In a razor-thin vote, the Senate has narrowly passed President Trump's sweeping domestic policy bill that aims at significant tax cuts and slashing social safety nets, igniting fears about the long-term fiscal health of the nation.
Trump's Major Tax Reform Bill Passes Senate Amid Controversy
Trump's Major Tax Reform Bill Passes Senate Amid Controversy
President Trump's controversial tax reform bill clears Senate with a slim majority, setting the stage for potential financial upheaval.
The Senate voted 51-50 in favor of the bill, with Vice President JD Vance providing the tiebreaking vote after three Republican senators—Susan Collins, Thom Tillis, and Rand Paul—voted against it. The marathon voting session followed an intense 24 hours of debates, where party members negotiated fiercely until the very end. Observers note this legislative victory could carry substantial risks for the Republican Party in future elections, according to analysis by political correspondent Carl Hulse.
An initial assessment suggests that the passed bill is likely to add over $3.3 trillion to the national debt within the next decade. Additionally, it could hinder the country's tax revenue, potentially paving the way for a significant shift in fiscal policy and heightening the possibility of a debt crisis.
The proposed legislation extends approximately $3.8 trillion in tax cuts established during Trump’s first term back in 2017, whilst also allocating funds in the tens of billions for border security and military enhancements. However, the changes raise alarms as millions of low-income citizens may face substantial financial challenges due to cuts to health insurance and other vital aid programs.
Looking ahead, the bill is set to be presented for a vote in the House shortly, where it can afford to lose no more than three votes from Republican members.
An initial assessment suggests that the passed bill is likely to add over $3.3 trillion to the national debt within the next decade. Additionally, it could hinder the country's tax revenue, potentially paving the way for a significant shift in fiscal policy and heightening the possibility of a debt crisis.
The proposed legislation extends approximately $3.8 trillion in tax cuts established during Trump’s first term back in 2017, whilst also allocating funds in the tens of billions for border security and military enhancements. However, the changes raise alarms as millions of low-income citizens may face substantial financial challenges due to cuts to health insurance and other vital aid programs.
Looking ahead, the bill is set to be presented for a vote in the House shortly, where it can afford to lose no more than three votes from Republican members.
