As the Senate continued to inch closer to finalizing President Donald Trump’s “One Big Beautiful Bill,” the president took to social media early Tuesday to warn that if the bill failed to pass it would end in the largest tax increase in history. Trump warned about a potential 68% tax hike if Congress fails to pass the One Big Beautiful Bill Act (OBBBA), which focuses on budget reconciliation.
“Republicans, the One Big Beautiful Bill, perhaps the greatest and most important of its kind in history, gives the largest Tax Cuts and Border Security ever, Jobs by the Millions, Military/Vets increases, and so much more. The failure to pass means a whopping 68% Tax increase, the largest in history!!!,” he posted.
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When will the Senate pass the bill?
There is currently no end in sight as Republican leaders are searching for ways to garner support for the bill while simultaneously fighting proposed amendments from Democrats who are opposing it. Many Republicans have shown discomfort. Fiscal hawks believe that spending cuts should go even deeper, while moderates are alarmed at the impacts in their own states.
GOP leaders have a narrow margin and cannot afford to lose more than three Republican senators as two, Sen. Thom Tillis of North Carolina and Sen. Rand Paul of Kentucky has already indicated that they oppose it. Tillis announced that he would not be seeking reelection after President Trump made threats of a campaign against him.Senate Majority Leader John Thune of South Dakota said Republicans are “figuring out how to get to the end game,” but an end to the vote-a-rama has been predicted to come well into the middle of the night.House Speaker Mike Johnson highlighted potential challenges the Senate package might encounter during its final voting phase in his chamber, anticipated later in the week, before Trump’s July 4 deadline. “I have prevailed upon my Senate colleagues to please, please, please keep it as close to the House product as possible,” Johnson, the Louisiana Republican, stated whilst departing the Capitol at dinner time. The House Republicans had previously approved their version the previous month.
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Even if the bill squeaks through the Senate, it still needs a vote in the House of Representatives, where Democrats are again uniformly opposed and several rebels in the slim Republican majority threaten to oppose.
Musk — who already had an acrimonious public falling out with the president this month over the bill — has repeatedly slammed its cost, and Monday renewed his calls for the formation of a new political party as voting got underway.
Trump, in turn, threatened the government subsidies to Musk’s cutting-edge companies SpaceX and Tesla.
“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” he posted on Truth Social early Tuesday.
“No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE,” he threatened. “BIG MONEY TO BE SAVED!!!”
(With AFP inputs)
