President Donald Trump is pushing hard for a "big, beautiful bill" to land on his desk within three weeks, aiming to solidify his tax cut ambitions. However, the path forward is fraught with intra-party disputes and fiscal dilemmas. Today, Trump is slated to meet with Senate Majority Leader John Thune and Finance Chair Mike Crapo at the White House, setting the stage for a pivotal discussion just a day before Senate GOP leaders expect Crapo to unveil the tax policy details of the sprawling legislative package.

The sticking point is Crapo's commitment to making three key business tax cuts permanent, which he vocalized in a recent GOP conference meeting. These include larger deductions for research and development, debt interest, and capital expensing. While the House has agreed to extend these deductions through 2029, cementing them indefinitely would hike the cost by an additional $450 billion.

Compounding the issue, House fiscal conservatives are insisting that any tax cuts be balanced with equivalent spending reductions. This push may compel Senate Republicans to reconsider some of Trump's campaign promises, like abolishing taxes on tips and overtime pay, although the White House has signaled a strong reluctance to budge on these pledges.

Amid these negotiations, another potential source of savings has come into view. Senate Republicans are considering lowering the cap on state and local tax (SALT) deductions—a move that could provoke backlash from SALT Republicans who managed to negotiate an increase in the cap to $40,000 in the House. House Majority Leader Steve Scalise has expressed a desire to maintain the elevated cap, emphasizing the delicate nature of the compromise.

The urgency of these discussions is amplified by the looming July 4 deadline set by the GOP to pass the bill. Senate leaders, aware of the tight schedule, are planning a vote-a-rama in the latter part of the week following the bill's release on June 23. Thune has hinted at the possibility of extending Senate sessions into the recess week to ensure the bill's passage.

Meanwhile, the broader legislative landscape is bustling with activity. Speaker Mike Johnson is advancing a vote to rescind $9.4 billion in previously approved funds, while the Senate moves closer to passing significant cryptocurrency legislation, another priority for Trump. Additionally, Senate Agriculture Republicans have introduced a new proposal to cut the Supplemental Nutrition Assistance Program, aiming for a more moderate approach than the House bill.

As these critical discussions unfold, the ability of Trump, Thune, and Crapo to navigate the complex terrain of fiscal responsibility and political promises will be pivotal in shaping the final text of the tax and spending package. With the clock ticking down to the July 4 deadline, the stakes for the GOP—and Trump’s legislative legacy—could not be higher.