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Debt Limit Nail-Biter Looms as Senate Ponders Tax Bill
News May 23, 2025 at 02:55 PM
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What You Need To Know
- Rep. John Thune says enacting a tax bill by July 4 is unlikely given the need to find a majority to approve it.
- He will have to strike a delicate balance to get the House’s $4 trillion tax cut package through the Senate.
- But the Senate is using a budget gimmick to allow $1.3 trillion more in tax cuts than the House bill.
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