Some Republican leaders hope to be able to pass a massive bill codified President Donald Trump's agenda into federal law by July 4th.
This means that by the 250th anniversary of the US's founding, it could potentially reach Trump's desk for signing.
“My goal is for the President to sign this big, beautiful bill on July 4th.
That's when House Republicans struggled to harmonize the differences between clean energy and Medicaid in consultations and found at least $1.5 trillion in spending cuts to pay Trump's tax policy.
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Republican leaders have made it clear that President Donald Trump's desk wants a bill by July 4th. (Getty Images)
“We hope that the president's economic agenda will have three feet on trade, taxes and deregulation, and that this tax portion can be done by July 4th,” Treasury Secretary Scott Bescent told reporters a few days ago on Capitol Hill.
Republican lawmakers are working on multi-billion dollar laws aimed at pushing Trump's policies on tax, defense, energy, immigration and border security and raising debt restrictions.
Trump's tax policy is the most expensive part of his platform and bill, including extensions to the 2017 Tax Cuts and Employment Act (TCJA), elimination of tip taxes, overtime salaries and social security for retirees.
Republican leaders and the Taxhawks have warned that if the TCJA cannot be extended by the time that provision expires at the end of this year, tax increases could be raised by more than 20% for millions of families.
In a letter to lawmakers dated April 5, House GOP leaders said, “Immediately after the House of Representatives adoption in the budget resolution, our House and Senate committees will begin preparing together the titles of each of the settlement bills marked up for the next working period. This, as usual, will bring us back on track to send the President's desk to the Memorial, with input from all members.”
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But house speaker Mike Johnson (R-La.) tells reporters that he believes he can finish the part by Memorial Day.
“We're on track to get the bill out of the house. As I said from the beginning, we'll get through it to the next stage by anniversary,” Johnson said at a press conference last week.
However, he was optimistic about breaking the goal in early July after meeting with Bescent and other top lawmakers last Monday.
“He says July 4th, so it's because it's a big, big birthday for us, and everyone knows that,” Johnson said of Bescent's comments. “But I hope I can get it sooner than that.”
Treasury Secretary Scott Bescent has raised the deadline for Independence Day. (Getty Images)
House GOP leadership aides said Johnson “said his goal is to move the bill to the House by anniversary,” and said he was “not in conflict” with sending the bill to Trump by July 4th.
When asked if that goal was feasible, RN.Y. “It's going to have to be,” Senator Mike Lawler told Fox News Digital.
Others who spoke to Fox News Digital were more skeptical.
A senior house Republican aide told Fox News Digital: “The deadline is very arbitrary in Congress. Passing the bill by anniversary has always been a long shot, but moving the goal post from Easter to Memorial Day will only move it to July 4th.”
“The next federal holiday will not be until September, so we'd better stick to this!” the aide said.
Republicans are not only competing for clocks at the TCJA deadline, but also have the potential to default on credit across the country. The US is expected to run out of cash to pay its debt this summer, according to some forecasts. This is a somewhat vague deadline based on a number of factors, including annual tax returns.
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Putting that date without acting on debt restrictions will cause domestic and global financial markets to be in turmoil.
Republicans are trying to move Trump's agenda through the budget adjustment process. By lowering the Senate's passing threshold from 60 to 51 votes, it allows political parties to stand by the sidelines of the opposition, in this case Democrats, while passing laws focused on spending, taxes and debt.
After both the House and Senate passed the budget into the “framework” earlier this year, the relevant committees named in the framework are working to write policies in line with the cuts or surplus of spending they are recognized.
Seven of the 11 House committees have completed their work so far. However, the three key panels – the Committee on Methods and Means, Agriculture, Energy and Commercial, had to delay this week its first interim plan to move forward with that section.
Blue Republicans, who GOP leaders believe are important to maintain the majority, have raised vigilance about deep reductions in Medicaid. It is under the control of the Energy & Commerce Committee and is tasked with finding $880 billion in spending cuts of $1.5 trillion.
Negotiators claim that they are only interested after waste, fraud and abuse in the system, but have not stopped Democrats from denounceing the GOP for trying to cut down important healthcare programs for millions of Americans.
Meanwhile, the committee must also decide on the ongoing battle between conservatives and the Blue Republicans over whether to abolish some or all of the previous Biden administration's Inflation Reduction Act (IRA) Green Energy Tax Subsidies.
In March, 21 House Republicans signed a letter urging their colleagues to maintain the Green Energy Tax Credit.
“Counts of American businesses are taking advantage of sector-wide energy tax credits that enjoy widespread support in Congress.
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But an anti-Ira Republican said in a letter last week that the US growing green energy sector is a product of government handouts rather than genuine sustainable growth.
“Leaving IRA subsidies intact will positively undermine America's energy control and return to national security,” they said. “They are the result of government subsidies that distorted the US energy sector, replaced reliable coal and natural gas and the domestic employment they produce, putting the stability and independence of the electric grid at stake.”
Negotiations are expected to continue this week.
When the Senate commented on whether it could achieve its Independence Day goals, spokesman for majority leader John Toon. Fox News pointed out digital in a recent interview, showing its openness to the idea.
“We have similar targets, and I think the house wants to go outside by anniversary. The Senate has more complicated procedures when it comes to settlements that are more difficult and complicated and take a little longer.
“But there is already a lot of work going on and we are working closely with our House counterparts on all relevant approval committees directed.”
