• Republicans push to pass sweeping $3.3 trillion deficit bill by July 4 deadline
  • Marathon Senate session highlights partisan divide over border security and social program cuts
  • Economists question viability of Trump's tariff-for-income-tax swap proposal

High-Stakes Legislative Sprint

President Donald Trump expressed optimism about his administration's signature legislative package Tuesday, telling reporters "we're going well" as the Senate entered its third day of continuous voting on amendments to the so-called "Big Beautiful Bill." The rare weekend-to-weeknight legislative marathon, known as a vote-a-rama, represents Republicans' last major hurdle to passing the controversial $3.3 trillion package before their self-imposed July 4 deadline.

Behind closed doors, GOP leaders are scrambling to secure the votes of at least three holdout senators concerned about the bill's dramatic expansion of the federal deficit. The Congressional Budget Office projects the legislation would add $3.3 trillion to national debt over the next decade, even accounting for proposed cuts to healthcare and nutrition programs that have drawn fierce Democratic opposition.

The Tariff Question

Trump reiterated his unorthodox proposal to replace income taxes with tariffs during a brief exchange with reporters, claiming the shift could generate $6 trillion in revenue. However, budget experts note current tariffs generate just $80 billion annually, making the projection mathematically improbable. "You'd need to multiply existing tariff rates by about 75 times to reach those numbers," said one economist familiar with the calculations who asked not to be named discussing sensitive projections.

Energy and defense stocks have rallied modestly on anticipation of the bill's likely passage, with the S&P 500's industrial sector gaining 1.2% since debate began. Meanwhile, hospital operators and Medicaid-focused insurers have underperformed the broader market amid concerns about reduced healthcare funding.

The Road Ahead

If the Senate passes an amended version this week, the bill would return to the House where it previously passed by a single vote. Several moderate Republicans have signaled they might withdraw support if certain social program cuts remain unchanged, setting up another potential cliffhanger vote. White House officials have been working the phones to shore up support, according to two people familiar with the outreach efforts.

Senate Majority Leader Mitch McConnell has kept the chamber in continuous session since Sunday, a tactic last used during debate over the 2017 tax cuts. Democrats have forced votes on dozens of amendments designed to highlight the bill's potential negative impacts, though none have succeeded in altering the core legislation.