The U.S. Senate approved a sweeping piece of legislation dubbed the 'One Big, Beautiful Bill' (OBBB) on July 1, sealing a 50-50 tie with Vice President JD Vance's tie-breaking vote. Packed with Republican priorities—from tax cuts and defense spending to stricter immigration enforcement—the bill now moves to the House for further debate.
Behind the Scenes: Picture a deeply divided chamber. Republicans hailed the OBBB as a bold move to reshape the economy and bolster national security. Democrats, however, stood united against it, warning that the wealthiest Americans are set to benefit the most while low-income families face steep cuts to vital programs.
What's Inside the OBBB?
- Tax cuts for high earners and corporations
- Spending cuts affecting social safety nets
- Increased funding for national defense
- Expanded immigration enforcement measures
Who Wins, Who Loses
According to the Tax Foundation, the bill's 'political gimmicks and carveouts' could further complicate an already complex tax code. Experts also warn that up to 12 million Americans could lose their health insurance over the next decade, raising concerns about access to medical care for the most vulnerable.
Looking Ahead
As the OBBB heads to the House of Representatives, all eyes will be on whether moderate Republicans can reconcile party priorities with growing public unease. Will critics force significant revisions, or will the bill emerge largely intact? The answer could define the next chapter in U.S. economic and social policy—and send ripples through global markets.
Reference(s):
cgtn.com
