债务上限问题悬而未决，参议院审议特朗普税改法案

Core Points - The U.S. faces increasing risks of debt default as the Senate prepares to undertake lengthy revisions to Trump's "Big Beautiful Plan" [1] - The Republican leadership is tying the issue of raising the debt ceiling to the president's signature economic legislation, which adds urgency but complicates the legislative process [1] - The tax reform bill is expected to undergo extensive modifications in the Senate, raising concerns about potential new issues when the revised version returns to the House for approval [1] Group 1: Market Concerns - As the potential default date approaches, the dramatic and delayed legislative process may lead to market unease [2] - Treasury Secretary Scott Bessent has warned lawmakers that the U.S. could exhaust its borrowing capacity by August if the debt ceiling is not raised or suspended [2] - Investors in Treasury securities are already adjusting their positions, with yields on bonds maturing in August rising to 4.34% compared to other maturities [2] Group 2: Republican Challenges - The Republican Party lacks an alternative plan to raise the debt ceiling aside from Trump's proposal, needing to include cuts to social safety net spending and increased border enforcement funding to gain support from hardline conservatives [3] - Senate Republican leader John Thune indicated that achieving a majority vote for the tax bill before July 4 has become challenging due to the need for support [3] - Thune must navigate the delicate balance of modifying the House's $4 trillion tax cut proposal to secure Senate approval [3] Group 3: Bipartisan Resistance - Some senators oppose the rapid termination of clean energy tax credits in the House bill, arguing it would harm renewable energy companies and the banks supporting current projects [4] - The Senate is utilizing budgetary maneuvers that allow for $1.3 trillion more in tax cuts than the House bill, which may anger fiscal conservatives in the House [4] - Other senators are advocating for permanent tax cuts on tips and overtime, while also seeking to mitigate tax changes that could negatively impact state budgets [4] Group 4: Legislative Dynamics - Democrats have been largely sidelined in the Republican-only budget process but can leverage Senate rules to remove non-fiscal provisions from the bill [5] - The outcome of this legislative battle will directly impact whether the U.S. can avoid a historic debt default, necessitating close monitoring of political developments in the coming months [5]