logo
US Senate pushes ahead on Trump's sweeping tax cut and spending bill

US Senate pushes ahead on Trump's sweeping tax cut and spending bill

Senate Republicans pushed forward US President Donald Trump's sweeping tax cut and spending bill on Sunday in a marathon weekend session even as a non-partisan forecaster said it would add an estimated US$3.3 trillion to the nation's debt over a decade.
Advertisement
The estimate by the Congressional Budget Office (CBO) of the bill's hit to the US$36.2 trillion federal debt is about US$800 billion more than the version passed last month in the House of Representatives.
Republicans, who have long voiced concern about growing US deficits and debt, have rejected the CBO's long-standing methodology to calculate the cost of legislation.
Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress.
A copy of US President Donald Trump's 940-page spending and tax bill. Photo: Reuters
'Republicans are doing something the senate has never, never done before, deploying fake math and accounting gimmicks to hide the true cost of the bill,' Democratic Senate Minority Leader Chuck Schumer said as debate opened on Sunday.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tesla's global sales drop again as competition, Musk backlash bite
Tesla's global sales drop again as competition, Musk backlash bite

South China Morning Post

time2 hours ago

  • South China Morning Post

Tesla's global sales drop again as competition, Musk backlash bite

Tesla posted another big drop in quarterly deliveries on Wednesday, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk 's political stance and an ageing vehicle line-up. Still, shares of the electric carmaker gained 3 per cent in early trading as the decline proved less severe than the bleakest analyst projections. Tesla said it delivered 384,122 vehicles in the second quarter, down 13.5 per cent from 443,956 units a year ago. Analysts expected it to report deliveries of about 394,378 vehicles, according to an average of 23 estimates from Visible Alpha, though projections went as low as 360,080 units based on estimates from 10 analysts over the past month. 'The market is reacting to the deliveries not being as bad as potentially thought with multiple analysts cutting their forecasts over the past week,' said Seth Goldstein, senior equity analyst at Morningstar. The stock has lost 25 per cent of its value so far this year as investors feared brand damage in Europe and US from Musk's embrace of right-wing politics and his role in spearheading the Trump administration's cost-cutting effort.

Chinese sellers bracing as Amazon Prime Day sale could put weight of US tariffs on display
Chinese sellers bracing as Amazon Prime Day sale could put weight of US tariffs on display

South China Morning Post

time2 hours ago

  • South China Morning Post

Chinese sellers bracing as Amazon Prime Day sale could put weight of US tariffs on display

Ahead of Amazon's annual Prime Day sales event, Chinese sellers are already walking a tightrope as they try to strike a balance between staying competitive and adjusting to Washington's tariffs. Advertisement Gloria Gu, an Amazon seller based in Zhejiang province, said her outlook for this year's summer event – extended this year to a record four days, July 8-11 – was 'not optimistic'. Her company mainly sells household consumables – low-margin products that are highly price-sensitive. 'Depending on the item, prices have gone up by 10 to 20 per cent,' she said, while the minimum discount requirement for Prime Day deals on Amazon's platform is 20 per cent, the same as in previous years. 'We pass part of that on to consumers, but we also eat up some ourselves and ask our suppliers to share the burden,' she explained. But raising prices too much is not an option in Amazon's hyper-competitive environment, she added. 'The market is still extremely cutthroat; we really can't hike prices too much,' she said, noting that the platform's own fees were also climbing. Advertisement With a US tariff deadline approaching on July 9 – marking the end to President Donald Trump's 90-day pause on his 'reciprocal tariffs' for most countries, excluding China – and with Amazon kicking off one of its biggest sales events of the year just a day earlier, many price-sensitive American consumers are waiting to see if they will be the ones hit hardest, as inflation and overall cost-of-living concerns are front of mind.

US Wisconsin court strikes down state's 19th century abortion ban
US Wisconsin court strikes down state's 19th century abortion ban

South China Morning Post

time2 hours ago

  • South China Morning Post

US Wisconsin court strikes down state's 19th century abortion ban

Wisconsin's top state court on Wednesday said an 1849 state law banning abortion in virtually all cases cannot be enforced, rejecting claims that it was revived after a landmark US Supreme Court ruling three years ago. Wednesday's decision, which affirms a lower court, leaves in place a 2015 Wisconsin law that bans abortion after 20 weeks. The Wisconsin Supreme Court in a 4-3 decision agreed with the state's Democratic Attorney General, Josh Kaul, that while the 19th century law has never been formally repealed, it was effectively nullified by more recent laws and regulations. In 2022, shortly after the US Supreme Court overturned Roe v. Wade, which had recognised a constitutional right to abortion, Kaul sued a Republican district lawyer who argued that the 1849 law was back in effect and could be enforced. The Wisconsin Supreme Court maintained its liberal majority after an April election in which the winning candidate, Susan Crawford, campaigned on her support for abortion rights. The contest became the most expensive judicial election in US history and was widely seen as an early referendum on President Donald Trump 01:39 Bromance implodes as Trump 'very disappointed' by Musk's bill criticism Bromance implodes as Trump 'very disappointed' by Musk's bill criticism

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store