On July 1st local time, the US Senate narrowly passed Trump’s “Big and Beautiful” tax and spending bill by a margin of 51-50, with Vice President Vance casting a crucial deciding vote to break the deadlock. This bill plans to cut taxes by $4 trillion and raise the debt ceiling by $5 trillion over ten years, but the latest assessment by the Congressional Budget Office (CBO) shows that the Senate version will increase the federal deficit by $3.3 trillion over the next decade, far exceeding the version previously passed by the House of Representatives. The bill has sparked strong opposition from the Democratic Party due to significant cuts in social welfare, cancellation of new energy subsidies, and expansion of military spending. The House of Representatives will start a debate on July 2nd, and at least six Republican lawmakers have threatened to vote against it. The legislative game has entered a white hot stage.