The US Senate on Tuesday approved President Donald Trump's $3.3 trillion (about €2.8 trillion at the current exchange rate) tax and cost-cutting bill. Known as the One Big Beautiful Bill, the tax plan covers a range of areas, including healthcare, renewable energy and immigration.

The plan was approved with 51 votes in favor and 50 votes against, with the tiebreaker being made by US Vice President JD Vance.

The plan combines $4.5 trillion in tax cuts with $1.2 trillion in spending reductions.

"This was a team effort," Senate Majority Leader John Thune said immediately after the vote, as quoted by Bloomberg."In the end, we got the job done."

The tax package will now be voted on in the House of Representatives, with President Donald Trump expressing confidence that it will pass."I actually think it will be easier in the House of Representatives than it was in the Senate."