The fate of the state and local tax deduction, or SALT, is dividing lawmakers by geography as well as politics.

The decidedly unsexy bond market is usually pretty quiet. But when they want to, bond investors can send a loud, clear message to Washington. They did just that Wednesday and Thursday.

🇺🇸The One, Big, Beautiful Bill "is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!" Great job by Speaker Mike Johnson, and the House Leadership, and thank you to every Republican who voted YES on this Historic Bill!" pic.twitter.com/4e22PHtlxl

Republicans are touting House passage of a megabill to fund Trump’s agenda as a win for Americans. Democrats slam it as benefiting the rich and hurting low-income people.

America faced a once-in-a-century health crisis that crashed the economy and threatened the lives of millions. Republicans and Democrats came together to pass a forceful, and expensive, emergency response that helped prevent permanent scarring to the economy.

President Donald Trump and top Republicans have heralded the “big, beautiful bill” as a catalyst for a massive economic expansion.

Catch up on the political news of the past week in the latest At the Races newsletter, including budget reconciliation and the 2026 midterms.

With last-minute concessions and stark warnings from Trump, the Republican holdouts largely dropped their opposition to salvage the “One Big Beautiful Bill” that’s central to the GOP agenda.