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Trump's tax-cut bill heads to a final vote in US House

Trump's tax-cut bill heads to a final vote in US House

The Advertiser15 hours ago
Republicans in the US House of Representatives have advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote about 3.30am.
It was not clear when they would hold a final vote.
As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans.
"This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill.
"The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires."
Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans.
Republicans can afford no more than three defections to get a final bill passed.
The past two weeks have shown deep Republican divides on the bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion in debt and make major cuts to social programs including Medicaid.
Republican lawmakers have long railed against the growth of the debt, which has continued during the past two decades regardless of which party was in control in Washington.
A handful of Republican holdouts have objected to the bill.
One, senator Thom Tillis, opted not to seek re-election after voting against it.
Nonetheless, Trump has succeeded in getting the votes to advance the legislation at each step of the way.
Votes in the House were held open for hours on Wednesday during the day and overnight as House Speaker Mike Johnson and the White House talked with reluctant members.
Johnson expressed optimism on Wednesday night, saying lawmakers had a "long, productive day" discussing the issues.
He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning.
"There couldn't be a more engaged and involved president," Johnson told reporters.
The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans.
Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday.
The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months.
The legislation contains most of Trump's top domestic priorities.
It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives.
It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default.
Republicans in the US House of Representatives have advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote about 3.30am.
It was not clear when they would hold a final vote.
As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans.
"This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill.
"The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires."
Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans.
Republicans can afford no more than three defections to get a final bill passed.
The past two weeks have shown deep Republican divides on the bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion in debt and make major cuts to social programs including Medicaid.
Republican lawmakers have long railed against the growth of the debt, which has continued during the past two decades regardless of which party was in control in Washington.
A handful of Republican holdouts have objected to the bill.
One, senator Thom Tillis, opted not to seek re-election after voting against it.
Nonetheless, Trump has succeeded in getting the votes to advance the legislation at each step of the way.
Votes in the House were held open for hours on Wednesday during the day and overnight as House Speaker Mike Johnson and the White House talked with reluctant members.
Johnson expressed optimism on Wednesday night, saying lawmakers had a "long, productive day" discussing the issues.
He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning.
"There couldn't be a more engaged and involved president," Johnson told reporters.
The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans.
Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday.
The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months.
The legislation contains most of Trump's top domestic priorities.
It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives.
It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default.
Republicans in the US House of Representatives have advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote about 3.30am.
It was not clear when they would hold a final vote.
As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans.
"This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill.
"The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires."
Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans.
Republicans can afford no more than three defections to get a final bill passed.
The past two weeks have shown deep Republican divides on the bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion in debt and make major cuts to social programs including Medicaid.
Republican lawmakers have long railed against the growth of the debt, which has continued during the past two decades regardless of which party was in control in Washington.
A handful of Republican holdouts have objected to the bill.
One, senator Thom Tillis, opted not to seek re-election after voting against it.
Nonetheless, Trump has succeeded in getting the votes to advance the legislation at each step of the way.
Votes in the House were held open for hours on Wednesday during the day and overnight as House Speaker Mike Johnson and the White House talked with reluctant members.
Johnson expressed optimism on Wednesday night, saying lawmakers had a "long, productive day" discussing the issues.
He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning.
"There couldn't be a more engaged and involved president," Johnson told reporters.
The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans.
Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday.
The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months.
The legislation contains most of Trump's top domestic priorities.
It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives.
It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default.
Republicans in the US House of Representatives have advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote about 3.30am.
It was not clear when they would hold a final vote.
As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans.
"This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill.
"The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires."
Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans.
Republicans can afford no more than three defections to get a final bill passed.
The past two weeks have shown deep Republican divides on the bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion in debt and make major cuts to social programs including Medicaid.
Republican lawmakers have long railed against the growth of the debt, which has continued during the past two decades regardless of which party was in control in Washington.
A handful of Republican holdouts have objected to the bill.
One, senator Thom Tillis, opted not to seek re-election after voting against it.
Nonetheless, Trump has succeeded in getting the votes to advance the legislation at each step of the way.
Votes in the House were held open for hours on Wednesday during the day and overnight as House Speaker Mike Johnson and the White House talked with reluctant members.
Johnson expressed optimism on Wednesday night, saying lawmakers had a "long, productive day" discussing the issues.
He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning.
"There couldn't be a more engaged and involved president," Johnson told reporters.
The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans.
Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday.
The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months.
The legislation contains most of Trump's top domestic priorities.
It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives.
It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default.
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Lunch Wrap: ASX snuggles up to Wall Street high as ‘big beautiful bill' passes
Lunch Wrap: ASX snuggles up to Wall Street high as ‘big beautiful bill' passes

