In a groundbreaking move, the US Congress has finally voted to give a green signal for the ‘big beautiful bill’, after a long struggle and discussion. The bill, officially known as the ‘One Big Beautiful Bill Act,’ was passed by the House of Representatives with a 218 to 214 vote on Thursday. The bill covers
On June 2, the bill secured a 51-50 vote and moved to the House of Representatives to move on to the final stage. US President Donald Trump, the key player behind the bill, had already given a deadline on June 4 to get the bill on his table to sign into law. Also, the president is officially expected to sign the bill today, during a ceremony.
Following the passing of the bill, Trump told the reporters that the bill would turn the US into a ‘rocket ship’ and it is going to be a ‘great bill for the country’.
The road to passing the bill was not that easy
A marathon discussion and gruelling moments took place before the Senators voted 218-214. After passing the bill, Mike Johnson, a Republican Speaker, addressed the Senate saying, “I believed in the people that are standing here behind me, some of them are more fun to deal with. I mean with the greatest level of respect”.
This could be a meaningful strike against the Senators who voted ‘no’ against the bill. A few days ago, Texas Republican Chip Roy went against the bill, calling it a “travesty”. However, he changed his mind to vote in favor of the bill, according to reports. Two lawmakers from Trump’s Republican party — Brian Fitzpatrick and Thomas Massie — did not support the bill and voted ‘no’.
What are the key items in the ‘One Big Beautiful Bill’?
Several crypto enthusiasts have reportedly waited for crypto tax reformations, particularly when Senator Cynthia Lummis proposed major crypto taxation issues. However, the clock ticked out, and her suggestions could not be added to the bill before the Senate passed the bill to the House.
As such, the bill does not include any crypto-related reforms, but covers tax deductions and amendments to Medicaid, social security, state and local taxes, food benefits, and clean energy incentives.
