Context:

Senate Republicans are scrutinizing controversial tax provisions in the debt ceiling legislation, delaying its potential debate and vote until the week of June 22. This delay risks the bill's passage through both the Senate and House by the July 4 deadline, although the true deadline is early August when the U.S. is expected to hit the debt ceiling. The Senate Finance Committee is preparing to release the bill's text, which includes contentious elements like state and local tax reductions, spending cuts, and changes to Medicare and Medicaid. Senators, along with the Senate Parliamentarian, will weed out provisions that don't align with strict budget rules, which might lead to a prolonged legislative process. If the Senate advances the bill, the House will face a tight timeframe to either accept changes or send it back, potentially resulting in another round of extensive voting sessions.

Dive Deeper:

• Senate Republicans are delaying the floor debate and vote on the Trump-backed 'Big, Beautiful Bill' until the week of June 22, potentially affecting its passage by the July 4 deadline. The delay is due to the need for careful consideration of controversial tax provisions within the bill.

• The Senate Finance Committee plans to release the extensive and controversial text of the bill, which includes significant tax provisions such as state and local tax reductions, possible spending cuts, and modifications to Medicare and Medicaid.

• Senate Parliamentarian Elizabeth MacDonough, along with senators, will conduct a review process to eliminate provisions that do not meet strict Senate Budget guidelines. This process is likely to delay the bill's readiness for debate until the following week.

• If the Senate passes the bill, the House will have a limited timeframe to approve the changes or return it with further amendments, possibly extending the legislative process beyond the July 4 deadline. This could lead to another 'vote-a-rama', a session involving continuous voting on various amendments.

• While July 4 is considered an aspirational deadline, the actual critical deadline is early August, when the Treasury Department predicts the U.S. will reach the debt ceiling. The bill includes a provision to increase the debt ceiling to prevent this occurrence.