U.S. Senate Republican Tax Cut Bill Revision: Plans to Raise the Debt Ceiling by $5 Trillion

【U.S. Senate Republican Tax Cut Bill Revision: Plans to Raise the Debt Ceiling by $5 Trillion】U.S. Senate Republicans unveiled on Tuesday the revised tax and healthcare provisions of Trump's multi-trillion dollar economic plan, marking a key step toward their goal of passing the bill by July 4. The new version of the bill increases the debt ceiling by $5 trillion, up from the $4 trillion in the House-passed version, while expanding some tax benefits. This version largely follows the framework of the House bill, as Senate Republican leaders aim to avoid lengthy negotiations over the substantive content of the bill—if the Treasury cannot continue to take unconventional debt limit measures by mid-August, the U.S. may face a risk of default. Notably absent from the draft is an agreement on state and local tax (SALT) deductions. The bill temporarily retains the current $10,000 SALT deduction cap as a transitional measure, with lawmakers still negotiating this politically significant tax cut policy. This legislation largely continues Trump's 2017 tax cut policy for families and small businesses, which is set to expire at the end of 2025. The bill also includes a series of new tax cuts, including the elimination of tips and overtime taxes promised by the president during the campaign.