threshold from 60 to 51, allowing the majority party to bypass Democratic opposition on issues related to taxes, spending, and deficits.
Since agreeing on budget frameworks earlier this year, House and Senate committees have been crafting legislation to match the spending targets. So far, seven of the eleven House committees have finalized their drafts.
However, the Ways and Means, Agriculture, and Energy and Commerce committees have had to delay submitting their sections. Among those, the Energy and Commerce Committee is responsible for identifying $880 billion in cuts — a majority of the $1.5 trillion total.
Republicans representing more moderate or Democrat-leaning districts have pushed back against proposals that would significantly reduce Medicaid funding, warning it could threaten the party’s ability to hold onto its majority.
Although GOP negotiators say the aim is to eliminate “waste, fraud, and abuse,” Democrats have accused Republicans of using the budget process to gut critical healthcare programs relied upon by millions of Americans.