House committees have been laboring for months to draft the legislation, which Republicans have labeled “THE ONE, BIG, BEAUTIFUL BILL,’’ a nod to Trump himself. Speaker Mike Johnson is pushing to approve the package and send it to the Senate by Memorial Day.

While he won some new tax breaks he called for, they were given an expiration date. And he failed to convince lawmakers to eliminate the so-called carried interest loophole for private equity managers and others.

The tax plan is touching off the biggest political debate over taxes, spending and the nation’s priorities in nearly a decade.