The child tax credit is currently $2,000 but will drop back to $1,000 at the end of this year if not extended. In a statement posted to Truth Social, Trump said the proposed bill is "GREAT" and sent a warning message to congressional Republicans who will likely push for changes: "We have no alternative,

House Republicans revealed the sweeping tax provisions for President Donald Trump's big bill Monday, tallying at least $4.9 trillion in costs so far, partly paid for with reductions to Medicaid and other programs used by millions of Americans.

Republicans in the U.S. Congress proposed new tax breaks for tipped income, overtime pay, private school tuition, seniors, and state and local taxes on Monday as they fleshed out a sweeping budget package that would also cut taxes and tighten healthcare benefits for the poor.