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CNA
2 hours ago
- CNA
Trump to sign 'big, beautiful' bill on US Independence Day
WASHINGTON: US President Donald Trump prepared Friday (Jul 4) to sign his flagship tax and spending bill in a pomp-laden Independence Day ceremony featuring fireworks and a flypast by the type of stealth bomber that bombed Iran. Trump pushed Republican lawmakers to get his unpopular "One Big Beautiful Bill" through a reluctant Congress in time for him to sign it into law on the US national holiday, and they did so with a day to spare Thursday. Ever the showman, Trump will now meld a victory lap over the bill, which cements his radical second term agenda, with a grand party at the White House marking 249 years of independence from Britain. Trump announced a signing ceremony at the White House for 4pm (4am, Singapore time) and said pilots who carried out the bombing on Iran were among those who had been invited. Looking jubilant at a rally Thursday in Iowa after the bill passed, Trump said "the age of America is upon us. This is a golden age." The bill, which includes massive new funding for Trump's migrant deportation drive, is the latest in a series of big political wins at home and abroad for the 79-year-old tycoon, and underscores his dominance over both the Republican Party and US politics at large, for now. His administration has meanwhile glossed over deep concerns from his own party and voters that it will balloon the national debt, while simultaneously gutting health and welfare support. White House economic adviser Kevin Hassett on Friday rebuffed the criticism, claiming the bill will produce "a real blowout for growth." "Nobody's going to lose their health insurance because of this," Hassett told Fox News, rejecting nonpartisan analyses estimating millions of poor Americans will lose health coverage on the government-funded Medicaid program. First Lady Melania Trump was also set to attend the Independence Day event. The president's wife had told reporters on Thursday that a B-2 bomber, the type of aircraft that bombed Iran's nuclear facilities on June 22, and fighter jets would carry out a flypast for the Jul 4 event. And Trump told the rally-goers in Iowa that the pilots and others who worked on the mission would join him for the festivities. "They're going to be in Washington tomorrow, at the White House, we're going to be celebrating," he said. Deep misgivings Trump forced through the bill despite deep misgivings in the Republican Party, and the vocal opposition of his billionaire former ally, Elon Musk. It squeezed past a final vote in the House of Representatives 218-214 after Republican Speaker Mike Johnson worked through the night to corral the final group of dissenters. The sprawling mega-bill honors many of Trump's campaign promises: boosting military spending, funding a mass migrant deportation drive and committing US$4.5 trillion to extend his first-term tax relief. The legislation is the latest in a series of big wins for Trump, including a Supreme Court ruling last week that curbed lone federal judges from blocking his policies, and the US air strikes that led to a ceasefire between Israel and Iran. But it is expected to pile an extra US$3.4 trillion over a decade onto the US deficit. At the same time it will shrink the federal food assistance program and force through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch. Up to 17 million people could lose their insurance coverage under the bill, according to some estimates. Scores of rural hospitals are expected to close as a result.
CNA
6 hours ago
- CNA
A look at Gen Zs and the world of work
What do young people want from the world of work? How are they planning their exit strategies from full-time employment? CNA's Money Mind asked these and other job-related questions to Gen Zs around the region and some of the results may surprise you. Asia First spoke to the team for more insights.
CNA
9 hours ago
- CNA
Trump plans to send letters outlining tariff rates to trading partners
The US president is calling the shots on his tariff regime. Starting next month, dozens of countries could face tariff rates ranging from 10 to 70 per cent. The new threshold comes as negotiations to avoid higher duties enter the final stretch. Donald Trump has warned of 10 to 12 letters being sent every day, simply informing trading partners about their tariff rates for imports into the US. Toni Waterman reports from Washington DC.
