ON JULY 1ST, after 27 hours of non-stop voting and debate, America’s Senate passed the One Big Beautiful Bill Act (OBBB), the most consequential legislation of Donald Trump’s second term. The House of Representatives—which passed its own version of the bill on May 22nd—must now reach agreement with the Senate on the bill before Mr Trump can pass it into law. (He has demanded that it reach his desk before Independence Day celebrations on July 4th.)