President Donald Trump announced on Thursday that his administration is making significant progress on a major legislative initiative. Posting on TruthSocial, Trump shared that the "big, beautiful bill"—referring to what he called the "biggest tax cuts in USA history"—is nearing completion. He encouraged House Republicans to support the budget resolution that includes sweeping government spending cuts.

At the same time, House Speaker Mike Johnson and Senate Majority Leader Mike Thune are expected to back a $1.5 trillion reduction in federal spending over the next decade. This aligns with the president’s fiscal strategy to streamline government expenditures while providing tax relief.

In a related move, Trump continued to defend his administration’s aggressive tariff policies. During a cabinet meeting in the Oval Office, he acknowledged the short-term "transition cost" but reiterated that the tariffs were generating over $2 billion a day. He argued that these measures are a crucial part of ongoing efforts to negotiate stronger trade deals with several countries.

Supporting this approach, White House Council of Economic Advisors Chair Stephen Miran explained in a CNBC interview that the tariffs are designed to "buy time" for developing complex and impactful trade agreements. He dismissed concerns of an imminent recession and emphasized the need to remove regulatory barriers to accelerate factory construction and domestic manufacturing growth.

Trump’s decision to delay reciprocal tariffs for most trade partners by 90 days was framed as a strategic gesture, praised by Treasury Secretary Scott Bessent as a demonstration of "great courage." This pause is intended to create room for continued dialogue with international partners, even as talks with some major economies, such as China, have yet to formally begin.

As the administration pushes forward with its dual agenda of tax reform and global trade restructuring, Trump and his team remain focused on long-term economic gains, despite acknowledging short-term market volatility. Officials suggest that the combined effects of deregulation, reduced spending, and new trade agreements will position the U.S. economy for robust growth.