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The US Senate has passed the "Big Beautiful Bill" with a 51-50 vote, thanks to Vice President JD Vance's tie-breaking vote. This bill combines tax cuts and spending priorities, extending the 2017 tax cuts and potentially adding $3.3 trillion to the national debt over the next decade.
*Key Provisions:*
- *Tax Cuts*: The bill delivers the largest tax cut in American history, with an estimated $5,000 extra in Americans' pockets and a double-digit percentage decrease in tax bills for those earning between $30,000 and $80,000.
- *Border Security*: $175 billion allocated for border security, including funding for 10,000 new ICE personnel, 5,000 new customs officers, and 3,000 new Border Patrol agents.
- *Defense*: $150 billion allocated for defense, including $9+ billion to improve quality of life for servicemembers and $12+ billion to modernize the nuclear arsenal.
- *Medicaid Changes*: Imposes work requirements and lowers provider taxes from 6% to 3.5%, potentially resulting in 12 million fewer people with health insurance over the next decade.
- *Renewable Energy*: The Senate intends to remove the tax on solar and wind energy projects, allowing renewable energy projects to earn tax credits based on construction start one year after bill enactment.
*Notable Amendments:*
- *AI Regulation*: The Senate passed an amendment to remove the 10-year moratorium on state regulation of AI by 99-1.
- *Rural Health Care*: $50 billion allocated to improve rural health care access.
*Next Steps:*
- The bill will return to the House of Representatives for review and voting, with Speaker Mike Johnson aiming to meet President Trump's July 4 deadline