US Senate passes One Big Beautiful Bill; NCC voices strong support
The One Big Beautiful Bill (OBBB) Act eliminates federal taxes on tips, overtime pay, and Social Security income. It also includes expanded child tax credits and a tax break on car loans for American-made vehicles.
On the economic front, the legislation aims to protect two million family farms from so-called 'double taxation' and bolster US energy production. Supporters say it will reduce energy prices and end reliance on foreign oil, the White House said in a statement.
US Senate has passed the 'One Big Beautiful Bill' Act with Vice President JD Vance casting the tie-breaking vote. The sweeping legislation eliminates federal taxes on tips, overtime, and Social Security, expands child tax credits, and supports US-made car purchases. The NCC has praised the bill for enhancing farm safety nets and urged the US House of Representatives to pass it swiftly.
The bill also claims to reduce the national deficit by over $2 trillion through spending cuts and the rollback of funding related to environmental initiatives.
Additionally, the bill includes major provisions to deport one million undocumented migrants annually, expand border enforcement, and strengthen Medicaid for vulnerable Americans. It modernises air traffic control, boosts defence with a 'Golden Dome' missile shield, and invests in the Coast Guard.
The National Cotton Council (NCC) has applauded the efforts of the US Senate, and the Senate Agriculture Committee, to ensure passage of the Act. This key legislation includes language that strengthens the farm safety net and provides necessary enhancements to support farmers navigating the current economic environment, it said in a press release.
'The NCC appreciates the momentous effort that has gone into crafting and passing the One Big Beautiful Bill,' said NCC chairman, Patrick Johnson . 'We are grateful for the Senate's commitment to delivering meaningful enhancements to the cotton safety net, which is absolutely critical for the stability and future of our industry.'
The NCC said that it strongly supports the OBBB Act and has now urged the US House of Representatives to swiftly take up and pass this legislation.
Commenting on the Act, Secretary of the Treasury Scott Bessent said: 'Today's Senate vote is a major step forward in enacting President Trump's agenda to revitalise the American economy and provide certainty to households and businesses alike. Senate Republicans have taken decisive action to prevent a $4 trillion tax hike on hardworking Americans, while securing No Tax on Tips, No Tax on Overtime, new tax cuts for seniors, and vital provisions for the manufacturing sector.
'I appreciate the tireless work of leader Thune and chairman Crapo to usher this legislation through the Senate and closer to the President's desk. We encourage House Republicans to act quickly so that we can deliver on President Trump's promises to power the future of our economy and ensure the United States remains the world's premier destination for capital and innovation.'
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