Senate Plans To Vote On Trump’s Signature Spending Bill Today—What To Know As Elon Musk Blasts Draft
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The measure has gone through several revisions as Republicans have sparred over provisions ahead of the bill’s July 4 deadline.
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personal finance
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June 28, 2025
05:22 PM
Forbes
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Senate Plans To Vote On Trump’s Signature Spending Bill Today—What To Know As Elon Musk Blasts DraftByAntonio Pequeño IV, Forbes Staff
Pequeño is a news reporter who covers and more
AuthorJun 28, 2025, 05:22pm EDTJun 28, 2025, 05:23pm EDTTopline The Senate is slated to vote on President Donald Trump’s budget and spending bill Saturday, as Republicans seek to push the controversial measure through by July 4 despite some opposition within the GOP and from former Trump adviser Elon Musk
President Donald Trump's sweeping domestic policy bill lingers in the Senate, awaiting consensus
More from divided RepublicansCopyright 2025 The Associated Press
All rights reserved Key Facts Senate Republicans released the version of the spending bill Friday, pping the measure up for a vote that could be successful even if three GOP members vote against it
Republicans have sparred over visions linked to Medicaid cuts, an increased debt ceiling and tax deductions in recent weeks, with Senate Parliamentarian Elizabeth MacDonough ruling against Medicaid visions that sought to pull the federal healthcare gram from undocumented migrants and gender-affirming care among other changes
President Donald Trump has pressured the Senate to vote the bill through soon in hopes he can sign it by Independence Day
Musk, who had a recent falling out with Trump over the bill, weighed in on it again Saturday afternoon, calling it “utterly insane and disgusting” and saying it “will destroy millions of jobs in America and cause immense strategic harm to our country. ” The Senate convened at 2 p
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What’s In Trump’s Spending Bill
Trump’s mega bill poses $4 trillion in tax cuts and calls for an extension on the cuts made by Trump during his first term
It carves out $46. 5 billion for the construction of the president’s border wall and over $15 billion for border security
Reductions to student loan repayment options are also included, as are new or more pricey fees for immigration services including work authorization applications
Americans will be able to deduct up to $25,000 in tip wages through 2028 under the bill, which also creates a $12,500 overtime deduction
Large cuts to Medicaid worth hundreds of billions of dollars were posed in the House version of the bill as a way to offset the costs of the posed tax cuts, but some of those efforts were blocked by the Senate parliamentarian this week
Conversely, child tax credits are slated to increase under the bill from $2,000 to $2,200 per child alongside inflation adjustments to the credit amount after 2025
Who Has Opposed The Bill
While Democrats are poised to completely oppose the bill, some Republicans have taken issue with its visions and may not be on board for the vote
Rand Paul, R-Ky. , told NBC News on Friday he would reconsider opposing the bill if the debt ceiling hike was removed
Susan Collins, R-Maine, and Lisa Murkowski, R-Alaska, have not explicitly said how they will vote prior to the Senate convening Saturday, though they have both actively opposed a vision in the bill that bars Medicaid funding from abortion viders Planned Parenthood
Told Fox News on Saturday he would vote against the initial motion to debate the 940-page bill, saying he would need more time to review the d version published Friday night
Thom Tillis, R-N. , said in a statement Saturday he will not support the bill over its changes to Medicaid
Key Background One of the leading concerns around the spending bill is linked to its potential impact on the national debt
The nonpartisan Congressional Budget Office said in a report this month the bill will increase the federal deficit by $2. 8 trillion by 2034, noting economic growth that would come from the measure would be offset by a jump in interest payments over the next decade
Trump and Republican leadership have indicated their self-imposed July 4 deadline could be missed
The president, who threatened to pull Congress’ July 4 recess if the bill is not passed by then, said Friday the deadline is “not the end all. ” Speaker Mike Johnson, R-La. , said Friday it is possible the deadline is missed, but noted, “I don’t even want to accept that as an option right now. ” Further Reading Trump’s Tax Cuts Would Raise Deficit By $2. 8 Trillion, New Estimate Suggests (Forbes) Got a tip
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