Early Thursday morning, the House of Representatives passed the One Big Beautiful Bill Act by one vote. The bill had been amended by the Rules Committee, and it now goes to the Senate for consideration.

The spending bill passed by the U.S. House increases a tax the richest private universities pay on their endowment investment gains, a move proponents say reins in "woke" schools but that critics say will wind up hurting the poorest students the most.

President Trump's tax plan has sparked concern among investors, driving Treasury bond yields to a nearly two decade high, amid growing worries over U.S. debt.

Speaker Mike Johnson was finalizing a series of changes aimed at winning over holdouts. President Trump met at the White House with recalcitrant conservatives.

The agreement marks a big win for SALT cap crusaders like Rep. Mike Lawler (R-NY) and others who have demanded the SALT cap be lifted as part of reconciliation.