US Senate approves tax bill - Document predicts deficit increase, cuts to social programs
The US Senate narrowly passed Donald Trump's tax and spending bill, a bill that has been criticized by the opposition for increasing the debt and cutting social programs.
The United States Senate narrowly approved the Trump administration's tax and spending bill, dubbed "A Big and Beautiful Bill," which is expected to add about $3.3 trillion to the deficit by 2034.
The Republican-controlled Senate passed the bill by a vote of 51 to 50 after a marathon voting process that began Monday morning. US Vice President JD Vance broke the 50-50 tie by casting a vote in favor of the document.
The legislation includes more spending on border security, defense and energy production, with cuts to health care, food programs and subsidies for electric vehicles. The bill extends Donald Trump's Tax Cuts and Jobs Act of 2017, which is set to expire at the end of 2025.
The bill would add about $3.3 trillion to the deficit over the next decade, higher than the $2.8 trillion deficit in the version approved by the House of Representatives on May 22.
Additionally, the House of Representatives must approve revisions to the version of the bill that passed in May. Trump has urged lawmakers to pass the bill before July 4.
Spending cuts to health care and nutrition programs, as well as an extension of tax cuts, drew criticism from Democrats and opposition from some key Senate Republicans. The bill would cut about $930 billion in health care spending, according to the report.
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