Senate Passes Tax Bill Cutting Medicaid, Extending Clean Energy Credits

The U.S. Senate narrowly passed President Trump's $3.3 trillion 'Big Beautiful Bill,' which includes significant healthcare reforms and tax changes, with a decisive tie-breaking vote by Vice President J.D. Vance. The bill slashes Medicaid funding to finance over $3 trillion in tax cuts, primarily benefiting the wealthiest Americans, raising concerns about increased national debt and potential loss of healthcare and food aid access for millions. The legislation has caused deep divisions within the Republican Party, with notable defections from Senators Rand Paul, Thom Tillis, and Susan Collins, though concessions secured by Senator Lisa Murkowski helped secure passage. Clean energy sectors experienced mixed impacts, as the bill favors domestic supply chains and penalizes projects linked to China, benefiting distributed solar, hydrogen, and U.S.-based battery storage companies while pressuring utility-scale solar firms. Charitable giving provisions were also adjusted, increasing deductions for non-itemizers and capping benefits for wealthy donors, potentially influencing philanthropic trends. The House is expected to review the bill, with uncertainty about whether it will accept the Senate's version or demand further revisions.