The proposed budget bill, dubbed the "One Big Beautiful Bill" by its Republican authors, is advancing through Congress.

Lawmakers are debating the bill, which narrowly passed the House of Representatives this week. It now heads to the 🌊Senate, where it faces potentially stiffer o꧅pposition.

The bill could affect your taxes, government benefits, and federal services. Here's what you need to know about the bill and the process to get it approved.

What Exactly Is The 'One Big Beautiful Bill?' Is It Really Just One Bill?

In congressional jargon, the budget proposal is a "reconciliation" bill.

Generally, a reconciliation bill requires that each committee write a bill outlining how the parts of government that fall under their purview will spend, save, or raise money. Then, the Budget Committee consolidates all the individual plans into one big bill.

This year, the bill combines government spending and taxation measures for the year ahead with an 澳洲幸运5官方开奖结果体彩网:increase in the debt ceiling.

Like any legislation, it must be passed by a majority vote in the Senate and the House of Representatives and signed by the president to become a law.

What's In The Bill?

The bill sets the 澳洲幸运5官方开奖结果体彩网:federal budget for the next fiscal year and is poised to make many changes to the tax code, many of which were President Donald Trump's 澳洲幸运5官方开奖结果体彩网:campaign promises.

The bill extends many provisions of the 2017 Tax Cuts and Jobs Act that were set to expire at the end of the year. It would also add new tax cuts, including eliminating income tax on car loan interest, overtime pay, and tips.

The bill cuts funding for Medicaid and the SNAP food aid program, and eliminates the government's free tax filing website. Overall, the changes benefit wealthier taxpayers and make those with the lowest income poorer, the Congressional Budget Office estimated.

Why Is It A Republican Budget?

Because Republicans control both chambers of Congress and the White House, the GOP is in the driver's seat, with the Democrats mostly powerless to influence the process.

Reconciliation bills are not subject to the Senate's "filibuster" procedure, which allows the minority party to shoot down any legislation that has the support of fewer than 60 of the Senate's 100 members. That's especially important because the Republicans only control 53 Senate seats, so they don't have enough votes alone to overcome a filibuster.

However, the Republicans' narrow majority in both chambers makes passing the legislation tricky, since it would only take a handful of dissenters from the ranks to stop its passage. The bill passed by just one vote in the House. It would only take four Republican Senators joining the Democrats in voting against the bill to prevent it from passing.

At least five Republican Senators have reportedly objected to the bill in its current form. Some have called for steeper cuts to Medicaid, while others have objected to the new work requirements on the program. Others still oppose raising the 𝔍debt limit.

What Happens Next?

The꧑ Senate will now have a chance to debate and modify the bill.

After the Senate passes its version, any differences between the two iterations will be hammered out, either by exchanging amendments or through a conference committee.

Changes could be introduced at every step of this process, so the final bill version will likely differ from the latest proposal.

Finally, the bill will be sent to the president, who can either sign it into law or veto it. Trump has said the budget bill is "arguably the most significant piece of Legislation that will ever be signed in the History of our Country," and that Senators should "send this Bill to my desk AS SOON AS POSSIBLE."

Treasury Secretary Scott Bessent has pressured lawmaker𝔍s to pasꦗs the bill before July 4.

Update, May 23, 2025: This article has been updated to include information about the bill's progress through Congress.

Correction, May 22, 2025: A previous version of this article mislabeled the government's health insurance program for low-income households in one mention. It's Medicaid.