The US senate on Tuesday passed US President Donald Trump's tax and spending bill. Senate Majority Leader John Thune and his chamber voted on passage of the bill after securing enough support to pass the legislation.Trump's $3.3 trillion tax and spending cut bill was passed with a 51-50 vote with Vice President Vance broke the tie to pass the tax bill.The package informally known as the “One Big Beautiful Bill” consists of $4.5 trillion in tax cuts and $1.2 trillion in spending cuts. It also in entirety includes president's legislative agenda in a single package, reported Bloomberg.The bill will now go to the House for further voting. However, the approval will not be guaranteed due to opposition from the conservatives and moderates. Additionally, if there are any further changes then the Senate will have to take up the bill again.The tax cut bill would avoid large tax increase for individuals at the beginning of next year when the 2817 Trump tax cuts expire. It would also permanently extend some partly expired business tax breaks this according to the president would contribute to economic growth.Additionally, the bill at President Trumps request adds new tax breaks from tips, car loans and overtime work. It also expands the tax breaks for parents and seniors.The tax breaks are funded by deep cuts in the renewable energy sector. The cuts are partly paid for by cuts in food stamps and federal student loans.US Bond Yields Rise As Stocks Waver On Job Openings: Markets Wrap. Read more on World by NDTV Profit.