News.com.au

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  • News.com.au

Lunch Wrap: ASX snuggles up to Wall Street high as ‘big beautiful bill' passes

Tech and retailers jump this morning Trump teases tariff letters as "big beautiful bill" passes Cleanaway and Santos ink deals; Magellan shrugs off outflows It's lunchtime in the east and the local market is tucking into a modest rally. The benchmark ASX 200 is 0.15% stronger, eyeing that mid-week record. Local traders took their cue from an abbreviated but exuberant session on Wall Street overnight, where traders clocked off at 1 pm for the Fourth of July holiday. The S&P 500, Nasdaq and Dow still managed to bang out fresh records. A 'big, beautiful' US$3.4 trillion fiscal bill has now slid through the House. The US Senate passed it 51–50 (VP Vance casting the tieâ€'breaker), the House followed 218–214 last night, and Trump will sign it later tonight. Trump also hinted at unilateral 'reciprocal' tariffs if trading partners don't play nice by July 9. He threatened to start firing off letters, 'maybe 10 a day', spelling out who's going to pay what to do business with the US. Elsewhere in the commodities space, iron ore has clambered back over US$96/t in Singapore as Beijing vows to stamp out 'disorderly' low-price steel competition. Gold eased nearly 1% after a strong US jobs data overnight torpedoed immediate Fed-cut dreams, though bullion's still up 25% year-to-date. Back home on the ASX, the baton has been passed from miners to tech this morning. Local software names shadowed the Nasdaq. Appen (ASX:APX) was up 8%, Life360 (ASX:360) by 3%. RBA rate-cut rumours for next week put a spring in shoppers' steps too. Wesfarmers (ASX:WES) and Myer (ASX:MYR) jumped 1% each. In the large caps news, Cleanaway (ASX:CWY) spiked 2% after the ACCC gave the nod to its $377m swoop on Contract Resources. Regulator Philip Williams said he didn't see competition issues in industrial services. Engineering contractor Monadelphous Group (ASX:MND) nudged 1.5% higher after locking in over $100 million worth of work with Technip Energies. 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ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for July 4 : Security Description Last % Volume MktCap GMN Gold Mountain Ltd 0.002 100% 105,995,646 $5,619,759 GLL Galilee Energy Ltd 0.008 60% 1,794,993 $3,535,964 DY6 Dy6Metalsltd 0.210 35% 2,190,750 $11,541,688 AOA Ausmon Resorces 0.002 33% 3,402,438 $1,966,820 SFG Seafarms Group Ltd 0.002 33% 456,473 $7,254,899 WMG Western Mines 0.250 25% 266,072 $19,357,669 MSG Mcs Services Limited 0.005 25% 250,001 $792,399 TEM Tempest Minerals 0.005 25% 100,589 $4,407,180 SLH Silk Logistics 2.105 22% 590,694 $140,261,869 OKJ Oakajee Corp Ltd 0.040 21% 12,200 $3,017,719 KPO Kalina Power Limited 0.006 20% 2,541,951 $14,664,978 AUG Augustus Minerals 0.032 19% 551,238 $4,588,554 CR1 Constellation Res 0.130 18% 2,800 $6,934,315 ICE Icetana Limited 0.087 18% 1,021,675 $39,355,118 CVR Cavalierresources 0.235 18% 175,056 $11,568,443 ATX Amplia Therapeutics 0.275 17% 4,960,449 $91,168,877 3DP Pointerra Limited 0.062 17% 1,670,193 $42,669,070 ENL Enlitic Inc. 0.035 17% 1,715,848 $24,768,486 CAV Carnavale Resources 0.004 17% 496,875 $12,270,655 MGU Magnum Mining & Exp 0.007 17% 1,000,000 $13,908,223 PUA Peak Minerals Ltd 0.050 16% 27,063,376 $120,714,815 FCL Fineos Corp Hold PLC 2.730 16% 215,651 $795,474,213 5GG Pentanet 0.030 15% 821,149 $11,262,463 MAG Magmatic Resrce Ltd 0.060 15% 2,399,751 $22,997,037 The ACCC said it won't oppose DP World Australia's proposed takeover of Silk Logistics Holdings (ASX:SLH), clearing a key hurdle for the deal. 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ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 4 : Code Name Price % Change Volume Market Cap HLX Helix Resources 0.001 -50% 58,000 $6,728,387 AXP AXP Energy Ltd 0.001 -33% 109,654 $10,027,021 PRX Prodigy Gold NL 0.002 -33% 740,000 $9,525,167 IPB IPB Petroleum Ltd 0.005 -29% 1,029,310 $4,944,821 EEL Enrg Elements Ltd 0.002 -25% 4,206,979 $6,507,557 RLC Reedy Lagoon Corp. 0.002 -25% 152,677 $1,553,413 LKO Lakes Blue Energy 0.750 -25% 682,656 $58,770,705 HPC Thehydration 0.011 -21% 784,289 $5,408,213 DDT DataDot Technology 0.004 -20% 350,001 $6,054,764 FHS Freehill Mining Ltd. 0.004 -20% 3,754,989 $17,069,268 AR9 Archtis Limited 0.215 -19% 1,971,854 $76,653,102 NHE Nobleheliumlimited 0.029 -17% 665,136 $20,983,375 CDE Codeifai Limited 0.044 -17% 7,147,484 $23,475,738 RPG Raptis Group Limited 0.075 -17% 45,742 $31,561,637 ALM Alma Metals Ltd 0.005 -17% 2,033,841 $11,104,423 ALY Alchemy Resource Ltd 0.005 -17% 77,904 $7,068,458 FBR FBR Ltd 0.005 -17% 2,361,139 $34,136,713 AKN Auking Mining Ltd 0.006 -14% 111,904 $4,023,451 EMT Emetals Limited 0.003 -14% 213,214 $2,975,000 OVT Ovanti Limited 0.006 -14% 39,046,423 $29,850,265 RC1 Redcastle Resources 0.007 -13% 910,000 $5,948,535 MDR Medadvisor Limited 0.057 -12% 2,261,562 $40,611,029 CGR Cgnresourceslimited 0.070 -11% 115,219 $7,171,477 IN CASE YOU MISSED IT Drilling at Nimy Resources' (ASX:NIM) Mons project in WA has extended known gallium mineralisation to a 450m by 300m area after returning further high-grade intersections. 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Donald Trump news: US President considers hosting UFC fight on White House lawn for America's 250th birthday
Donald Trump news: US President considers hosting UFC fight on White House lawn for America's 250th birthday

