WATCH TV LIVE

Tags: scott bessent | senate | megabill

Bessent: Senate Set to Vote on Megabill, Friday

By Brian Freeman | Tuesday, 24 June 2025 04:40 PM EDT

The Senate is on track to vote Friday on the One Big Beautiful Bill Act, predicting that Republicans in both chambers of Congress would reach a deal within 48 hours on raising the cap on state and local tax deductions, a major sticking point in the legislation, Treasury Secretary Scott Bessent said, The Hill reported on Tuesday.

Bessent spoke to reporters after meeting with Republican senators in the Capitol as they try to reach consensus on key provisions of the megabill.

The Treasury secretary said that President Donald Trump would be fully involved in the final days in helping garner enough support to pass the bill, which would enact much of the agenda he ran on in his election campaign.

Bessent said that the federal government is on the "warning track" for raising the debt limit before its borrowing authority expires next month, cautioning that the "X date" for raising it could be moved up significantly if courts rule that the administration must refund tariffs collected under Trump's invocation of the International Emergency Economic Powers Act.

"I can tell you we're getting close to the warning track," he said, though he insisted the U.S. would never default on its debt.

Bessent pushed back when asked about the Senate's scaled-down proposals to exclude tipped income and overtime wages from taxation, even though the Senate proposals are less generous than what the House proposed.

"I don't know why you would call them scaled-down," he told a reporter. "We'll see what happens between the Senate and the House. I am confident that what the Senate passes over to the House will move through the House very quickly."

Bessent also predicted that the legislation overall would speedily pass the House as well and make it to Trump's desk by the July 4 deadline the president set for the legislation.

Brian Freeman ✉

Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.

Related Stories:

Click Here to comment on this article

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

Yes, Send Me News Alerts via email

(Optional for Local News)

Privacy: We never share your email address.

Join the Newsmax Community

Read and Post Comments
Please review Community Guidelines before posting a comment.

Hot Topics

Christmas

Russia-Ukraine War

Healthcare Reform

Law Enforcement/Crime

Immigration

2028 Elections

Donald Trump

Venezuela

Newsmax TV

You May Also Like

Patel: FBI Investigating Minnesota Fraud Scheme

Sunday, 28 Dec 2025 11:12 AM

FBI Director Kash Patel said ?on Sunday the agency ?had deployed personnel and investigative ?resources to Minnesota . . .

DeSantis Emerges as AI Skeptic in Clash With Trump

Sunday, 28 Dec 2025 10:42 AM

As President Donald Trump and congressional Republicans push to accelerate artificial intelligence development nationwid . . .

TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

Download the Newsmax App