Washington: US Secretary of the Treasury Scott Bessent described Tuesday the passage of an economic bill in the Senate as “a major step forward in enacting President Trump’s agenda to revitalize the American economy and provide certainty to households and businesses alike.” In a statement upon passage of the “One, Big, Beautiful Bill” Act in the Senate, Bessent said, “Today’s Senate vote is a major step forward in enacting President Trump’s agenda to revitalize the American economy and provide certainty to households and businesses alike.” “Senate Republicans have taken decisive action to prevent a USD 4 trillion tax hike on hardworking Americans, while securing No Tax on Tips, No Tax on Overtime, new tax cuts for seniors, and vital provisions for the manufacturing sector,” Bessent added.
According to Kuwait News Agency, Bessent expressed appreciation for the work of Leader Thune and Chairman Crapo in advancing the legislation through the Senate, urging House Republicans to act quickly to fulfill President Trump’s promises. The bill’s passage is seen as crucial to maintaining the United States as a leading destination for capital and innovation.
Senate Republicans managed to push a significant budget reconciliation bill through the chamber, overcoming Democratic objections and resolving internal GOP disagreements over Medicaid cuts, energy tax credits, and more. The Senate passed its version of the bill, dubbed by President Donald Trump as his “one big, beautiful bill,” following a marathon vote-a-rama that lasted approximately 27 hours.
Vice President JD Vance played a crucial role in breaking the tie, participating in last-minute negotiations to move the process forward. The final vote was mostly along party lines, with a result of 51-50. Notably, three Republicans-Rand Paul of Kentucky, Thom Tillis of North Carolina, and Susan Collins of Maine-joined all Democrats in opposing the measure (HR 1). Collins is now considered the most endangered GOP incumbent in the upcoming midterms due to Tillis’ decision to retire.