The U.S. Senate has voted 52-48 to start debating the Republican-led budget resolution, a major step in advancing President Trump’s economic agenda.
Key Provisions:
- Tax Cuts: Extends the 2017 tax cuts permanently and eliminates taxes on tips, overtime, and Social Security income. Estimated cost: $1.5 trillion over the next decade.
- Spending Reductions: Proposes $2 trillion in domestic spending cuts, targeting programs expanded during the COVID-19 pandemic.
- Debt Ceiling Increase: Raises the federal debt limit by up to $5 trillion, pushing borrowing debates past the 2026 midterm elections.
Political Reactions:
- All Senate Democrats opposed the resolution.
- Senator Rand Paul was the only Republican to vote against it, citing concerns over the debt ceiling.
- GOP leaders aim to pass the resolution by the weekend.
Next, the Senate enters up to 50 hours of debate, followed by a “vote-a-rama” on amendments.
