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3mo ago

Senate Republicans Refine 'One Big Beautiful Bill' Ahead of July 4 Deadline

Senators are recalibrating spending, tax relief, welfare reform, student loan caps under reconciliation to meet the president’s self-imposed July 4 deadline

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Senator Bill Cassidy (R-LA), chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, greeting Linda McMahon, President Donald Trump’s nominee for Secretary of Education, before she would testify in a confirmation hearing before the Senate Committee on Health, Education, Labor and Pensions on Feb. 13, 2025, in Washington. McMahon served as head of the U.S. Small Business Administration during Donald Trump's first presidential administration and was CEO of World Wrestling Entertainment.

Overview

  • House Republicans approved technical corrections Wednesday to remove Senate-parliamentarian-ruled provisions and formally transmit the corrected 1,100-page measure to the Senate
  • Senate Republicans have proposed a 71-page education section that caps graduate student borrowing, reduces repayment plans to two and expands workforce-focused Pell grants
  • Senate Republicans aim to adjust the SALT deduction cap, roll back green energy tax credits and deepen spending cuts to generate further savings under reconciliation
  • The nonpartisan CBO projects the legislation will add roughly $3 trillion to federal debt over the next decade, intensifying dissent among GOP fiscal hawks
  • Treasury Secretary Scott Bessent warned that failure to pass the bill and raise the debt ceiling could trigger a financial crisis similar to that of 2008