Trump admin live updates: Trump says Musk will 'pay the consequences' if he funds Democrats

Prior to the nonpartisan Congressional Budget Office's report on Trump's spending bill, one of its staunchest supporters sounded off in an X post Wednesday for its passage.

White House deputy chief of staff Stephen Miller claimed that the extension of the 2017 tax rates "has zero deficit impact which is why the bill, because of its spending cuts, reduces the deficit."

The argument comes as the CBO and other experts project that it will add to the deficit.

Miller called out Sen. Rand Paul by name after Paul vocally criticized the fact that the bill does not reduce the deficit. Miller said that libertarians like Paul are "attacking the tax cut."

-ABC News' Michelle Stoddart

President Donald Trump reaffirmed early Wednesday his respect for China's President Xi Jinping, saying, "I like President XI of China, always have, and always will."

However, Trump in a post to Truth Social said he finds Xi "very tough, and extremely hard to make a deal with."

Tariffs for Chinese steel and aluminum imports into the U.S. were set at 50% at 12:01 a.m. on Wednesday.

Chinese Foreign Ministry spokesperson Lin Jian was asked Wednesday about Trump's post during the ministry's daily press conference.

"China's principles and position on developing Sino-US relations are consistent," the spokesperson said. "Next Question."

-ABC News' Alex Ederson and Karson Yiu

House Republican leaders announced a vote will take place next week on the $9.4 billion rescissions package that eliminates already approved funding for foreign aid and public broadcasting.

"Next week, we will put the rescissions bill on the floor of the House and encourage all our Members to support this commonsense measure," leaders said in a statement Tuesday.

If approved, it would eliminate funding at the State Department for USAID and the Corporation for Public Broadcasting, which funds NPR and PBS.

A simple majority is required in the House and Senate for passage. Congress has 45 days to get the package across the finish line.

-ABC News' Lauren Peller

Wednesday is set to be a big day of meetings as Senate Republicans try to chart a path forward on Trump’s One Big Beautiful Bill Act.

Members of the powerful Senate Finance Committee will go to the White House to meet with the president at 4 p.m., multiple White House and Hill sources confirmed. To ABC News.

The Finance Committee is responsible for writing the tax policy components of the bill, including the extension of the Trump 2017 tax cuts, a key priority for the package.

The whole committee is expected to attend the meeting, as well as Majority Leader John Thune and GOP Whip John Barrasso, who are both members of the panel.

Senate Republicans are separately expected to meet behind closed doors as a conference Wednesday to discuss the parameters of the bill as a group. This meeting comes as GOP leadership looks to expeditiously chart a path forward for the package in the upper chamber.

-ABC News’ Allison Pecorin