The proposal, known as “One Big Beautiful Bill”, contemplates cutting social subsidies and would eliminate tax incentives linked to renewable energy.
The Modifications introduced into the US Senate Regarding the extensive fiscal bill of President Donald Trump, the country’s debt would significantly increase, while causing even greater losses. The proposal, known as “One Big Beautiful Bill”, contemplates cutting social subsidies and would eliminate tax incentives linked to renewable energy.
In this way it is estimated that the Senate proposal the deficit would increase by practically 3.3 billion dollars between 2025 and 2034which reflects an increase of almost one billion compared to the proposal that already received green light in the House of Representativeswhere the debt would rise in 2.4 billion over ten years.
It was also indicated that by 2034, 11.8 million Americans could lose their health insurance coverage if this measure is approvedthus exceeding the forecast of 10.9 million people who would run out of coverage with the version promulgated by the lower house. These data are Another challenge for Republican leaderswho seek the approval of the Trump bill before the deadline set for July 4.
Saturday’s vote was resolved by 51 votes in favor and 49 againstafter a day marked by prolonged negotiations. Two Republican senators joined the 47 Democrats to reject the initial motion to open the debate. The presence of the vice president JD Vance In the Capitol he stressed the tension of the moment, since he was prepared to cast a tiebreaker vote. The Trump administration said it supports “vigorously” the approval of the text.
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Marathonic session in the US Senate
The Congress Budget Office, which is neutral, published on Sunday its evaluation of the impact of the bill on the debt of 36.2 billion dollars, calculating that it would add about US $ 800,000 million more than the version approved last month in the House of Representatives. Many Republicans disagree with this statement and argue that the extension of current politics will not increase the debt. However, investors in international bonds see incentives to diversify outside the American treasure market.
Democrats, meanwhile, The last and striking figure envives enough anxiety among fiscal mentality conservatives As if they oppose their party, which controls both cameras of Congress. “Republicans are doing something that the Senate had never done, deploying false mathematics and accounting tricks to hide the real cost of the bill,” said the leader of the Democratic minority in the Senate, Chuck Schumer.
The Senate approved by a narrow margin the bill of tax cuts, immigration, borders and military expenses In a procedure vote late on Saturday, voting 51-49 to open the debate on the megaproject of law of 940 pages.
Trump wants the bill to be approved before the holiday of July 4, Independence Day. While this term is one of choice, parliamentarians will face a much more serious period at the end of this summer, when they must raise the self -imposed debt roof or risk a devastating breach. If the Senate manages to approve the bill, it will pass to the House of Representatives, where the members are also divided, with some angry at their cost and others concerned about the cuts to the Medicaid program.
Source: Ambito
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