Following the Senate’s approval on Tuesday, President Trump’s “one, big, beautiful bill” is now in the hands of the House of Representatives. However, the bill still faces significant pressure as some House Republicans have already promised to vote against it, according to the Wall Street Journal.
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There are 220 Republicans and 212 Democrats in the House. That means the bill would fail to pass if four Republicans defect and vote against it.
Rep. Ralph Norman Says Enough “No” Votes to Sink Bill
On Wednesday, Rep. Ralph Norman voted against moving the bill from the House Rules Committee to the House floor, although it was still ultimately approved. “This bill’s a nonstarter,” said Norman. “We want to do this, but this bill doesn’t do what the president wants it to do.” He added that there were enough “no” votes in the House to reject the bill.
Trump has communicated a goal of July 4 for the bill to arrive at his desk, although that deadline appears to be at risk.
The S&P 500 (SPX) has shrugged off this risk and is up by 0.32% at the time of writing as the market continues to march higher.
