Republican leaders in the US Congress have delayed a key vote on President Donald Trump’s signature tax and spending bill, as internal party divisions threatened to derail the centrepiece of his domestic agenda.
The bill, dubbed the "One Big Beautiful Bill," passed the Senate by a single vote on Tuesday and returned to the House for final approval.
But opposition from fiscal conservatives and moderates within the Republican Party forced House Speaker Mike Johnson to postpone a full vote for more than three hours.
"We're going to get there tonight. We're working on it and very, very positive about our progress," Johnson told reporters, according to Politico, after telling lawmakers to return to their offices during a string of procedural delays.
The 887-page legislation includes major elements of Trump’s platform—boosting military spending, funding a large-scale migrant deportation operation, and allocating $4.5 trillion to extend tax cuts from his first term.
But the package is projected to add $3.4 trillion to the national debt over the next decade, largely due to sweeping tax relief and deep cuts to social programmes.
Critics say it represents the largest reduction to Medicaid since its launch in the 1960s.
House Republicans are also at odds over the scale of proposed spending cuts.
Some lawmakers say the reductions fall hundreds of billions of dollars short of what was originally promised.
A House divided
Although lawmakers had hoped to begin voting immediately upon returning from recess, negotiations dragged on well into the afternoon.
The House technically has until July 4, Trump’s self-imposed deadline, to pass the bill.
The legislation only cleared the Senate after last-minute amendments pushed it further to the right.
The final version lost one conservative senator opposed to increasing the debt, and two moderates concerned about nearly $1 trillion in healthcare cuts.
Analysts estimate up to 17 million people could lose health coverage under the bill, with dozens of rural hospitals expected to shut down.
Cuts to federal nutrition assistance could also impact millions of low-income Americans.
Trump has been pressing holdout Republicans to support the bill, meeting with them privately at the White House on Wednesday.
"Our Country will make a fortune this year, more than any of our competitors, but only if the Big, Beautiful Bill is PASSED!" he posted on Truth Social.
House Democrats have vowed to campaign aggressively against the bill in the 2026 midterm elections, arguing it shifts wealth from the poorest Americans to the richest.
"Shame on Senate Republicans for passing this disgusting abomination," said House Minority Leader Hakeem Jeffries.
Market uncertainty and dollar decline
The US dollar fell to its lowest level against the euro since September 2021, following the passage of Trump’s new spending bill, which has triggered fresh financial concerns.
Ongoing uncertainty over trade agreements also continued to weigh on investor confidence.
The dollar has dropped by more than 10 percent in the first half of this year.
Investors remain uncertain about the US Senate’s efforts to pass Trump’s tax and spending bill, which has sparked internal party divisions over projections that it could add $3.4 trillion to the national debt.
Rising financial concerns have dampened market sentiment and prompted some investors to diversify their portfolios.
