GEOFF BENNETT: Today, House Republicans pushed the largest parts of the Trump legislative agenda a major step closer to the House floor.

It includes trillions in tax cuts, along with changes to Medicaid that would affect millions of people.

Congressional correspondent Lisa Desjardins is with us.

Lisa, I know you have been tracking this for days.

LISA DESJARDINS: Yes.

GEOFF BENNETT: So let's start with the taxes, the tax cuts.

What does this big, beautiful bill do?

LISA DESJARDINS: Well, first of all, this is a first draft.

It's important to know that.

But it's a very important first draft because it sets the direction for this.

We will be talking about it for weeks to come.

But I want to look at this tax portion, which may be the largest in U.S. history if it's passed as it is, and talk about who's affected in terms of the groups in it by tax cuts.

So, first of all, let's talk about the biggest groups that are affected, most Americans.

This bill would extend the 2017 tax cuts permanently, meaning current rates would stay the same, they would not go up.

In addition, there would be a temporary, new, larger deduction that would be in place for four years.

Now, families, they also would benefit.

The child tax cut will go up.

Again, that is just for four years, and there will be a new $1,000 credit, something we haven't seen before, for babies born in the next four years that parents could invest.

For workers, Trump's pledges, no taxes on tips and no taxes on overtime pay, that is in this bill right now, but, again, only for four years.

What about his pledge on Social Security?

That's not in here.

He is not -- they are not blocking taxes on Social Security.

Instead, there's a new deduction for seniors up to $4,000.

Now, at the same time, Republicans are also ending an array of green and climate-related tax incentives that were put in place under Biden.

They want those to go.

GEOFF BENNETT: And a good chunk of the money to pay for the tax cuts comes from Medicaid.

So what are Republicans proposing there?

LISA DESJARDINS: Right.

This is going to be one of the most controversial areas.

To Republicans, this proposal is actually a step in a more moderate direction.

To Democrats, it's still very extreme.

So let's look specifically at this Medicaid, the health care program for the poor.

Here's what's in the bill that was passed a short time ago.

For individuals, there would be new Medicaid work requirements for able-bodied adults up to age 64.

Some people on Medicaid now, those just above the poverty line, would have to pay a co-pay in order to get health care.

Now, for states, some very big changes.

Republicans want to change a funding mechanism that states rely on.

They would also penalize states who choose to pay for undocumented Americans to be -- immigrants to be in Medicaid.

Finally, the bill does aim to cut down on fraud with the more rigorous kind of set of eligibility checks.

Now, this passed after a 26-hour committee hearing over it.

You won't be surprised that the two parties see this very differently.

REP. JENNIFER MCCLELLAN (D-VA): This bill is part of a broader effort by the Trump administration and DOGE to shrink the federal government and federal spending, particularly in the health and human services space.

And these are impacting people's lives.

REP. LAUREL LEE (R-FL): But Republican reforms to Medicaid do not take away from the vulnerable.

They strengthen and preserve Medicaid, directing benefits to those who need them, instead of directing them to those who do not.

LISA DESJARDINS: Now, some Republicans openly dispute that and they say, like Josh Hawley, senator of Missouri, that he thinks there are real cuts here.

Other Republicans say this doesn't go far enough on Medicaid.

GEOFF BENNETT: Yes, we have had some of those Republicans on this program, Chip Roy and Nicole Malliotakis.

So you have looked at the actual numbers.

Few people know this as well as you do.

So what's the real deal here?

LISA DESJARDINS: There's a lot of funny math going on in the past couple of days.

So let's focus on what the Congressional Budget Office is actually saying, who this will be affecting.

Let's look at the numbers.

First of all, they say overall, on Medicaid, if this is enacted, there will be 10 million fewer people on Medicaid.

Overall, they say 7.6 million Americans -- sorry, 8.6 million Americans fewer would be insured.

But Republicans point out overall the health care portion is bringing in $700 billion.

I also want to point out in a separate part of this bill, Republicans want to cut SNAP, the program formerly known as food stamps, extensively.

So we will be talking about that more as well.

GEOFF BENNETT: Do Republicans have the votes to pass this as one big, beautiful bill, as President Trump likes to call it?

LISA DESJARDINS: Not right now.

They have a couple of challenges.

One are moderates from New York and California who want bigger exemptions when it comes to the state and local taxes, or sometimes called SALT.

One of those is Mike Lawler, who spoke to us earlier today.

REP. MIKE LAWLER (R-NY): We had been asking repeatedly for meetings, for conversations, for numbers, for information, and unfortunately were not given it and basically presented with a take it or leave it.

And that's just not the way to negotiate.

LISA DESJARDINS: He's a no right now.

Others, however, say they're worried about all the red ink and they don't like what folks like Lawler are saying.

Here's another one, Representative Burlison of Missouri.

REP. ERIC BURLISON (R-MO): Yes, the problem, it's all funny math.

And I said this repeatedly that I will take a look and see if they're using funny math.

The fact that we're not implementing a lot of these changes until the next presidency is a big red flag, right?

LISA DESJARDINS: Now, all this, we will see next week when they want to try and pass this bill.

This is sort of normal back and forth, but next week we will know if there's a real problem or not.

GEOFF BENNETT: More to come.

Lisa Desjardins, our thanks to you, as always.

LISA DESJARDINS: You're welcome.