Core Viewpoint - The "Big and Beautiful" bill has made significant progress with its passage in the procedural vote in the House of Representatives, indicating a shift in support among previously opposing Republican members towards President Trump's agenda [1][4]. Legislative Progress - A group of Republican opponents in the House has changed their stance to support Trump, allowing his agenda to move forward after initially threatening to block the bill [4]. - The House cleared a key procedural hurdle and voted to pass the bill, with Republican leaders working to win over dissenting votes by delaying the vote on the bill's debate rules [6]. - Republican leaders are optimistic about securing enough votes for the bill's passage in the full voting stage, although the outcome remains uncertain [7]. Financial Implications - The bill is expected to implement most of Trump's policy agenda, which could have profound effects on the U.S. capital markets and global investors if successfully enacted [13]. - Estimates suggest that the Senate version of the bill could increase the U.S. fiscal deficit by $3.9 trillion over the next decade, compared to $3 trillion for the House version, raising concerns about fiscal sustainability [14]. - If the "Big and Beautiful" bill is passed, it may support U.S. economic growth but could also heighten doubts about fiscal sustainability and balance of payments, impacting the risk premium and valuation of U.S. debt in the long term [14]. Market Reactions - Following the news of the bill's passage in the procedural vote, the U.S. dollar index experienced a significant drop, indicating market anticipation of the bill's final approval [11].