Fiscal Policy

Senate’s Narrow Approval of Trump’s Tax Plan Exposes GOP Divisions and Fiscal Risks

By Economics Desk | July 1, 2025

The Senate’s razor-thin vote to advance President Trump’s massive tax and budget overhaul reveals deep divisions within the GOP and raises alarms over skyrocketing national debt.

The United States Senate narrowly approved President Donald Trump’s controversial tax and budget plan Tuesday, pushing the legislation back to the House of Representatives for a final vote under intense pressure to send it to the president for signature by this Friday. Vice President JD Vance broke a deadlock with a decisive tie-breaking vote of 51-50, ending a grueling 24-hour marathon session that laid bare fractures within the Republican Party. Despite being branded by Trump as "the great and beautiful bill," three Republican senators opposed the measure, highlighting internal dissent over its approach. Deep GOP Divisions Over Deficit and Social...

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