U.S. Senate Republicans approved the outline of President Donald Trump's tax relief and spending cuts bill after an all-night session.
Senate Republicans worked through the night and into Saturday morning to approve a multi-trillion-dollar framework for tax relief and spending cuts, overcoming a hard line of Democratic opposition to what President Donald Trump calls the "big, beautiful bill" that is the centerpiece of his agenda.
The bill passed 51-48, largely along party lines. This vote comes at a particularly difficult political time, as the US economy is in a critical phase after Trump's massive tariff plan led to a sharp decline in stock prices. Experts warn of a sharp rise in costs for US consumers and the threat of a potential economic recession.
The bill is scheduled to go to the House of Representatives, where Speaker Mike Johnson, a Louisiana Republican, could bring it to a vote next week.
In order for the bill to pass, differences between the House of Representatives and the Senate need to be resolved.
House Republicans have already approved their version, which includes $4.5 trillion in tax breaks over 10 years and $2 trillion in budget cuts and savings directed toward changes to Medicaid, food stamps, and other programs.