WASHINGTON: The bill, passed Thursday evening with a 215-214 vote, represents one of the most significant economic legislative efforts under Trump’s leadership. All Democratic lawmakers and two Republicans opposed the nearly 1,100-page measure, while a third Republican abstained.

The legislation includes new tax breaks and extends the controversial 2017 tax cuts implemented during Trump’s first term. It also repeals several green energy incentives introduced under President Joe Biden, signaling a sharp pivot in federal policy on climate and energy.

In addition to the tax changes, the bill boosts military spending and allocates increased funding for the Border Patrol—two priorities long advocated by Trump and Republican lawmakers.

Celebrating the passage, Trump declared on social media, “This is arguably the most important piece of legislation ever signed into law in the history of our country.”

However, the bill’s passage comes on the heels of a warning from Moody’s, which downgraded the United States’ sovereign credit rating last week. The agency cited the country’s ballooning public debt and signaled concern over new spending measures that could exacerbate fiscal instability.

The bill now moves to the Senate, where it is expected to face rigorous scrutiny and potential amendments before it can become law.