US Senate Republicans pass measure to move forward on Trump’s tax cuts

The US Capitol at dusk in Washington, DC, on April 4, 2025. Republican senators are working to pass a budget plan that will unlock trillions of dollars for US President Donald Trump's vision of significant spending and tax cuts. (AFP)
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Updated 05 April 2025
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US Senate Republicans pass measure to move forward on Trump’s tax cuts

  • House Republicans now must weigh Senate’s work
  • Plunging stock market hovers over fiscal outlook

WASHINGTON: The US Senate approved a Republican budget blueprint early on Saturday that aims to extend trillions of dollars worth of President Donald Trump’s 2017 tax cuts and sharply reduce government spending.
The 51-48 vote, following a late-night legislative session, unlocks a maneuver called budget reconciliation that will allow Republicans to bypass the Senate’s filibuster — a rule that imposes a 60-vote threshold on most legislation — and pass Trump’s tax, border security and military priorities later this year without Democratic votes.
“Tonight, the Senate took one small step toward reconciliation and one giant leap toward making the tax cuts permanent, securing the border, providing much-needed help for the military and finally cutting wasteful Washington spending,” Senate Budget Committee Chairman Lindsey Graham said.
Two Republicans — Senators Susan Collins and Rand Paul — joined Democrats in opposing the measure.
The Senate’s action sent the measure on to the Republican-led House of Representatives, which is expected to take it up next week.
Non-partisan analysts say the Trump agenda, if enacted, would add about $5.7 trillion to the federal government’s debt over the next decade. Senate Republicans contend the cost is $1.5 trillion, saying that the effects of extending existing tax policy that was scheduled to expire at the end of this year should not be counted in the measure’s cost.
The measure also aims to raise the federal government’s debt ceiling by $5 trillion, a move Congress has to make by summer or risk defaulting on $36.6 trillion in debt. It aims to partly offset the deficit-raising costs of tax cuts by cutting spending. Democrats have warned that Republican targets would imperil the Medicaid health insurance program for low-income Americans.
Republicans warned that allowing the 2017 tax cuts to expire would hit Americans hard, imposing a 22 percent tax hike on the average taxpayer. The cuts, Trump’s signature legislative achievement of his first term, reduced the top corporate tax rate to 21 percent from 35 percent, a move that is not set to expire.
The remainder of the cuts, for individual Americans, were set to expire, a decision made to limit the 2017 bill’s deficit-raising effects.
“Donald Trump has betrayed the American people. Tonight, Senate Republicans joined him in that betrayal. In voting for this bill, Senate Republicans sided with billionaires against the middle class, in total obeisance to Donald Trump,” Senate Democratic leader Chuck Schumer of New York said after the vote.

BRUTAL SELL-OFF
Hanging over the debate, which began late on Thursday, was a brutal stock market sell-off following Trump’s sweeping new trade tariffs, which economists warned will drive up prices and could trigger a recession.
Some Republicans said economic uncertainty could slow the path forward for Trump’s agenda if market weakness continues.
“My concern is, if we are having the kind of conversation today three weeks from now, then the distraction will be so great that it will slow down what we try to do,” Republican Senator Thom Tillis told reporters.
During a six-hour “vote-a-rama” session to consider amendments, Senate Republicans altered the blueprint to add a deficit-neutral reserve fund to help protect Medicaid and the Medicare health care program for the elderly.
Republicans also turned away dozens of Democratic amendments aimed at rescinding Trump trade tariffs and protecting Medicaid, Medicare, nutrition support for low-income women and children, the Social Security retirement system, veterans benefits and other government assistance.
Republican Senators Lisa Murkowski, Josh Hawley and Collins backed Democratic measures to safeguard social safety-net programs, but their support was not enough.
If House Republicans get their way, Congress could enact $2 trillion in spending cuts by overhauling Medicaid and food assistance programs and by eliminating popular environmental policies.
The budget blueprint would also make room for tighter security measures along the US border with Mexico, fund administration efforts to significantly ramp up immigrant deportations and bolster US military readiness. 


Saudi factories and mines grow sharply in 2025, new licenses jump 23%

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Saudi factories and mines grow sharply in 2025, new licenses jump 23%

JEDDAH: Saudi Arabia’s industrial and mining sectors surged in 2025, with 23 percent more licenses being issued than in the previous 12 months, according to official figures.

The 1,660 permits signed off by the Ministry of Industry and Mineral Resources were worth more than SR76 billion ($20.52 billion), and are expected to create nearly 35,000 jobs, with the increase pointing to growing investor appetite across the Kingdom.

Factory activity also accelerated in 2025, with 1,201 facilities commencing operations, up 11.7 percent from 2024, generating more than SR31 billion in capital and creating over 45,000 jobs as the Kingdom’s manufacturing base continues to expand.

The developments support Saudi Arabia’s National Industrial Strategy, launched by Crown Prince Mohammed bin Salman in October 2022, that aims to drive sector growth and increase the number of factories in the Kingdom to 36,000 by 2035.

“This comes as part of the ministry’s ongoing efforts to achieve the objectives of Saudi Vision 2030, which aims to maximize the impact of industry and mining in diversifying the national economy,” the ministry’s release added.

The strategy focuses on 12 sub-sectors, targeting more than 800 investment opportunities worth SR1 trillion, striving toward tripling the industrial gross domestic product.

The ministry underlined that these indicators reflect its ongoing efforts to develop the mining sector, enhance its global competitiveness, and establish it as the third pillar of Saudi industry, while also highlighting the division’s rising attractiveness to investors.

The release explained that the ministry issued 736 new mining licenses in 2025, including 479 for exploration, 127 for building materials quarry, 61 for small mining and quarry exploitation, 52 for prospecting, and 17 surplus minerals.

By the end of 2025, the total number of active mining licenses in Saudi Arabia reached around 2,925, spanning numerous permit categories in the sector.

These included 1,553 for building materials quarry, 1,018 for exploration, 275 for small-scale mining and quarrying, 67 for prospecting, and 12 for surplus mineral licenses.

The Kingdom has become one of the fastest-growing mining investment environments globally, supported by rapid license issuance, investor incentives, and readily accessible electronic geological data.

Periodic bulletins for the industrial and mining sectors, issued by the National Industrial and Mining Information Center under the ministry, enhance transparency by providing investors and decision-makers with accurate, up-to-date data on licenses and sector developments.