The U.S. Senate narrowly passed a sweeping legislative package on Tuesday, advancing President Donald Trump's tax-cut and spending plan in a 51-49 vote. The bill, dubbed the 'One Big Beautiful Bill,' proposes significant tax reductions for corporations and high-income earners while trimming social safety net programs. It also allocates additional funds to military and immigration enforcement initiatives.
Analysts project the legislation could add $3.3 trillion to the national debt over the next decade, sparking debates about fiscal responsibility. The bill now moves to the House of Representatives, where several Republican members have already criticized Senate provisions related to healthcare subsidies and education funding cuts.
Market watchers suggest the proposed corporate tax cuts could temporarily boost investor confidence in Asia-U.S. trade partnerships, though economists warn of long-term global economic instability if debt projections materialize. The outcome of the House vote, expected later this week, may influence short-term currency fluctuations across Asian markets.
