U.S. Senate passes ’big, beautiful bill’

Investing.com -- The Republican-controlled U.S. Senate passed the One Big Beautiful Bill Act on Tuesday with Vice President JD Vance casting the tie-breaking vote. The final vote was 51-50 in favor.

The legislation, which was backed by President Donald Trump, will now return to the House for further consideration before potentially reaching the president’s desk.

Three Republican senators broke ranks to oppose the bill: Rand Paul of Kentucky, Thom Tillis of North Carolina, and Susan Collins of Maine. They joined Democrats in voting against the measure.

President Trump has characterized the legislation as the "largest tax cut in history," highlighting provisions that would eliminate taxes on tips, overtime, and Social Security benefits. The bill also includes funding for border security, the "Golden Dome," significant spending reductions, and what he describes as "generational welfare reform."

Senate Majority Leader John Thune (R., S.D.) defended the legislation, saying it fulfills Trump’s campaign promises. "No tax on tips, no tax on overtime, lower taxes for seniors, for Social Security recipients," Thune said. "These are all targeted at working Americans, working families."

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