By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > News > US Senate passes Donald Trump’s ‘big, beautiful’ tax and spending bill
News

US Senate passes Donald Trump’s ‘big, beautiful’ tax and spending bill

News Room
Last updated: 2025/07/01 at 3:03 PM
By News Room
Share
5 Min Read
SHARE

Unlock the White House Watch newsletter for free

Your guide to what Trump’s second term means for Washington, business and the world

Donald Trump’s landmark tax and spending legislation moved a step closer to becoming law on Tuesday after the US Senate ended days of haggling and narrowly passed the so-called big, beautiful bill.

The bill’s passage through Congress’s upper chamber now leaves its fate in the hands of the House of Representatives, where it could still face considerable opposition ahead of a looming July 4 deadline.

The Senate approved the sweeping legislation, 51-50, on Tuesday after vice-president JD Vance cast the tiebreaking vote.

The US president celebrated the legislation’s progress during a visit to a migrant detention facility in Florida, telling reporters there was “something for everyone” in the bill.

Critics have warned that the legislation, which includes steep tax cuts, will sharply increase the US’s national debt. The US dollar has fallen in recent months amid fears of deterioration in America’s fiscal outlook.

For days, senators had been split on the bill, with a critical number of Republicans voicing concerns about its size and scope. The crucial vote came after a marathon session in the chamber that lasted more than 24 hours as Republican leaders hashed out deals with dissenters.

In the end, all but three Republican senators — Rand Paul of Kentucky, North Carolina’s Thom Tillis and Susan Collins of Maine — voted in favour of the bill, while all 47 Senate Democrats voted against it. Lisa Murkowski of Alaska, who had also raised concerns about the bill, voted for it.

Alaska’s Lisa Murkowski, left, and Susan Collins of Maine, walk to the Senate floor on Tuesday © Nathan Howard/Reuters

The “big, beautiful bill” would fund an extension of sweeping tax cuts introduced in the president’s first term by slashing spending on healthcare and social welfare programmes. It would also increase spending on the military and border security, and scrap taxes on tips and overtime.

But the legislation still faces significant hurdles if it is to be signed into law by Trump’s self-imposed deadline of July 4.

“I think it is going to very nicely in the House,” Trump said on Tuesday. “Actually, I think it will be easier in the House than it was in the Senate.”

But House of Representatives Speaker Mike Johnson will walk a political tightrope to secure the votes needed from his fractious Republican party and send the legislation to the president by the end of the week.

Johnson on Tuesday said the House would “work quickly” to pass the bill by Friday’s independence day holiday.

“The American people gave us a clear mandate, and after four years of Democrat failure, we intend to deliver without delay,” he added in a statement released shortly after the Senate vote.

While an earlier version of the bill passed the House by a single vote in May, several House members have taken issue with the Senate version. Fiscal hawks have said the Senate bill adds an unsustainable amount to the government’s growing debt pile.

More moderate House members have criticised the bill’s cuts to Medicaid, which provides healthcare to low-income and disabled Americans.

The House rules committee was set to start considering the Senate bill on Tuesday afternoon, with votes in the full House expected as soon as Wednesday.

Independent forecasters have warned that the legislation will add to the country’s already swollen debt levels, with the non-partisan Congressional Budget Office estimating at the weekend that the Senate version of the bill would increase the deficit by $3.3tn over the next decade.

But many Republicans have criticised the watchdog’s record, while the White House argues the legislation will ultimately narrow the deficit through fostering growth.

Read the full article here

News Room July 1, 2025 July 1, 2025
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
A look at Cristiano Ronaldo’s $675M deal. 💰

Watch full video on YouTube

How Canada is saying no to American products

Watch full video on YouTube

Nvidia’s big $4 trillion milestone: Why some say the stock could go even higher

Watch full video on YouTube

Why 3D printed houses are on the rise

Watch full video on YouTube

Elon Musk wants to launch a new political party. Here’s why some people think it won’t work.

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

Bank of America: Higher Yielding Preferred Stock Is Still Attractive (NYSE:BAC)

By News Room
News

‘All the banks were lying’: Tom Hayes on his decade-long battle for justice

By News Room
News

Wall Street Roundup: Tesla Skepticism, Google Stands Out, DORK Shorts

By News Room
News

Deutsche Bank Aktiengesellschaft (DB) Q2 2025 Earnings Call Transcript

By News Room
News

Asian automakers’ profits tumble after ‘unprecedented’ effects of US tariffs

By News Room
News

The polarising power of Andriy Yermak, Ukraine’s other wartime leader

By News Room
News

Turning Point Brands: Is This ‘Smokeless’ Stock Too Hot To Touch? (NYSE:TPB)

By News Room
News

Macrons file US lawsuit over claims France’s first lady was born male

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?