US Oil & Gas Association: It’s Big for Sure – But How Beautiful? – That’s Up for Debate

[Note: As the House prepares to take a final vote on the One Big Beautiful Bill Act sent back over from the Senate, Tim Stewart, the Great American who heads up the U.S. Oil & Gas Association in D.C. provides this fantastic detailing of the energy-related provisions contained in the bill. They are truly stunning, and will create a seachange in federal energy policy. Enjoy.]

It’s Big for Sure – But How Beautiful? – That’s Up for Debate
July 1, 2025

Synopsis

I will take 3/4s of a loaf vs. nothing any day. We were just handed that.

The Senate passed President Donald Trump’s $3.3 trillion tax and spending cut bill, the “One Big Beautiful Bill Act,” on Tuesday, July 1, 2025. With a 51-50 vote, Vice President JD Vance casting the tie-breaking vote.

The legislation, which now heads to the House, combines $4.5 trillion in tax cuts with $1.2 trillion in spending reductions, aiming to boost the economy, curb illegal immigration, and streamline entitlement programs like Medicaid. Despite opposition from three Senate Republicans—Susan Collins, Thom Tillis, and Rand Paul—and a skeptical public, the bill advances Trump’s agenda, including permanent extensions of 2017 tax cuts; new tax breaks for tips, car loans, overtime, seniors, and parents; and significant boosts to military and immigration enforcement funding.