Senate Passes Trump’s Tax and Spending Bill Amid Deficit Concerns

The Republican-led Senate narrowly passed President Donald Trump's signature tax and spending legislation in a 51-50 vote, with Vice President JD Vance breaking the tie. The so-called 'big, beautiful bill' extends 2017 Republican tax cuts set to expire this year, averting potential rate increases.

Three Republican senators—Rand Paul, Susan Collins, and Thom Tillis—opposed the measure. A last-minute $50 billion rural health care provision failed to secure Collins' support after Democrats largely rejected the amendment. The bill now returns to the House for reconciliation with their earlier version.

Fiscal hawks warn the legislation could exacerbate the U.S. deficit, while markets remain attuned to potential macroeconomic impacts. The political victory comes as TRUMP prepares for his reelection campaign, framing the bill as a cornerstone of his economic agenda.