The U.S. Senate Holds Procedural Vote to Advance Trump's "Beautiful Act"

BlockBeats News, June 29th, according to CCTV International News, the U.S. Senate passed a procedural motion by a vote of 51 to 49 to advance the large-scale tax and spending bill dubbed the "Beautiful Bill" by U.S. President Trump. With the procedural vote in the U.S. Senate, the likelihood of the bill passing in the coming days has increased. The "Beautiful Bill" will go through reading, debate, amendment votes, and a final vote, expected to take several days, with the goal of being sent to the U.S. President for signing before July 4th.

BlockBeats reported yesterday that the new draft of the "Beautiful Bill" reflects a compromise among various factions within the Republican Party. Previously, there were differences within the Republican Party over the extent of cuts to social security programs such as healthcare subsidies and the speed of phasing out the renewable energy tax credit policy from the Biden administration. The draft includes a temporary agreement reached with House Republicans to increase the State and Local Tax (SALT) deduction cap from $10,000 to $40,000 for five years, after which it will revert to the original standard. The final vote may be scheduled for early Sunday (Monday afternoon Beijing time).