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Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n
<\/iframe><\/div>\n<div id=\"article-body\">\n<p>Republican lawmakers were on Sunday struggling to find the votes to pass Donald Trump\u2019s landmark tax and spending bill after only barely gathering enough support to begin the debate on the legislation in the Senate.\u00a0<\/p>\n<p>Republican senators late on Saturday eked out the numbers to start debating what Trump has dubbed the \u201cbig, beautiful bill\u201d after an afternoon of fraught negotiations. The vote of 51-49 began a critical procedural step towards passing the new measure.<\/p>\n<p>But congressional wrangling continued on Sunday, with Democrats demanding that the 940-page bill be read out in full on the Senate floor. The reading is expected to end on Sunday afternoon. Votes are set to follow, but have not yet been scheduled.\u00a0<\/p>\n<p>Passing the bill \u2014 which extends sweeping tax cuts introduced during Trump\u2019s first term \u2014 has been a priority for the president since his return to office. He has piled pressure on senators to get the legislation over the line before the July 4 holiday.<\/p>\n<p>In order to fund the tax cut extensions and increase spending on the military and border security, the bill slashes funds for healthcare and social welfare programmes. It also scraps taxes on tips and overtime.<\/p>\n<p>\u201cTonight we saw a GREAT VICTORY in the Senate,\u201d Trump said in a post on his platform Truth Social early on Sunday morning. \u201cVERY PROUD OF THE REPUBLICAN PARTY TONIGHT.\u201d<\/p>\n<p>Independent forecasters have warned that the bill will add to the country\u2019s already swollen debt levels, pushing them beyond world war two highs.\u00a0<\/p>\n<p>The non-partisan Congressional Budget Office on Sunday said that its current version will add more than $3.2tn to US national debt over 10 years.<\/p>\n<p>The White House did not immediately respond to a request for comment, but it has previously insisted the legislation will ultimately shrink the debt.\u00a0<\/p>\n<p>Chuck Schumer, Democratic Senate minority leader, told senators late on Saturday that Republicans were \u201cscrambling to pass a radical bill, released to the public in the dead of night, praying the American people don\u2019t realise what\u2019s in it\u201d.\u00a0<\/p>\n<p>The wrangling prompted billionaire Elon Musk to jump back into politics for the first time since his departure as head of Trump\u2019s cost-cutting campaign, as he once again slammed the bill, which has been a key point of disagreement with the president.<\/p>\n<p>\u201cThe latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!\u201d Musk said in a post on X on Saturday afternoon, before the release of a new draft that appeared to make concessions to the state of Alaska in a bid to secure support from its Senator Lisa Murkowski.<\/p>\n<p>\u201cUtterly insane and destructive,\u201d Musk added. \u201cIt gives handouts to industries of the past while severely damaging industries of the future.\u201d\u00a0<\/p>\n<p>If the measure is passed, the US House of Representatives, which passed its own version of the legislation last month, must then approve the amendments made in the Senate bill before it can be sent to the president\u2019s desk for his signature.\u00a0<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/14595d9e-e600-4b11-8201-05f1a8d16391\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington,…\n","protected":false},"author":5,"featured_media":32815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-32814","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32814"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/32815"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}