Finance
The U.S. Senate narrowly passed the Trump administration’s tax and spending legislation, known as the One Big Beautiful Bill, on Tuesday.
The Republican-controlled Senate approved the bill by a slim margin of 51 to 50 after a marathon voting session that began Monday morning. U.S. Vice President JD Vance broke the 50-50 tie with his decisive vote. Senators spent several days reading and debating the extensive 940-page bill, which was unveiled late Friday.
The legislation includes increased funding for border security, defense, and energy production, alongside cuts to healthcare and electric vehicle subsidies. It also extends the Trump-era 2017 Tax Cuts and Jobs Act, which is scheduled to expire at the end of 2025.
This massive bill is projected to add approximately $3.3 trillion to the federal deficit over the next decade, exceeding the $2.8 trillion deficit estimated in the House of Representatives’ version passed on May 22.
The House must still approve the Senate’s revisions to the bill before it can become law.
Earlier, former President Trump urged Congress to pass the bill before July 4. U.S. media reports indicate the House of Representatives is expected to vote on the legislation on Wednesday.
