The U.S. House of Representatives is barreling toward approval of President Donald Trump’s flagship tax and spending plan, a colossal, hastily assembled legislative cocktail that fuses aggressive tax cuts, sweeping immigration crackdowns, and a dismantling of Biden-era green incentives.

Republicans in the House narrowly cleared a procedural hurdle early Thursday, holding a key vote open past midnight in an effort that felt more like a hostage negotiation than policymaking. In the end, the chamber voted 219 to 213 to move the “Big Beautiful Bill” forward, with the Speaker of the House, Mike Johnson, boasting in the early hours: “We have the votes. We’ll meet the deadline.” Fireworks, indeed.

The legislation includes some of the largest tax cuts in U.S. history, slashing revenue just as the federal deficit balloons past eye-watering levels. And yet, Trump’s allies continue to insist that this will somehow unleash “MASSIVE growth,” as the president thundered on Truth Social. Never mind that the Congressional Budget Office estimates the plan would cost upwards of $3.4 trillion, a tidy upgrade from the House’s previous $2.8 trillion version. Apparently, arithmetic is now partisan.

Unsurprisingly, Trump isn’t pleased with those asking awkward questions about the bill’s cost—or its basic logic. “What are Republicans waiting for?”

Even fiscal hawks like Rep. Warren Davidson of Ohio—who voted against the original version, have now been whipped into line. “It’s not perfect,” he admitted, “but it’s the best we’re going to get.” Translation: hold your nose, close your eyes, and pray the bond markets aren’t watching.

The bigger concern lies beneath the theatrics. This kind of expansionary fiscal madness, financed through ever-increasing debt, is beginning to erode international confidence in the U.S. economy and, by extension, the dollar.

Foreign investors and central banks are already unnerved by Trump’s unpredictable trade agenda and willingness to weaponise tariffs. Now, with deficit-financed tax cuts added to the mix, markets are beginning to sniff the classic scent of stagflation: bloated spending, weak fundamentals, and political instability wrapped in red, white, and blue.

The dollar, once the undisputed anchor of global finance, is now facing the very real risk of credibility erosion—not because of external shocks but because of internal policy incoherence. If passed, this bill won’t just stretch America’s fiscal envelope. It will further test global patience for a currency increasingly seen as politicised, volatile, and untethered from discipline.

To avoid delays, the White House has rejected any further changes to the bill’s text. Instead, it’s exploring workarounds, executive orders, future legislation, or whatever might keep the political show moving without slowing the parade. Meanwhile, Trump has taken to bullying hesitant Republicans, branding them “grandstanders” and threatening to torpedo their re-election bids. Unity, apparently, has a body count.

Republican whip Richard Hudson offered the clearest summary yet: “The White House made it clear: negotiations are over. It’s time to pass the bill.” It was never really about negotiation but rather about staging a televised demonstration of party obedience.

Ultimately, the bill may pass. Trump will claim victory. Johnson will smile. However, the long-term costs to the U.S. economy, fiscal credibility, and the global role of the dollar may prove far more challenging to reverse.

Because debt, unlike tweets, doesn’t delete itself.