Senate Republicans are pushing to cut spending by $9 billion after passing a massive tax bill that is projected to hike the deficit by $4 trillion.

The federal budget deficit is back in the spotlight after the Republican-controlled Congress approved a massive tax and spending package on July 3 aimed at realizing President Donald Trump’s domestic agenda.

Congress passed President Donald Trump’s “big, beautiful bill” last week. The bill extends tax cuts and introduces new measures like a senior “bonus” and increased state and local tax deductions. Financial advisor Kathryn McCall says the impact will depend on household income levels.

Congressional Republicans must navigate rescissions bill, government funding and investigations into former President Joe Biden's cognitive state following President Donald Trump's signature legislation.