US Senate passes Trump’s Megabill after All-night session

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🗞️ Driving the news: The U.S. Senate narrowly passed President Trump’s tax-and-spending megabill, with a 51-50 vote following an intense all-night session
• The legislation, which includes tax cuts, Medicaid reductions, and increased spending on defense and border enforcement, now heads back to the House for final approval, with the July 4 deadline looming

🔭 The context: The bill, pushed through with the support of the Republican majority in Congress, reflects Trump’s focus on cutting taxes and reducing social spending, particularly in Medicaid
• The measure aligns with his broader agenda of reallocating government funds from safety-net programs to bolster national security and tax breaks, a significant political shift as the U.S. nears the 2024 election cycle

🌍 Why it matters for the planet: While the bill predominantly impacts fiscal and social policy, the redirection of funds away from clean energy programs may slow U.S. efforts in tackling climate change
• If passed, the law could limit investment in sustainability and clean technologies, which are essential for long-term environmental goals, particularly in the context of global emissions reductions

⏭️ What's next: The bill now moves to the House for final revisions before heading to President Trump’s desk for approval
• Lawmakers will face further scrutiny over its provisions, especially given the pushback on the Medicaid cuts and potential environmental repercussions
• The timing around the July 4th deadline underscores the urgency of the political negotiations

💬 One quote: "This is the kind of legislation that America needs to keep moving forward,” said Vice President JD Vance after casting the tiebreaking vote. "We are securing tax relief and investing in a safer, stronger nation"

📈 One stat: The tax cuts and new breaks included in the bill could total over $1 trillion in revenue reductions over the next decade, a significant shift in fiscal policy

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