Overview

• Republican senators Rand Paul and Ron Johnson have vowed to oppose the package unless deeper cuts are implemented to offset its multi-trillion-dollar impact on the debt.
• Tech CEO Elon Musk denounced the legislation on X as a “disgusting abomination,” warning it would add roughly $2.5 trillion to the federal deficit.
• The package extends Trump’s 2017 tax cuts, creates new tax breaks on tips and overtime, raises the debt ceiling by $4 trillion and trims funding for Medicaid, food stamps and other safety net programs.
• The Congressional Budget Office estimates the bill will expand deficits by between $2.3 trillion and $5 trillion over ten years and plans to release updated projections this week.
• The White House maintains that the plan will yield $1.6 trillion in net savings over the next decade and President Trump is pressing for Senate approval by July 4.