The multi-trillion-dollar finances invoice, which Home Speaker Mike Johnson (R-Louisiana) helped ram by the Home with President Trump’s assist, features a roughly $3.8 trillion tax minimize, principally extending a earlier one pushed by Trump in 2017, and boosts spending on beefing up border safety.
REUTERS/Ken Cedeno
New York Democratic leaders issued dire warnings over dramatic cuts to social security web applications included in Congressional Republicans’ huge spending plan — which sponsors have dubbed the “Big Beautiful Bill” to honor President Trump — that handed the Home of Representatives early on Thursday morning.
The multi-trillion-dollar finances invoice, which handed the Home by only one vote, is meant to enact huge swaths of Trump’s agenda. It features a roughly $3.8 trillion tax minimize, principally extending a earlier one pushed by Trump in 2017, and boosts spending on beefing up border safety.
The invoice additionally accommodates billions of {dollars} in trims to areas together with Medicaid, the Supplemental Diet Help Program (SNAP), and clear power tax credit authorized underneath former President Biden. It nonetheless should cross the US Senate, the place the Republican majority has vowed to vary it, earlier than heading to Trump’s desk for his signature.
Nevertheless, Mayor Eric Adams was not among the many officers who raised alarm bells in regards to the GOP invoice on Could 22. Adams has shunned criticizing President Trump, the driving power behind the spending package deal, for months and has stayed silent on most of the president’s most controversial strikes even after the Justice Division dropped his federal indictment final month.
‘Donald Trump’s One Huge Ugly Invoice’
“Donald Trump’s One Big Ugly Bill will mean millions of families will pay higher premiums, copays and deductibles,” Home Minority Chief Hakeem Jeffries (D-Brooklyn) mentioned on Could 22, 2025.REUTERS/Nathan Howard
Home Democratic Chief Hakeem Jeffries (D-Brooklyn), in an announcement, mentioned Home Republicans are slashing very important applications that hundreds of thousands of low-income Individuals depend on to fund tax cuts for the rich. All Home Democrats voted in opposition to the invoice, joined by two Republicans.
“Donald Trump’s One Big Ugly Bill will mean millions of families will pay higher premiums, copays and deductibles,” Jeffries mentioned. “Hospitals will close, nursing homes will shut down and communities will suffer. It will take food out of the mouths of children, seniors and veterans at a time when too many families are already struggling to live paycheck to paycheck.”
Gov. Kathy Hochul equally accused Republicans of catering to the ultra-wealthy on the expense of working folks, laying the blame squarely on the representatives who voted for the laws.
“New Yorkers deserve representatives who are fighting to bring down the cost of their families’ medical and grocery bills, not line the pockets of the ultra-wealthy,” Hochul mentioned in a Thursday assertion. “In Albany, I’m working around the clock in service of everyday New Yorkers — our state desperately needs its leaders in Washington to do the same.”
Hochul and state legislative leaders have acknowledged they should name lawmakers again to Albany to reshape the $254 billion-plus finances they authorized earlier this month, relying on the model of the federal invoice that Trump finally indicators into legislation. The state spending plan consists of over $90 billion in anticipated federal funding, which may very well be considerably diminished by the GOP
Lack of Medicaid protection
On the metropolis stage, Comptroller and mayoral candidate Brad Lander warned that Trump’s so-called “big, beautiful budget” would make working-class New Yorkers sicker, hungrier, and extra susceptible.”
In keeping with Lander’s workplace, underneath the present federal invoice, the state may lose over $3 billion in Medicaid funding. That will power 224,000 folks to lose their Important Plan protection, 500,000 others onto state protection, and 1.5 million New Yorkers to change into uninsured statewide. Within the metropolis, 800,000 folks may lose their insurance coverage.
The comptroller mentioned the state may even lose $1.8 billion in SNAP funding if the laws is enacted.
Lander additionally as soon as once more urged Mayor Adams so as to add $2 billion to town’s common reserve to plug any holes blown by town’s finances by Trump’s cuts.
“New York City must prepare for these cuts’ real and dangerous impact on millions of New Yorkers,” Lander mentioned. “We must do everything we can now to safeguard our City’s fiscal health and stand up for our communities targeted by the Trump Administration’s callous and constant attacks.”
Adams didn’t add any new funds to town’s $8.5 billion common reserve—cash it units apart and might faucet throughout an financial disaster—in its finances plan for the approaching fiscal 12 months, which was launched earlier this month. On the time, Adams’ First Deputy Mayor Randy Mastro mentioned the present stage of reserves is greater than sufficient to offset funding reductions from Washington.
“Some people, the pessimists, political opportunists, they see the glass as half-empty, they’re predicting the worst for New York City,” Mastro mentioned on the time. “We see the glass as half-full, coming off of a record revenue year where hundreds of millions were able to be rolled over into this year.”
