Adjustments Made in Senate Version of Big, Beautiful Bill

The Senate has tweaked its budget reconciliation bill to gain support from members of the Republican caucus. The Senate bill would make several business tax provisions permanent, while the House version only extended them temporarily. The Senate kept the pass-through deduction for certain business classes at 20 percent, down from the 23 percent in the House bill. It also increases the debt limit to $5 trillion. Senate leadership hopes to pass this legislation next week and have it on the President’s desk by the 4^th of July.