US Senate voting on Donald Trump's ‘One Big Beautiful Bill' Act LIVE: JD Vance arrives to cast vote
The United States Senate is voting on President Donald Trump's much touted tax bill, named the 'One Big Beautiful Bill' Act today, according to reports.
Vice President JD Vance has also arrived top cast hours vote, reports added.
(This is a developing story, more updates coming…)
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United News of India
9 minutes ago
- United News of India
US Senate narrowly advances Trumps' controversial One Big Beautiful Bill Act in a 51-49 turnout
Washington, June 29 (UNI) In a nail-biting vote, the Republican-led U.S. Senate has pushed forward President Donald Trump's huge 'One Big Beautiful Bill Act' - a key move towards getting it passed before the upcoming July 4 break. The mammoth 940-page bill scraped through a procedural vote late on Saturday night, 51-49. Two Republicans surprisingly sided with Democrats in opposing the measure, highlighting its divisive nature, reports New York Post. The vote now allows formal debate to kick off on the legislation. The bill aims to make Trump's 2017 tax cuts permanent, boost spending on defence and border security, and cut money for certain welfare programmes. President Trump hailed the outcome on Truth Social, calling it a "GREAT VICTORY." Trump has lobbied for House and Senate Republicans to fast-track the legislation so it lands on his desk by his self-imposed July 4 deadline. The measure would make Trump's 2017 tax cuts permanent, end taxation on tips and overtime, boost border security funding and scrap green-energy tax credits passed during the Biden administration. However, Democratic Senate leader Chuck Schumer criticised Republicans for rushing the process, demanding the entire bill be read aloud on the Senate floor to ensure proper scrutiny. After the bill is read, lawmakers will have up to 20 hours to debate its contents before a final vote. The House of Representatives already narrowly approved a version of this bill in May. If the Senate passes it, the bill will return to the House for final approval before landing on the President's desk for signing into law. This bill is a cornerstone of Trump's economic agenda, aiming to cement his tax cuts while boosting defence and border spending, often at the expense of social programmes. Its passage would significantly reshape US fiscal policy. UNI ANV SSP
Mint
33 minutes ago
- Mint
The stock-market rally is moving beyond Big Tech and investors are thrilled
The summer stock rally is broadening beyond big tech. Megacap technology stocks such as Nvidia, Microsoft and Broadcom led the market's rapid, tariff-spurred selloff earlier this year, only to rebound just as quickly a few weeks later when trade fears eased. Now, with economic fears diminished and optimism growing that the Trump administration will take a milder stance on trade, the recovery has expanded to include stocks across a more diverse group of sectors, such as financials, industrials and utilities. The number of stocks in the benchmark S&P 500 closing above their 50-day moving average has climbed recently to levels last seen in the fall, before Donald Trump's election victory launched an end-of-year rally. And in another sign of breadth, a measure that tracks the number of stocks rising versus those declining notched a new high on Friday. While the so-called Magnificent Seven tech stocks still hold investors' attention—and sway over the market—a broader participation in the recovery has helped propel the Nasdaq composite and the S&P 500 to all-time-highs in June. It could also signal that stocks will keep climbing through the summer, analysts say. 'We've seen this before: big tech leads and the market follows," said Adam Turnquist, chief technical strategist at LPL Financial. 'It seems like we are dusting off that playbook." Wall Street generally views improving breadth as a signal of a healthy stock market and a sustained advance. Whether the trend continues will depend on a few uncertainties still looming in the second half of the year: potential conflict in the Middle East, the path of interest-rate cuts from the Federal Reserve and the final outcome of President Trump's tariff plans. 'As long as things can stay stable, then this market is not exhausted by any stretch of the imagination," said Tom Essaye, founder of the Sevens Report, a market analysis firm. Market breadth has improved as investors who missed out on tech stocks' historic rebound search for new opportunities in different industries, Essaye said. He called it the 'FOMO trade," referencing the acronym for 'fear of missing out." Others have made longer-term bets in less popular industries. Jamie Cox, a managing partner at Harris Financial Group in Richmond, Va., didn't increase his proportion of big-tech holdings over the past few months even as prices dipped. But in recent weeks, his strategy—which includes a blend of defense, financial and large-cap international shares—has started to pay off. 'I'm surprised it took this long," he said. 'It's been a long time coming." Cox, who manages $1.2 billion at Harris, said that, in recent months, he has heard from clients looking to diversify the stocks in their portfolios. 'That lends itself to owning different things than just the most effective of the tech stocks," he said, such as shares of defense contractors Lockheed Martin and RTX Corp. 