GOP Overcomes Divisions to Advance Trump's Megabill Towards Final Vote

Speaker of the House Mike Johnson, R-La., talks with the media after the House Republican Conference meeting on a plan to fund the government and avert a shutdown in the U.S. Capitol on Friday, December 20, 2024.

The Republican-controlled U.S. House on Thursday advanced U.S. President Donald Trump's tax and spending megabill, after a dramatic night of voting that was nearly derailed by Republican defections. The House voted 219-213 to move the bill forward.

The step to begin a final debate marks a win for Republican leadership seeking to deliver on Trump's second term policy agenda.

U.S. futures were little changed following the news. S&P 500 futures rose 0.16% at 03:52 a.m. E.T., with Nasdaq 100 futures up 0.25% and futures tied to the Dow Jones Industrial Average adding 0.12%.

After hours of stalemates and maneuvering, Republicans finally managed to corral their razor-thin majorities and quash enough of the opposition from within their own ranks to move forward.

The vote to begin debate in the divided House was not without drama, rife with back-room deals, evolving alliances and negotiations until the very end. Ultimately, House Speaker Mike Johnson was able to push the bill forward, losing just a handful of members in a vote that fell along party lines.

Trump meanwhile lashed out at members of his party overnight, saying on his Truth Social media platform that 'FOR REPUBLICANS, THIS SHOULD BE AN EASY YES VOTE. RIDICULOUS!!!'

Democrats are aligned in opposition to the legislation amid objections to welfare cuts and perceived benefits for the ultra-rich. Republican party members have meanwhile accused their opposition of fearmongering.

'The top 1% are salivating over getting an extra $300,000 per year because of this dangerous bill,' Rhode Island House member Gabe Amo of the Democratic Party said on the floor during the ensuing debate. 'Billionaires win. 17 million Americans will lose their health insurance.'

A final vote is expected to take place around 05:30 a.m. E.T., according to Reuters.