Key Facts
• June 29: U.S. Senate continued deliberations on Trump’s major tax cut proposal.
• Tax cuts projected to increase fiscal deficit by $3.25 trillion (approx. $470 trillion) by 2034.
• Congressional Budget Office (CBO) estimated House version would raise deficit by $2.8 trillion.
• Senate version further increases deficit projections.
• Senate vote scheduled for June 30, but Republican fiscal conservatives oppose the bill.
• Republicans aim to pass the bill by July 4, U.S. Independence Day.
• Senate approval requires House re-approval due to amendments.
• Republicans hold narrow majorities in both chambers, complicating bill passage.
• Democrats oppose Medicaid cuts and delayed proceedings by reading the 940-page bill overnight.
• Legislative process accelerated with weekend sessions to meet deadlines.
Summary
The U.S. Senate is set to vote on June 30 on a major tax cut proposal, a key policy of former President Donald Trump. If enacted, the tax cuts are expected to increase the fiscal deficit by $3.25 trillion (approximately $470 trillion) by 2034, surpassing earlier estimates. The Congressional Budget Office had previously projected a $2.8 trillion deficit increase under the House version of the bill, but the Senate’s revised version further inflates this figure. Despite efforts to expedite the legislative process, including weekend sessions, the bill faces significant hurdles. Republican fiscal conservatives oppose the deficit increase, while Democrats strongly resist proposed Medicaid cuts. The Democrats also delayed proceedings by reading the 940-page bill overnight. With narrow Republican majorities in both the Senate and House, the bill’s passage remains uncertain.
