Trump’s One Big Beautiful Bill (BBB) that passed the House of Representatives last month contained numerous wins for the American people: permanent tax relief, funding for border security, an expansion of Health Savings Accounts, and even a new program to expand school choice. But arguably the most impactful accomplishment in the BBB was their success in taking a machete to the labyrinth of green new scam tax subsidies created by Joe Biden and the Democrats through the inflation-creating Inflation Reduction Act (IRA). That alone makes it the most beautiful feature of the Big Beautiful Bill.
The House’s version included key provisions sunsetting some of the worst subsidies authorized under the IRA, including:
Ending the Clean Electricity Production Tax Credit (PTC) and the Clean Electricity Investment Tax Credit (ITC) for any project that doesn’t start within 60 days of the enacting legislation and isn’t in service by 2028;
Ending the Clean Electricity Investment Credit and Transferability of Tax Credits for Wind and Solar;
Eliminating the Tax Credit for Residential Solar and Rebates for “Green” Products;
Repealing the Electric Vehicle Credit designed to Force Manufacturers to Abandon Gas Powered Vehicles.
The rollback of these subsidies in the House BBB was a monumental feat, especially given the army of lobbyists hired by the green energy grifters to defend these subsidies on Capitol Hill. In fact, the big spenders in the GOP caucus almost succeeded in stopping the subsidy rollback. If not for the stalwart efforts of the House Freedom Caucus and the White House stepping in at the last minute of negotiations, the green scam subsidies would not be on the chopping block.
But now the bill is in the Senate, and the initial draft released of the revised Big Beautiful Bill by Senate Finance Chair Mike Crapo is anything but big or beautiful…
The ‘One, Big, Beautiful Bill’ was passed in a late-night round of voting in the U.S. House of Representatives on Wednesday with near-unanimous support from Republicans. The massive and wide-reaching budget reform bill now moves to the Senate
Two House Republicans, Reps. Thomas Massie (R-KY) and Warren Davidson (R-OH), opposed the measure. Rep. Andy Harris (R-MD) voted ‘Present’ and two Congressmen, Reps. Andrew Garbarino (R-NY) and David Schweikert of Arizona, reportedly missed the vote accidentally, but would have voted in favor.
Commenting on the result of the vote, Speaker Mike Johnson told reporters on Thursday morning, “I just want you to know for the record, we really had 217 votes this morning. Andrew Garbarino did not make it in time. He fell asleep in the back, no kidding. I’m going to strangle him. But he’s my dear friend.” He added, “David Schweikert was going to vote and slipped his card in right at the last minute so it looks like a razor thin margin, 215 to 214 and one present, it was really 217.”
The remaining members of the Arizona House Republican Caucus: Reps. Andy Biggs, Juan Ciscomani, Paul Gosar, Eli Crane, and Abe Hamadeh all voted in favor. Arizona Democrat Reps. Yassamin Ansari and Greg Stanton both joined their party opposing the measure.
Congressman Abe Hamadeh posted to X Thursday detailing the bill’s primary benefits, “Congressman Hamadeh proudly voted in favor of the One Big Beautiful Bill Act, keeping his promise to fully fund and advance President Trump’s incredible America First agenda. The bill:
• Delivers Permanent Tax Cuts
• Eliminates Taxes on Tips and Overtime
• Provides Tax Relief for Seniors
• Boosts Economic Growth and Wages
• Supports Small Businesses and Manufacturers
• Enhances Family and Education Benefits
• Promotes Border Security and Energy
• Reduces Federal Spending
And so much more.”
Congressman Hamadeh proudly voted in favor of the One Big Beautiful Bill Act, keeping his promise to fully fund and advance President Trump's incredible America First agenda.
The bill:
• Delivers Permanent Tax Cuts • Eliminates Taxes on Tips and Overtime • Provides Tax… https://t.co/9EhoI6wfj7
— Office of Congressman Abe Hamadeh (@RepAbeHamadeh) May 22, 2025
President Donald Trump celebrated the contentious bill through the House in a post to Truth Social writing,
“’THE ONE, BIG, BEAUTIFUL BILL’ has PASSED the House of Representatives! This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!
“The Bill includes MASSIVE Tax CUTS, No Tax on Tips, No Tax on Overtime, Tax Deductions when you purchase an American Made Vehicle, along with strong Border Security measures, Pay Raises for our ICE and Border Patrol Agents, Funding for the Golden Dome, ‘TRUMP Savings Accounts’ for newborn babies, and much more! “
The President offered praise for Speaker Mike Johnson (R-LA) and House Republican leaders saying, “Great job by Speaker Mike Johnson, and the House Leadership, and thank you to every Republican who voted YES on this Historic Bill! Now, it’s time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE! There is no time to waste.”
