Trump’s ‘big, beautiful bill’ clears key Senate hurdle after high drama

Tax and Spending Bill Overview - Senate is poised to vote on President Trump's tax and spending bill, facing potential amendments [1][2] - Updated bill retains the $40,000 limit on state and local tax deductions (SALT cap) until 2030 and reinstates Medicaid cuts [4] - Wind and solar industries face a bleak outlook due to shorter tax credit qualification runways and potential additional taxes related to supply chains in China [5] Budgetary Impact - The bill is projected to increase the debt by $3.25 trillion over the next ten years, according to the Congressional Budget Office [6] Political Challenges - House Freedom Caucus expresses concerns that the Senate bill violates their agreement to keep spending low [6][7] - Republican Senators Rand Paul and Thom Tillis initially voted against proceeding with the bill, indicating potential opposition [3][4] - Securing enough votes in the Senate is challenging, as losing more than one vote could jeopardize the bill's passage [4] Key Senators to Watch - Moderate senators like Lisa Murkowski and Susan Collins could be alienated if Ron Johnson's concerns regarding Medicaid are addressed [13] Industry Concerns - Elon Musk and others criticize the bill for favoring industries of the past over future industries, particularly regarding clean energy tax credits [17][18] - The Chamber of Commerce supports the tax provisions but expresses concern about the impact on wind and solar energy [18][19] Medicaid Implications - The bill includes Medicaid cuts, including a cap on provider taxes that states charge healthcare providers [4] - Concern exists that changes to the federal and state Medicaid match could reduce the number of people able to access Medicaid [14] Timeline and Potential Outcomes - The Senate aims to complete votes on amendments, potentially extending into Tuesday, with the House needing to act quickly to send the bill to Trump by July 4th [7][8] - The bill's passage depends on whether those who oppose it are willing to stand their ground and continue to vote no [11][12]