Punchbowl reporter: U.S. VP Vance broke the tie on the perfecting amendment
ByAinvest
Tuesday, Jul 1, 2025 11:50 am ET1min read
Punchbowl reporter: U.S. VP Vance broke the tie on the perfecting amendment
The U.S. Senate has moved forward with a critical procedural vote on President Donald Trump's sprawling budget bill, known as the One Big Beautiful Bill Act. The vote, held late into the night, was pivotal in advancing the legislation that includes increased spending on border security, defense, and energy production, offset by cuts to healthcare and food-support programs.The marathon session, lasting over 22 hours, saw Vice President JD Vance arrive at the Capitol Hill to potentially cast a tie-breaking vote. The Republicans, who control both chambers of Congress, can afford only three defections for the bill to pass. If they lose three votes, Vance will have to cast the tie-breaking vote [1].
The bill's fate remains uncertain, with critics including Elon Musk, who has criticized Republicans for increasing the national debt while promising to reduce government spending. The tech billionaire was previously in charge of the Department of Government Efficiency, tasked with finding ways to cut government spending, but fell out with Trump over the One Big Beautiful Bill Act [1].
The bill, if passed, could strip nearly 12 million Americans of their health insurance coverage, according to the Congressional Budget Office. It also proposes cuts to Medicaid payments to states that provide coverage to undocumented immigrants charged with specific crimes, an amendment proposed by Senator John Cornyn but not approved [1].
The bill's journey is far from over. After passing the Senate, it will return to the House of Representatives for a final vote. The original House version was passed with a razor-thin majority of one last week [3]. Fiscal hawks of the Republican-led House Freedom Caucus have threatened to torpedo the Senate package, which they say adds over $650 billion to the national deficit [3].
Despite the uncertainty, the White House remains confident that the bill will be on Trump's desk for a final signature by 4 July. Musk, however, has threatened to set up a new political party if the bill clears Congress [1].
References:
[1] https://www.aol.com/us-senate-begins-voting-trumps-141721678.html
[2] https://www.ynetnews.com/article/bjeomdxckl
[3] https://koreajoongangdaily.joins.com/news/2025-06-29/world/world/Senate-Republicans-advance-Trumps-tax-and-spending-cuts-bill-after-dramatic-latenight-vote/2341083

Stay ahead of the market.
Get curated U.S. market news, insights and key dates delivered to your inbox.
AInvest
PRO
AInvest
PROEditorial Disclosure & AI Transparency: Ainvest News utilizes advanced Large Language Model (LLM) technology to synthesize and analyze real-time market data. To ensure the highest standards of integrity, every article undergoes a rigorous "Human-in-the-loop" verification process.
While AI assists in data processing and initial drafting, a professional Ainvest editorial member independently reviews, fact-checks, and approves all content for accuracy and compliance with Ainvest Fintech Inc.’s editorial standards. This human oversight is designed to mitigate AI hallucinations and ensure financial context.
Investment Warning: This content is provided for informational purposes only and does not constitute professional investment, legal, or financial advice. Markets involve inherent risks. Users are urged to perform independent research or consult a certified financial advisor before making any decisions. Ainvest Fintech Inc. disclaims all liability for actions taken based on this information. Found an error?Report an Issue



Comments
No comments yet