OBBB Update
The Senate passed the budget reconciliation legislation (commonly called the “One Big Beautiful Bill) by a vote of 51-50 today (July 1), with Vice President JD Vance giving the Republicans the tie-breaking vote for final Senate passage. The bill will go back to the House of Representatives to be voted on quickly before adjourning for the July 4 recess.
Among the provisions that AFSA advocated in the legislation is one that would end the Biden-era tax credits on electric vehicles (EVs), but with a change date of September 30th from the Senate’s previous provision that would have expired the tax credits retroactively to June.
The Senate bill also calls for a limit on what the Consumer Financial Protection Bureau (CFPB) can request in funding from the Federal Reserve. The new limit is 6.5 percent of the Fed budget, down from 12 percent.
The House is expected to vote on this package quickly provided that the chamber has the votes for passage. The original House legislation sent to the Senate only passed the House 215-214; Speaker Mike Johnson and others will ensure there are the votes for passage before the House takes the final vote and sends the bill to President Trump.
We will keep you apprised with updates.
July 1st, 2025
