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<\/iframe><\/div>\n<div id=\"article-body\">\n<p>Donald Trump\u2019s 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.<\/p>\n<p>The bill\u2019s passage through Congress\u2019s 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.<\/p>\n<p>The <a href=\"https:\/\/www.ft.com\/stream\/9e7fe9d8-1342-4605-8a9b-b755761adc21\" data-trackable=\"link\">Senate<\/a> approved the sweeping legislation, 51-50, on Tuesday after vice-president JD Vance cast the tiebreaking vote.<\/p>\n<p>The US president celebrated the legislation\u2019s progress during a visit to a migrant detention facility in Florida, telling reporters there was \u201csomething for everyone\u201d in the bill.<\/p>\n<p>Critics have warned that the legislation, which includes steep tax cuts, will sharply increase the US\u2019s national debt. The US dollar has <a href=\"https:\/\/www.ft.com\/content\/59c07f63-3331-462b-b9e3-d1bcaea69fce\" data-trackable=\"link\">fallen<\/a> in recent months amid fears of deterioration in America\u2019s fiscal outlook.<\/p>\n<p>For days, senators had been split on the <a href=\"https:\/\/www.ft.com\/us-budget\" data-trackable=\"link\">bill<\/a>, 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. <\/p>\n<p>In the end, all but three Republican senators \u2014 Rand Paul of Kentucky, North Carolina\u2019s Thom Tillis and Susan Collins of Maine \u2014 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. <\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58ae3c7a-c46e-438d-b0c5-53feaae7c334?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58ae3c7a-c46e-438d-b0c5-53feaae7c334?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58ae3c7a-c46e-438d-b0c5-53feaae7c334?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x\" width=\"2290\" height=\"1526\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac9103b77-67cb-413b-90f0-6502f7c4ae6a?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac9103b77-67cb-413b-90f0-6502f7c4ae6a?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac9103b77-67cb-413b-90f0-6502f7c4ae6a?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x\" width=\"1526\" height=\"1526\"\/><\/picture><figcaption class=\"n-content-picture__caption o3-editorial-typography-caption\"><span>Alaska\u2019s Lisa Murkowski, left, and Susan Collins of Maine, walk to the Senate floor on Tuesday<\/span><span> <!-- -->\u00a9 Nathan Howard\/Reuters<\/span><\/figcaption><\/figure>\n<p>The \u201cbig, beautiful bill\u201d would fund an extension of sweeping tax cuts introduced in the president\u2019s 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.<\/p>\n<p>But the legislation still faces significant hurdles if it is to be signed into law by Trump\u2019s self-imposed deadline of July 4. <\/p>\n<p>\u201cI think it is going to very nicely in the House,\u201d <a href=\"https:\/\/www.ft.com\/donald-trump\" data-trackable=\"link\">Trump<\/a> said on Tuesday. \u201cActually, I think it will be easier in the House than it was in the Senate.\u201d<\/p>\n<p>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. <\/p>\n<p>Johnson on Tuesday said the House would \u201cwork quickly\u201d to pass the bill by Friday\u2019s independence day holiday.<\/p>\n<p>\u201cThe American people gave us a clear mandate, and after four years of Democrat failure, we intend to deliver without delay,\u201d he added in a statement released shortly after the Senate vote.<\/p>\n<p>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\u2019s growing debt pile. <\/p>\n<p>More moderate House members have criticised the bill\u2019s cuts to Medicaid, which provides healthcare to low-income and disabled Americans.<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title o3-type-body-highlight\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image o-teaser--opinion js-teaser\" data-id=\"119fd6f2-3c63-40a8-8fe8-3474f4dd1f71\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/119fd6f2-3c63-40a8-8fe8-3474f4dd1f71\" data-trackable=\"image-link\" data-trackable-context-story-link=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2288\/1287\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F3f76d700-5f43-410b-9994-c7000e4b05a5.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\" alt=\"President Donald Trump attends a press conference at the White House last week\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>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. <\/p>\n<p>Independent forecasters have warned that the legislation will add to the country\u2019s 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.<\/p>\n<p>But many Republicans have criticised the watchdog\u2019s record, while the White House argues the legislation will ultimately narrow the deficit through fostering growth.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/62fdf4f5-8c9f-4d8b-8753-0b3fd672b746\">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":32959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-32958","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\/32958","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=32958"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/32959"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}