House Republicans approved President Donald Trump’s sprawling tax and immigration agenda Thursday morning, sending to the Senate legislation that the GOP hopes will transform the federal government and the economy and power the White House’s drive to deport immigrants and build up the military.

Trump and Republicans are directly responsible for the spike in the 30-year Treasury bond yield and mortgage rates,” said the fourth-highest-ranking House Democrat.

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.

On the campaign trail, President Donald Trump sought to win over working-class voters in key swing states with a promise to exempt tips and overtime pay from federal income taxes.

President Donald Trump’s signature tax bill narrowly passed the House Thursday morning, overcoming fierce Republican infighting and advancing a sprawling multi-trillion dollar package that would avert a year-end tax increase at the expense of adding to the US debt burden.

Immigrants and wealthy universities, as well as foreign companies, would see higher taxes under the House-passed bill.

The House passed a sweeping piece of legislation that will eliminate tax on tips. More Americans oppose it and disapprove of Trump's job performance.