Republicans in the US Senate narrowly passed a budget reconciliation bill strongly pushed by President Donald Trump and heavily criticized by many members of both parties for concerns about healthcare cuts, artificial intelligence regulation and redistribution of wealth through tax cuts.
In a 50-50 vote on Tuesday after more than 24 hours in session, the Senate passed the “One Big Beautiful Bill Act” with Vice President JD Vance acting as the tiebreaker. All Democrats in the chamber and three Republicans voted against the legislation, with many proposing amendments to address concerns around AI regulation and funding to rural hospitals.
Amid debate on the bill, Wyoming Senator Cynthia Lummis suggested she would add a provision to address what she called “unfair tax treatment” of cryptocurrency miners and stakers. However, her proposed changes to the bill did not appear in amendments brought to the Senate floor on Monday or Tuesday, and the legislation passed without addressing crypto taxation.
Source:Senator Cynthia LummisFollowing the vote, Lummis said the bill “isn’t perfect” but “a major step in the right direction.” It will return to the US House of Representatives, where the chamber will address the Senate’s amendments. Republicans hold a slim majority in Congress and face significant opposition from Democrats over the bill
“Donald Trump and Republicans in Congress are planning to write a $15 billion check to Meta simply for existing — paid for by cutting health care for millions of Americans,” said Massachusetts Senator Elizabeth Warren in a Monday Instagram post. “They care more about helping billionaire corporations than helping you.”
This is a developing story, and further information will be added as it becomes available.
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US Senate passes Trump’s budget bill without provision on crypto taxes
Republicans in the US Senate narrowly passed a budget reconciliation bill strongly pushed by President Donald Trump and heavily criticized by many members of both parties for concerns about healthcare cuts, artificial intelligence regulation and redistribution of wealth through tax cuts.
In a 50-50 vote on Tuesday after more than 24 hours in session, the Senate passed the “One Big Beautiful Bill Act” with Vice President JD Vance acting as the tiebreaker. All Democrats in the chamber and three Republicans voted against the legislation, with many proposing amendments to address concerns around AI regulation and funding to rural hospitals.
Amid debate on the bill, Wyoming Senator Cynthia Lummis suggested she would add a provision to address what she called “unfair tax treatment” of cryptocurrency miners and stakers. However, her proposed changes to the bill did not appear in amendments brought to the Senate floor on Monday or Tuesday, and the legislation passed without addressing crypto taxation.
“Donald Trump and Republicans in Congress are planning to write a $15 billion check to Meta simply for existing — paid for by cutting health care for millions of Americans,” said Massachusetts Senator Elizabeth Warren in a Monday Instagram post. “They care more about helping billionaire corporations than helping you.”
This is a developing story, and further information will be added as it becomes available.