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Senate Passed Trump’s “Big, Beautiful Bill” With 51-49 Vote
In a close vote, the United States Senate has narrowly passed President Donald Trump’s spending and tax bill, also referred to as his “Big, Beautiful Bill,” with a vote of 51-49. The bill, which aims to make permanent the 2017 tax cuts, increase defense funding, and cut back on certain green energy initiatives, will now move on to the House of Representatives for further consideration.
Despite opposition from some within his own party, Trump has made this bill a central part of his second term agenda. The fact that it passed with such a narrow margin highlights the deep divisions still existing among Republican senators. Two Senators, Thom Tillis and Rand Paul, chose not to support the bill, while Vice President JD Vance was on hand to break any tie if one had been necessary.
The “Big, Beautiful Bill” includes several key provisions, including permanent tax cuts for individuals and corporations, which were originally put in place by Trump’s administration back in 2017. The bill also allocates roughly $150 billion towards defense and border security funding, as well as increasing the debt ceiling by a staggering $5 trillion.
In addition to these measures, the bill would cut billions from Medicaid and the Supplemental Nutrition Assistance Program (SNAP), while also establishing a new fund for rural Medicaid services worth $25 billion over a four-year period. Furthermore, it repeals certain green energy tax credits and phases out itemized deductions for state and local taxes.
The passage of this bill has significant implications for the crypto market, as it sets the stage for a potential merger between two key pieces of legislation: the GENIUS Act and the CLARITY Act. If these bills are combined, they could have far-reaching consequences for the cryptocurrency industry in the United States.
Trump was quick to react to the vote on social media, stating that he will be looking to support candidates who share his vision in the 2026 midterm elections.
Source: coinpedia.org
