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The Republican tax bill, explained in 500 words

7 20
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President Donald Trump speaks to members of the media as he departs a House Republican meeting at the US Capitol in May to promote his signature bill. | Andrew Harnik/Getty Images

Republicans are barreling ahead to try to pass President Donald Trump’s “one big, beautiful bill” — legislation that somehow manages to combine massive fiscal irresponsibility with devastating spending cuts.

The bill would keep the “Trump tax cuts” originally passed in 2017 in place, while adding some new tax breaks and new spending on immigration enforcement and the military.

It would also make deep cuts to government spending on Medicaid, the clean energy industry, student loans, and food stamps, though exactly how deep these cuts will be isn’t yet clear, as the GOP continues to debate the bill.

Yet under any scenario, these cuts will be insufficient to get anywhere near covering the bill’s massive cost — one estimate suggests it will add $3.9 trillion

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