Senate Passes Trump’s Megabill: Here’s What’s In And Out

Senate Passes Trump’s Megabill: Here’s What’s In And OutBySara Dorn, Forbes Staff

Sara Dorn is a Forbes news reporter who covers

Senate Majority Leader John Thune (R-SD) walks toward the Senate floor after the Senate stayed in

More session throughout the night at the U

Three Republicans—Sens

Susan Collins, Maine, Rand Paul, Ky. , and Thom Tillis, N. —voted alongside all 47 Democrats against the bill

These are some of the key omissions and additions the Senate negotiated over the weekend and into Tuesday: Cuts to Medicaid cost-sharing:The amendment posed by Sen

Rick Scott, R-Fla. , would have blocked a significant portion of federal Medicaid funding under Obamacare for some states. (omitted) Rural hospital fund: The federal government will double the portion of funds it distributes to rural hospitals, to $50 billion, between 2026 and 2030, under a vision in the bill that passed. (included) Wind and solar tax credit: jects will be eligible for Inflation Reduction Act tax credits if they begin construction within one year after the bill is officially enacted, an easement of the phaseout of the tax credit from the original bill text that required jects to be placed into service before the end of 2027 to be eligible. (included) Taxes on the wealthy: The posal would have established a new tax bracket for people who earn more than $25 million annually and married couples who earn more than $50 million. (omitted) What To Watch For House leadership said it plans to vote on the Senate version of the legislation Wednesday, ahead of the July 4 deadline Trump set to get the bill to his desk for signage

Chief Critic Collins and Tillis said they voted agains the bill over Medicaid cuts, while Paul said he voted against it because it increases the debt ceiling

Crucial Quote “Wow, music to my ears,” Trump said when a reporter told him the bill passed, as he was visiting a migrant detention facility in Florida

Tangent Trump and his former ally, Elon Musk, sparred over the megabill as it headed for passage this week in a public spat that grew so bitter Trump floated the possibility of having Musk deported when mpted by a reporter

Musk attacked the bill and threatened to primary Republicans who voted for it, because it doesn’t reduce government spending

Key Background The Senate voted late Saturday night 51-49 to advance the bill, with Tillis and Paul joining Democrats to oppose the move

The nonpartisan Congressional Budget Office said Sunday the bill would raise the national debt by at least $3. 3 trillion over the next 10 years—underscoring a major concern among staunchly fiscal conservative lawmakers who are worried the bill’s price tag

Confidential information with Forbes

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