WASHINGTON—The GOP’s sprawling tax-and-spending bill narrowly passed the Senate Tuesday, after a tense 26-hour session in which Republican leaders worked to try to win over holdouts.The final package clocked in at 887 pages,

The Senate passed President Trump’s “Big Beautiful Bill” July 1, giving the president his most significant legislative victory in his second term.

The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually from 2026 through 2033.