Key piece of Trump's megabill hits major snag

The GOP met a procedural roadblock on Friday in their quest to shutter the Consumer Financial Protection Bureau.

The Senate parliamentarian said the Senate Banking Committee violated procedural rules in its effort to approve zeroing out the $6.4 billion in funding the bureau receives each year. The measure is part of President Donald Trump's 1,000-page "One Big, Beautiful Bill Act," his signature piece of legislation that Democrats have fought for over a month.

Known as the Byrd Rule, the provision effectively prohibits policy matters from being discussed during the reconciliation process. Violating the rule could require the GOP to pass the bill with a 60-vote threshold in the Senate, where the party has a 53-47 majority.

While the Senate parliamentarian's recommendations are advisory in nature, they are also rarely ignored.

Sen. Tim Scott (R-SC) said in a Friday statement that the GOP will continue to find ways to "cut wasteful spending" and work with the parliamentarian to rectify the procedural issues.

But Democrats struck a much different tone.

Sen. Elizabeth Warren (D-MA), who helped create the bureau before she was elected to Congress, said in a statement that the GOP's efforts are a "reckless, dangerous attack on consumers." If the provision passes, Warren warned that it would "put the stability of our entire financial system at risk–all to hand out tax breaks to billionaires.”