US Senate passes Trump's tax bill, concerns remain about impact on deficit and debt.

From Yahoo Finance: 2025-07-01 13:32:00

The Republican-controlled U.S. Senate passed President Donald Trump’s tax-cut and spending bill in a 51-50 vote. The bill extends 2017 tax cuts, cuts other taxes, and boosts military and border security spending. The Congressional Budget Office estimates it will add $800 billion more to the national debt than the House version. U.S. stocks, treasuries, and the dollar had a muted reaction. Bond market focuses on growth and debt concerns. Investors remain cautious about long-term deficits. The bill now goes to the House for approval, with significant differences to reconcile. Overall, concerns remain about the impact on the deficit and debt.



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