Trump gets his Big Beautiful Bill over the line

Forget Elon Musk. House Speaker Mike Johnson is President Trump’s new partner, delivering the victory that he needed to ensure the transformation of the 887-page mega-bill into mega-law, right on the cusp of July 4. The vote was close – 218-214 – but decisive. The internal opposition crumbled. The Democrats could only impede, not stymie, the passage of the bill.  

When the Louisiana legislator replaced the luckless Kevin McCarthy as Speaker in October 2023, Republican diehards pledged that they would sink Johnson, too, should he deviate from conservative orthodoxy. But again and again, they have proven to be all hat and no cattle. Despite the bluster of the Ralph Normans and the Thomas Massies, the House has remained solidly behind Johnson and a fortiori Trump. 

It is Trump, and Trump alone, who has reshaped the Republican party in his own image. Trillions in deficits and a hike in the debt ceiling have become the new Republican credo. Meanwhile, the fiscal hawks have proven to be none at all. Their talons have been severed, leaving them vulnerable or isolated. At most they are taking succor in Trump’s promises, which is always a hazardous move. Representative Ralph Norman of South Carolina burbled that Trump had supplied “assurances” that he would alter provisions about wind and solar tax credits. Credit Norman with an active imagination. Trump is more likely to work on perfecting his golf game than diving into the weeds of environmental regulations. 

For Trump the bill is what he wanted – a big bold extravaganza, a bouquet of policies that will please his donors. Trump’s priority was preserving his 2017 Tax Cuts and Jobs Act which he and his associates aver will boost growth in his new term. How the mere extension of a previously existing tax cut will perform this miraculous feat, they do not say. But it will ensure that America plunges even further into debt, decreasing the value of the dollar and raising the cost of interest rates for Treasury bills. Never has Trump’s description of himself as the king of debt appeared more apt. 

With a fresh report of 147,000 jobs created in June, Trump remains on solid economic footing. He is likely to continue his attacks on Federal Reserve chairman Jay Powell to reduce interest rates or even appoint a shadow head to undermine his authority. At the same time, Trump may move ahead on his announced July 9 date for instituting sweeping tariffs on a host of countries – or he may delay them yet again. 

As Trump travels to Iowa to champion his newly passed bill, however, the big story is that the midterm election campaign has begun. House minority speaker Hakeem Jeffries kicked it off with his seven-hour speech today denouncing the bill, a kind of prolegomenon to the midterms. Now Trump, who is intent on celebrating America’s 250th anniversary in a year, will attend a kickoff at a state fair in Iowa tonight that features musical performances and a fireworks show. Already Trump is planning for the festivities to culminate in a big blowout on the National Mall next year. But will he have as much to celebrate then as he does now?