In a nail-biting showdown on Tuesday, Republicans in the U.S. Senate advanced what President Donald Trump dubbed his 'big, beautiful' tax-and-spending package by the slimmest margin in modern history – 51 to 50. Vice President JD Vance cast the tie-breaking vote, pushing a plan that aims to reshape the nation's fiscal future.
The legislation proposes deep tax cuts for corporations and high earners, trims back social safety net programs and pours fresh funds into military operations and immigration enforcement. Critics warn the bill's $3.3 trillion price tag will swell the national debt and squeeze sectors of the economy that rely on federal support – especially healthcare.
Three Republican senators – Thom Tillis of North Carolina, Susan Collins of Maine and Rand Paul of Kentucky – stood against the package, underscoring unease within GOP ranks over the cost and scope of the reforms. An all-night debate laid bare disagreements on how far Congress should go in balancing debt reduction, tax relief and public services.
Next Stop: The House
With Senate approval in hand, the bill now heads to the House of Representatives, where Republicans hold a narrow 220-212 majority. A handful of House Republicans have already signaled reservations about some Senate provisions, setting the stage for fresh negotiations. House Speaker Mike Johnson has pledged to send the bill to the president's desk by the July 4 Independence Day holiday – matching President Trump's own ambitious timeline.
Global Ripple Effects
For businesses, investors and travelers around the world, the bill's mix of tax relief and higher military spending could trigger shifts in interest rates, currency values and market sentiment. Tech startups eyeing U.S. tax breaks will keep a close watch, while global citizens may see the long-term impacts in exchange rates, travel costs and international investment flows.
As the clock ticks toward a potential mid-summer signature, every move in the coming weeks will be a high-stakes drama – affecting not just Washington insiders but young entrepreneurs, digital nomads and thought leaders across the globe.
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U.S. Senate passes Trump's 'big, beautiful' bill, what's next?
cgtn.com
