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Investing.com-- President Donald Trump’s “big, beautiful” tax-cut and spending bill advanced in the Senate following a prolonged session over the weekend, with a non-partisan analysis estimating it would add $3.3 trillion to national debt over the next decade.
Senate Republicans voted to open debate on the bill in a narrow 51-49 vote, with all Senate Democrats and two Republicans voting against the bill. Trump welcomed the move, calling it a “GREAT VICTORY.”
The weekend vote further advances the bill ahead of Trump’s July 4 deadline for the legislation to be passed.
The Congressional Budget Office (CBO)– a non-partisan, federal agency that analyzes the economic effects of proposed legislation in Congress– hiked its expectations for the debt impact of Trump’s bill.
The CBO sees the current version of the bill adding nearly $3.3 trillion to national debt by 2034, more than the roughly $2.5 trillion estimate released in May, when the bill was passing through the House of Representatives.
The weekend vote now sets up the bill for a final Senate vote that is expected to take place by Monday.
Trump’s bill is aimed at extending his 2017 tax cuts and cutting taxes on some incomes, such as tips and overtime. The bill also outlines raising the debt ceiling, while increasing spending on the military and border security.
The bill has drawn criticism from Democrats, as well as fiscally conservative Republicans, on concerns that it will push up national debt while cutting back social security and Medicaid benefits for millions of citizens.
Trump collaborator Elon Musk also criticized the bill, calling it “insane” in a recent social media post. Musk’s criticism of the bill was likely behind his public falling out with Trump earlier in June.
But Trump has largely dismissed these concerns, with the president telling Republicans to not “go too crazy” with cost-cutting, and that the economy will make it up 10 times over with growth.
If the Senate approves the bill, it will then return to the House of Representatives for a final vote before Trump can sign the bill into law. The House had passed its own version of the bill last month after a narrow vote.