Trump’s Big Beautiful Bill Advances in Senate, Boosting Chances Ahead of July 4 Deadline

Senate Republicans voted 51-49 on Saturday, June 29, 2025, to advance President Donald Trump’s sweeping tax reform and spending legislation, the “One Big Beautiful Bill Act” (OBBBA), clearing a key procedural hurdle that boosts its chances of passage by the July 4 deadline.

The vote, secured after hours of negotiations, highlights deep GOP divisions and growing concerns over the bill’s proposed $5 trillion debt ceiling increase, with projections indicating significant long-term fiscal impacts.

The 940-page bill, previously passed by the House on May 22, 2025, by a 215-214 margin, extends Trump’s 2017 tax cuts, introduces new tax breaks for tips and overtime pay, and increases funding for military and border security, including mass deportation programs.

Estimates suggest the Senate version will add $3.3 trillion to the national debt over a decade, $800 billion more than the House version, and requires a $5 trillion debt ceiling hike to avoid a potential default by August 2025.

The debt ceiling increase, up from the House’s $4 trillion proposal, has ignited fierce debate. Projections indicate the bill’s policies could necessitate $24 trillion in borrowing over the next decade, far exceeding the proposed ceiling, raising fears of future fiscal crises.

With U.S. debt at $36.2 trillion and annual interest payments surpassing $1 trillion.

Elon Musk has intensified the controversy, posting on X: “The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country! Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.”

His criticism, focusing on the debt ceiling hike and a projected $3.3 trillion deficit, echoes concerns from fiscal conservatives as the Senate enters a “vote-a-rama” of amendment votes on June 30.

Musk reposted criticism from NABTU President Sean McGarvey, who called the “One Big Beautiful Bill” a betrayal of construction workers. The ongoing debate over immigration policy—particularly its deportation provisions—has escalated tensions within the construction industry, with unions like NABTU opposing the risk of job losses. Despite a 3.2% increase in construction employment in 2025, the bill’s potential impact on 3 million union workers remains a flashpoint in legislative negotiations.

With a slim 53-47 Senate majority, Republicans can afford only three defections. The House Speaker remains optimistic, vowing to meet the July 4 deadline. However, a recent downgrade of U.S. debt due to rising debt-to-GDP ratios has heightened scrutiny.

The bill’s fate increasingly depends on its impact on the cryptocurrency industry, with provisions potentially affecting stablecoin regulations and tax policies that could either bolster or hinder the sector’s growth, drawing significant attention from industry stakeholders.