West Australian

timean hour ago

  • West Australian

Donald Trump news: US President considers hosting UFC fight on White House lawn for America's 250th birthday

US President Donald Trump has revealed he is considering hosting a UFC fight on the White House grounds, potentially drawing a crowd of up to 25,000, as part of celebrations for the 250th anniversary of American independence. 'We have a lot of land there,' Mr Trump said on Thursday. A longtime UFC fan and close friend of the sport's league president Dana White, Mr Trump has attended several major mixed martial arts events in recent months. He shared the idea during a speech in Iowa, where he was launching a year-long series of events leading up to America's 250th birthday on July 4, 2026. 'So every one of our national parks, battlefields and historic sites are going to have special events in honour of America 250. And I even think we're going to have a UFC fight,' Mr Trump said. 'Think of this on the grounds of the White House. We have a lot of land there,' he added, suggesting the event could feature 'a full fight' with 20,000 to 25,000 attendees watching on. A White House spokesperson said there were no details to add beyond the President's announcement. Mr Trump received enthusiastic receptions at recent UFC events, including one appearance immediately after his 2024 reelection and another last month with Dana White for two championship bouts. As well as a possible UFC fight, Mr Trump is planning a culminating festival on the National Mall and a national athletic competition for high school athletes as part of the America 250 celebrations.

Asia stocks wobble as dollar edges down
Asia stocks wobble as dollar edges down

Perth Now

timean hour ago

  • Perth Now

Asia stocks wobble as dollar edges down

Most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as US President Donald Trump's deadline for trade deals loomed next week. The dollar retraced some of Thursday's gains with US markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law. Japan's Nikkei rose 0.3 per cent after flipping between gains and losses in early trading. Hong Kong's Hang Seng slumped 1.3 per cent, while mainland Chinese blue chips edged slightly lower. Taiwan's equity benchmark shed early gains to decline 0.2 per cent. South Korea's KOSPI sank more than 1.0 per cent. US S&P 500 futures edged down 0.2 per cent, following a 0.8 per cent overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed Friday for Independence Day. Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main US equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion ($A55.1 trillion) debt, according to the nonpartisan Congressional Budget Office. Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline. The US president said he expected "a couple" more agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. US Treasury Secretary Scott Bessent said earlier this week that a deal with India is close. However agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. "It is now just waiting for July 9," said Tony Sycamore, an analyst at IG, with the market's lack of optimism for deals responsible for some of the equity weakness around the region, particularly Japan and South Korea. At the same time, Thursday's jobs data shows "the US economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. The jobs data saw traders take any expectations for a Federal Reserve interest rate cut this month off the table. The US dollar rallied, taking it up as much as 0.7 per cent versus a basket of major peers on Thursday before it pared its advance to end the session with a 0.4 per cent rise. Early on Friday, the US currency gave back a little of those gains, slipping 0.2 per cent to 144.62 yen and edging down 0.1 per cent to 0.7942 Swiss franc. The euro added 0.1 per cent to $US1.1766 ($A1.7911), while sterling traded flat at $US1.3650 ($A2.0779). The US Treasury bond market is closed Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34 per cent while the two-year yield jumped 9.3 bps to 3.882 per cent. Gold inched up 0.1 per cent to $US3,329.54 ($A5,068.55) per ounce. Brent crude futures rose 1 cent to $US68.81 ($A104.75) a barrel, while US West Texas Intermediate crude firmed 3 cents to $US67.03 ($A102.04).

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