WASHINGTON: Senate Majority Leader John Thune is rushing to meet President Donald Trump's July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it.
Within the next two days, he needs to find a way to appease most of them. The Senate will kick off a marathon voting session on dozens of amendments Monday morning, a process that can take 12 hours or more, and Thune will be working behind the scenes to quell their concerns.
The South Dakota Republican has one of the least enviable jobs in Washington in the coming hours - trying to knit a compromise between factions of his party: one side pushing for more spending cuts in the legislation and senators who are threatening to withhold their support unless there is more funding for health benefits, renewable energy subsidies and other priorities.
Thune can afford to lose only three of his 53 members in the chamber, with Vice President JD Vance breaking the tie.
While markets have been more focused on the administration's separate trade talks ahead of a July 9 deadline, the tax bill's progress - and its estimated $3.3 trillion cost - has been closely monitored. A gauge of the dollar dipped 0.3% as negotiations continued. The Bloomberg Dollar Spot Index has posted its worst start to a year since at least 2005.
Trump is also closely watching the tax talks, and has been quick to issue a harsh social media broadside against anyone who criticises his signature legislation.
Polls show that Americans are wary of the bill. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren't sure what to think.
Within the next two days, he needs to find a way to appease most of them. The Senate will kick off a marathon voting session on dozens of amendments Monday morning, a process that can take 12 hours or more, and Thune will be working behind the scenes to quell their concerns.
The South Dakota Republican has one of the least enviable jobs in Washington in the coming hours - trying to knit a compromise between factions of his party: one side pushing for more spending cuts in the legislation and senators who are threatening to withhold their support unless there is more funding for health benefits, renewable energy subsidies and other priorities.
Thune can afford to lose only three of his 53 members in the chamber, with Vice President JD Vance breaking the tie.
While markets have been more focused on the administration's separate trade talks ahead of a July 9 deadline, the tax bill's progress - and its estimated $3.3 trillion cost - has been closely monitored. A gauge of the dollar dipped 0.3% as negotiations continued. The Bloomberg Dollar Spot Index has posted its worst start to a year since at least 2005.
Trump is also closely watching the tax talks, and has been quick to issue a harsh social media broadside against anyone who criticises his signature legislation.
Polls show that Americans are wary of the bill. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren't sure what to think.
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