'You buy the less-aggressive, more tried-and-true, boring stocks." The recovery hasn't worked its way through every corner of the market. Small-cap stocks still lag behind major indexes. It might take a significant shift in the outlook to change that, said George Pearkes, macro strategist at Bespoke Investment Group. 'We would have to see a change in risk appetite." Some investors think that a confidence boost could come sooner than expected. Eric Teal, chief investment officer at Comerica Wealth Management, said he is adding midcap, small-cap and even microcap companies. He is buying shares of domestic banks that he thinks won't be affected by future tariffs, and said the Fed's rate cut could also boost smaller firms. 'The broadening out that we've seen over the last number of months is not something that's going to be short-lived," Teal said. It is unlikely that the market's biggest tech names will fade into the background soon, analysts said. Optimism for artificial intelligence, which powered tech stocks' ascendance to new highs, is still top-of-mind for professional and individual investors alike. But as tech shares have rebounded, so have valuations: Some large-cap names traded at more than 30 times their expected earnings over the next year last week, compared with an S&P 500 average of about 22 times. Those rich prices could be another nudge for traders to start snapping up shares in different industries, said Brian Buetel, a managing director at UBS Private Wealth Management. 'Nobody disagrees that the Mag Seven are just extremely expensive," he said. 'People forget there are sectors of the market that are on sale—that are cheap." Write to Hannah Erin Lang at and Roshan Fernandez at
Time of India
42 minutes ago
- Time of India
How Qatar thwarted Iran's attack on US base; 300 troops scrambled – missiles lit up Doha sky
Qatar successfully intercepted a wave of Iranian missiles aimed at the US military's Al Udeid Air Base, in what officials described as a swift and coordinated defensive operation that averted catastrophe. The attack came in retaliation for US strikes on Iranian nuclear facilities and marked a critical flashpoint in the widening Israel-Iran conflict. Despite the scale of the attack, no casualties were reported, and damage was minimal, thanks to a rapid response by Qatari and US forces. President Donald Trump later described the Iranian strike as a 'very weak response,' while Qatar condemned it as a 'flagrant violation' of its sovereignty. Qatari-led response averts major damage According to CNN , Qatari officials were first alerted around 7pm local time when their military detected Iranian missiles airborne and heading toward Al Udeid, a key regional hub for US air operations. Brigadier General Jassim Al-Ansari, speaking to the network, said the response was 'Qatari-led,' even though it was closely coordinated with US forces. Within minutes, 300 Qatari troops were mobilised, and multiple Patriot missile defence systems were activated across two locations. A total of 19 missiles were fired from Iran, according to Qatari sources. Seven were intercepted over the Persian Gulf, and 11 were shot down over the capital, Doha. Only one missile landed in an uninhabited area of the airbase, causing limited damage. President Trump, speaking after the incident, said Iran had fired 14 missiles, 13 of which were intercepted, with one left to land harmlessly as it posed no threat. Despite the discrepancy in numbers, US Central Command confirmed that no personnel were harmed. Iranian foreign minister Abbas Araghchi insisted the attack was calibrated not to harm civilians, and on state television, Iran's National Security Council said the strikes posed 'no dangerous aspect to our friendly and brotherly country of Qatar.' Al-Ansari, however, dismissed any suggestion that Qatar had prior knowledge of or permitted the strike. 'We would never put our people in danger for any political outcome,' he told CNN. 'This was a complete surprise.' Tensions erupt over nuclear site bombing The missile barrage followed US airstrikes on three Iranian nuclear facilities, including Fordo, last Saturday. Satellite images released Sunday showed damage to the underground enrichment site, reportedly hit with precision bunker-buster bombs. Iran later claimed it had removed key nuclear material from targeted locations ahead of time. The attack on Al Udeid was widely viewed as Tehran's attempt to send a message without causing a direct confrontation with Washington. Trump claimed the US had been warned in advance, which allowed it to take precautionary measures. Iran said the number of missiles matched the bombs dropped by the US. Qatar's airspace was shut down for several hours during the attack, disrupting over 100 flights scheduled to land at Hamad International Airport. Commercial operations resumed on Tuesday. The UK and US embassies had earlier advised citizens in Qatar to shelter in place. Ceasefire emerges but tensions persist The fragile ceasefire officially took effect on June 24, following intensive diplomacy mediated by the US and Qatar, with Israel affirming its acceptance of the terms and Iran agreeing to halt operations in synchrony. However, the truce has been shaky: Iran allegedly launched two missiles into northern Israel on the morning of the ceasefire—intercepted by Israeli defenses—prompting immediate Israeli retaliatory strikes on Tehran's military infrastructure. Both sides accuse each other of early violations, with US intelligence indicating Iran's nuclear enrichment program was only set back by months, and not 'obliterated' like Trump had earlier claimed.
