Trump secures passage of his prestigious legislation, referred to as "The Big Beautiful."
In a closely contested battle, the "One Big Beautiful Bill," a tax and spending proposal driven by US President Donald Trump, has been passed in both the House of Representatives and the Senate. The bill, which faces significant opposition and ideological divides, was passed through intense negotiations, party-line voting, and strategic pressure within the Republican ranks.
In the Senate, the bill narrowly passed with a 51-50 vote, where Vice President JD Vance had to step in and cast the deciding vote. The vote came after a 24-hour legislative showdown, marked by intense debate and intraparty conflict. While the bill passed along party lines, it faced opposition from some Republican senators, including Susan Collins, Rand Paul, and Thom Tillis, who voted against it due to concerns about deficit expansion and cuts to entitlement programs.
The House of Representatives also passed the bill on a party-line vote of 218-214. Speaker Mike Johnson was able to secure enough Republican votes despite resistance from some members. Two Republicans, Thomas Massie and Brian Fitzpatrick, voted against the bill.
The bill includes the permanent extension of tax cuts from Trump's first term and new tax cuts, such as the elimination of a tax on tips and overtime up to a certain amount. It also poses risks for some Republicans in the upcoming congressional elections due to its unpopularity.
The bill increases the US debt burden by approximately $3.3 trillion over the next decade, bringing the total debt to about $36 trillion. Critics see the cuts to climate and environmental funding as a step backwards in the energy transition and a weakening of American future industries in competition with China.
The Congressional Budget Office estimates that nearly 12 million Americans could lose their health insurance by 2034 due to the bill. The bill's controversial nature is particularly evident in swing districts, where Democrats and Republicans traditionally have close races.
The bill has drawn criticism from fiscally conservative Republicans due to the increasing debt burden. Elon Musk, a former ally of Trump, has vehemently criticised the bill and hinted at founding a new party, the "America Party." Democrats have announced that they will campaign on the cuts to social and health services in the upcoming congressional elections.
In summary, the "One Big Beautiful Bill" was passed by leveraging slim Republican majorities, intense party discipline and negotiation, and the vice president’s tie-breaking power in the Senate, overcoming ideological divides and opposition through focused leadership and compromise on tax and spending provisions. However, its passage has been met with controversy and criticism from various quarters.
- Amidst opposition and ideological divides, the passing of the "One Big Beautiful Bill" sparks debate within the realm of political news.
- The bill's impact on the environment is a subject of concern for those in environmental science, with critics viewing cuts to climate and environmental funding as a hindrance to the energy transition.
- Meanwhile, personal-finance experts argue that the bill's debt-management consequences, such as the increase in US debt burden by $3.3 trillion, could have serious implications for the nation's fiscal health in the future.
- The environmental provisions in the bill are not just a concern for scientists, but also for policy-and-legislation experts who view them as detrimental to future industries competing globally, particularly when compared to China's investments.
- Financial analysts in general-news are keeping a close eye on the bill's tax provisions, including the permanent extension of existing tax cuts and the elimination of certain taxes, such as the tax on tips, in light of their potential impact on personal and corporate tax liabilities.
