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Economic Insight > Blog > Business News > Senate eyes key vote on Trump’s tax bill, while Musk calls it ‘utterly insane and destructive’
Senate eyes key vote on Trump’s tax bill, while Musk calls it ‘utterly insane and destructive’
Business News

Senate eyes key vote on Trump’s tax bill, while Musk calls it ‘utterly insane and destructive’

EC Team
Last updated: June 29, 2025 7:10 am
EC Team
Published June 29, 2025
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Contents
Make or break moment for GOPAfter the set-off, Republicans will revise some proposalsSalt conflicts shake things upTrump deadline is approaching

The Senate prepares for a critical procedural vote during a rare Saturday session as Republicans compete to pass President Donald Trump’s package Tax credits, spending reductions, deportation funds By the deadline until July 4th.

Republicans use a majority in Congress to push democratic opposition aside, but they have a string of Political and policy retreat. Not all GOP lawmakers have proposals to reduce spending Medicaid, Food Stamps Other programs as a way to cover extended costs Trump’s tax credit is about $3.8 trillion.

Ahead of the expected roll call, the White House issued an administrative policy statement that “supports a strong passage” of the bill, “implementing key aspects of the president’s agenda.” Trump himself joined a golf course in Virginia on Saturday, and GOP Senators posted about it on social media.

“Now is the time to lead this law to the finish line,” said Senate majority leader John Tune, Rs.D.

But as the day continued, billionaire Elon Musk assaulted him, calling the package “totally crazy and destructive.”

“The latest Senate bill will destroy millions of jobs in America and cause enormous strategic harm to our country!” the former top aide Trump aide said in a post.

940 pages of invoice Released shortly before midnight Friday, the senator is expected to crush the next few days with potentially overnight debates and countless revisions. The Senate passage could be a few days apart, and the bill will have to return to the House for the final vote before reaching the White House.

With a narrow Republican majority in the House and Senate, leaders have almost all lawmakers on board in the face of essentially unified opposition from Democrats.

Chuck Schumer, a Democratic leader in the New York Senate, said Republicans are dropping the bill “midnight” and rushing to complete it before the public knows exactly what’s in it.

Make or break moment for GOP

The weekend session could be a make-up or break moment for Trump’s party, which invested much of his political capital Signature domestic policy plan. Trump is pushing it into Congress to envelop it.

In recent events at the White House, including Friday, Trump advised him to line up “Grand Standards” among the GOP Holdouts.

This law is an ambitious but complex series of GOP priorities. At its heart, if Congress fails to act, it would make many of Trump’s first term tax exemptions permanent, otherwise expire by the end of the year. The bill will add a new break that includes no tax on tips and commit $350 billion to national security, including Trump’s Large deportation agenda.

However, the spending cuts that Republicans rely on to offset lost tax revenue is challenged within the GOP ranks. Some lawmakers say the cuts have gone too far, especially for those receiving healthcare through Medicaid. Meanwhile, conservatives are worried about the country’s debt and are calling for sudden cuts.

Sen. Thom Tillis, Rn.C., said he continues to be concerned about the basics of the package and does not support a procedural move to launch discussions. Kentucky Sen. Rand Paul opposes a measure to raise the country’s debt limit by $5 trillion. R-Wis. Sen. Ron Johnson of the company said they need to look at the final legislative textbook in search of deeper cuts.

The Montana GOP Senator said he agreed to proceed with the lawsuit against the bill only after the amendment guarantees that provisions for the sale of public land he opposes will be taken away.

After the set-off, Republicans will revise some proposals

The draft release is SenatorThe bill was reviewed to confirm that it was followed by the strict “Bird Rules” of the Chamber of Commerce, named after the late Senator Robert C. Byrd, DW.VA. It is primarily prohibited to include it in budget invoices unless the provisions can get 60 votes to overcome objections. It would be a uniform Democrat order in the Senate against the 53-47 GOP Edge and Trump bill.

Republicans suffered from a series of set-ups after being deemed out of compliance by Senate Rules Chief Arbiter. One plan would have shifted a few times. Food Stamps Federal government to state costs. The seconds must have been broken Consumer Financial Protection Bureau’s Finance Structure.

However, over the past few days, Republicans have quickly revised those proposals and revived them.

The final text includes suggestions for reducing Medicaid provider taxes that have been met with Congressional objections, as well as opposition from several senators worried about the fate of rural hospitals. The new version will extend the start date for these cuts and establish a $25 billion fund to support rural hospitals and providers.

Most states impose provider taxes as a way to promote federal Medicaid refunds. Some Republicans argue that it is a fraud and should be abolished.

Non-partisan Congressional Budget Bureau Under the House Pass version of the bill, More than 10.9 million people Going without healthcare, at least 3 million fewer people will qualify for food aid. The CBO has not yet publicly evaluated the Senate draft. This suggests sudden reductions.

Top earners will see a tax cut of around $12,000 under the House bill, but the package costs the poorest Americans $1,600. The CBO said.

Salt conflicts shake things up

The Senate included compromises on so-called salt provisions, state and local tax credits, a top priority for lawmakers in New York and other high-tax states, but the issue remains volatile.

The current salt cap is $10,000 a year, and a small number of Republicans wanted to increase it to $40,000 a year. The final draft includes a $40,000 cap, but five years instead of 10.

Many Republican senators say it’s still too generous. Rep. Nick Larota of New York said at least one home GOP holdout, that’s insufficient.

Trump deadline is approaching

house Speaker microphone johnsonsent home over the weekend with plans to plan to return to Washington, but they said they were “very close” to finish.

“We still want to meet the voluntary deadline on July 4th,” said Johnson of R-LA.

Johnson and Tune remained close to the White House and relied on Trump to put pressure on lawmakers.

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