Washington, June 30: Senate Republicans pushed forward President Donald Trump’s sweeping tax cut and spending bill on Sunday in a marathon weekend session even as a nonpartisan forecaster said it would add an estimated $3.3 trillion to the nation’s debt over a decade.The estimate by the Congressional Budget Office of the bill’s hit to the $36.2 trillion federal debt is about $800 billion more than the version passed last month in the House of Representatives.
Republicans, who have long voiced concern about growing U.S. deficits and debt, have rejected the CBO’s longstanding methodology to calculate the cost of legislation.
Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally-minded conservatives to get them to buck their party, which controls both chambers of Congress.
âRepublicans are doing something the Senate has never, never done before, deploying fake math and accounting gimmicks to hide the true cost of the bill,” Democratic Senate Minority Leader Chuck Schumer said as debate opened on Sunday. “Republicans are about to pass the single most expensive bill in U.S. history, to give tax breaks to billionaires while taking away Medicaid, SNAP benefits and good paying jobs for millions of people.”
The Senate only narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill.
Trump on social media hailed Saturday’s vote as a “great victory” for his “great, big, beautiful bill.” In a separate post on Sunday, he said: “We will make it all up, times 10, with GROWTH, more than ever before.”
In an illustration of the depths of the divide within the Republican Party over the bill, Senator Thom Tillis said he would not seek re-election next year, after Trump threatened to back a primary challenger in retribution for Tillis’ Saturday night vote against the bill.
On Sunday, Trump celebrated Tillis’ announcement as “Great News!” on Truth Social and issued a warning to fellow Republicans who have concerns over the bill. “REMEMBER, you still have to get reelected. Donât go too crazy!” Trump wrote in a post.
Tillis’ North Carolina seat is one of the few Republican Senate seats seen as vulnerable in next year’s midterm elections. He was one of just two Republicans to vote no on Saturday.
Trump wants the bill passed before the July 4 Independence Day holiday. While that deadline is one of choice, lawmakers will face a far more serious deadline later this summer when they must raise the nation’s self-imposed debt ceiling or risk a devastating default on $36.2 trillion in debt.