Trump concluded with an admonishment of Congressional Democrats saying, “The Democrats have lost control of themselves, and are aimlessly wandering around, showing no confidence, grit, or determination. They have forgotten their landslide loss in the Presidential Election, and are warped in the past, hoping someday to revive Open Borders for the World’s criminals to be able to pour into our Country, men to be able to play in women’s sports, and transgender for everybody. They don’t realize that these things, and so many more like them, will NEVER AGAIN happen!”
Looking forward toward the bill’s progress through the Senate, White House Press Secretary Karoline Leavitt said at Thursday morning’s press briefing, “We can celebrate this pass in the House for a couple of hours, but now it’s time for the Senate to get to work. The president has great relationship with … Senate Majority Leader [John] Thune, and of course, so many friends on the Senate side of the Hill. And he’s expecting them to get busy on this bill and send it to his desk as soon as possible.”
As reported by ABC News, Senate Majority Leader John Thune told reporters Wednesday that “there are things that we need to adjust or modify or change,” noting that Speaker Johnson “fully understands and accepts that.”
The bill may face serious challenges in the Senate where the current budget plan holds a trillion-dollar discrepancy with the House bill. Sen. Rand Paul explained, “[The] House bill is going to add about $4 trillion to the debt ceiling. The Senate bill adds $5 trillion. There’s nothing fiscally conservative about expanding the debt ceiling more than we’ve ever done it before. This will be the greatest increase in the debt ceiling ever, and the GOP owns this now … the deficit this year will be $2.2 trillion. The GOP owns that now too.”
Rep. David Schweikert was also skeptical about the Senate’s budget plan saying in an April 5th statement, “To say I’m disappointed with the Senate’s deeply unserious budget resolution would be an understatement. We are faced with an existential threat to both the short-term and long-term prosperity of America that requires a real solution, showing we are serious about slowing the growth of spending in the federal budget. With just $4 billion in cuts— equal to less than a single day’s worth of borrowing {about 20 hours}— the Senate budget resolution is more business as usual at a time when that’s exactly what we’re trying to avoid.”
Sen. Thom Tillis (R-NC) was more optimistic telling reporters, “A lot of it looks pretty good,” adding that the House bill is a “good start.”
Given the narrow majority in the Senate, Majority Leader Thune can only lose 3 votes to pass the bill.
Here’s an economics lesson that belongs in the text books.
Student loan debt soared to more than $1.5 trillion during the Biden presidency and the response by Washington was to “forgive” hundreds of billions of these unpaid loans by deadbeat borrowers and let the taxpayers pick up the tab. It was never clear why the universities who charge exorbitant tuitions that have reached more than $75,000 a year at many elite schools shouldn’t bear the cost of the program – but that’s another story.
Those of us who watched these events upfold predicted that one result of this policy would be that many college graduates would stop paying back their loans. And guess what?
Just like clockwork, this headline from Bloomberg recently told the whole story:
“Student loans drive U.S. delinquency rate to highest since 2020”
Gee, who – except a bunch of head-in-the-sand- politicians in Washington – would have ever thought that forgiving as many people from paying their student loans as possible would increase future non-payments?
Well, the Biden administration for one. Now that the Department of Education is honestly reporting the data, we find that serious delinquency rates are over more than 10 times what the Biden Department of Education said they were.
There is an old saying in physics and economics: every action in the universe has a reaction. How many students in the future will pay back unpaid student loans when the next forgiveness program is right around the corner? So people who did the right thing and paid back their debts now have to pay more for the people who refused to pay back the money they owed.
In Washington, we love to reward vice and punish virtue.
As we said many times last year: expect student loan defaults to remain sky high for many years, as deadbeat borrowers wait for the next student loan amnesty program.
Fortunately, in the House of Representatives “Big Beautiful tax bill,” there are new caps of $50,000 on student loans for undergraduate students and $100,000 for grad students. This cap should help slow the stampede of higher tuition prices, which have grown two to three times the rate of overall inflation over the last thirty years. The availability of cheap student loans only fueled this stampede of tuition prices. The Wall Street Journal calls this move “The End of The College Free Lunch.”
The bad news is that we should anticipate bigger stashes of student loans to pile up at taxpayers’ doors in the years to come. The good news is that this scam has reminded us that in life incentives matter. This episode brought to light the financial foolishness of debt forgiveness programs and so hopefully we will never do this again.
Stephen Moore is a contributor to The Daily Caller News Foundation, a cofounder of Unleash Prosperity, and a former senior economic adviser to Donald Trump. His most recent book is “The Trump Economic Miracle.”
