(United States, 29th) The US Senate will vote on President Trump’s proposed tax cut and spending bill, while the world’s richest man, Musk, once again criticizes the bill as “destructive.”
Reuters reports that Senate Majority Whip John Barrasso said the first vote on the bill would take place soon, but the vote did not begin at 4 p.m. ET Saturday (4 a.m. Sunday Singapore time) as he had predicted.
Senate Republicans early Saturday unveiled a new version of the $4.2 trillion tax cut package, adjusting key provisions regarding social security tax deductions, Medicaid, and clean energy, in order to secure the necessary simple majority and to expedite sending the bill to the president’s desk by the July 4 deadline.
However, the bill is opposed by Democrats. Democrats are calling for the entire text of the bill to be read aloud in the Senate chamber, a move likely to extend proceedings late into the night or even delay them until Monday.
Senate Democratic Leader Schumer said: “Future generations will be saddled with trillions of dollars in debt. Under this draft, Republicans will cut food aid for poor children in order to give tax breaks to the wealthy.”
This bill is Trump’s most important legislative goal at present. The 940-page “mega bill” will extend tax cuts enacted during Trump’s 2017 term, further reduce other taxes, and increase spending on the military and border security.
Musk again criticized the bill, posting on social media: “The latest Senate draft will destroy millions of American jobs and inflict massive harm on our country!”
This move may reignite the public spat between him and Trump, which flared up and then cooled down earlier this month.
Nonpartisan analysts estimate that the version passed by the House last month would add about $3 trillion in debt on top of the existing $36.2 trillion in national debt.
The nonpartisan Committee for a Responsible Federal Budget said Saturday that, according to preliminary estimates, the Senate version would add $4 trillion in debt over the next 10 years. The organization’s president, MacGuineas, said in a statement: “If you think the House version borrows too much, the Senate version only makes things worse.”
The White House previously claimed that the bill would reduce the annual US deficit by $1.4 trillion.
If the Senate passes the bill, the House will need to vote on it again before Trump can sign it into law.
Reuters reports that Senate Majority Whip John Barrasso said the first vote on the bill would take place soon, but the vote did not begin at 4 p.m. ET Saturday (4 a.m. Sunday Singapore time) as he had predicted.
Senate Republicans early Saturday unveiled a new version of the $4.2 trillion tax cut package, adjusting key provisions regarding social security tax deductions, Medicaid, and clean energy, in order to secure the necessary simple majority and to expedite sending the bill to the president’s desk by the July 4 deadline.
However, the bill is opposed by Democrats. Democrats are calling for the entire text of the bill to be read aloud in the Senate chamber, a move likely to extend proceedings late into the night or even delay them until Monday.
Senate Democratic Leader Schumer said: “Future generations will be saddled with trillions of dollars in debt. Under this draft, Republicans will cut food aid for poor children in order to give tax breaks to the wealthy.”
This bill is Trump’s most important legislative goal at present. The 940-page “mega bill” will extend tax cuts enacted during Trump’s 2017 term, further reduce other taxes, and increase spending on the military and border security.
Musk again criticized the bill, posting on social media: “The latest Senate draft will destroy millions of American jobs and inflict massive harm on our country!”
This move may reignite the public spat between him and Trump, which flared up and then cooled down earlier this month.
Nonpartisan analysts estimate that the version passed by the House last month would add about $3 trillion in debt on top of the existing $36.2 trillion in national debt.
The nonpartisan Committee for a Responsible Federal Budget said Saturday that, according to preliminary estimates, the Senate version would add $4 trillion in debt over the next 10 years. The organization’s president, MacGuineas, said in a statement: “If you think the House version borrows too much, the Senate version only makes things worse.”
The White House previously claimed that the bill would reduce the annual US deficit by $1.4 trillion.
If the Senate passes the bill, the House will need to vote on it again before Trump can sign it into law.