logo
Roth sees removing resi leasing denial for 48E as meaningful positive for Sunrun

Roth sees removing resi leasing denial for 48E as meaningful positive for Sunrun

Roth Capital analyst Philip Shen doesn't expect IRA text to come out today. If the Senate Finance committee releases somthingm, it may only be on the tax provisions, such as SALT. IRA provisions adjustments are now expected Mnday. A contact that the firm has spoken with share that the Committee has been working hard on getting the FEOC language update and more workable. PIS language will likely get converted to construction start, which would be a meaningful positive for First Solar (FSLR), Array Technologies (ARRY), Nextracker (NXT), Shoals Technologies (SHLS), and Sunrun (RUN), Roth notes. The firm also sees residential leasing denial for 48E will likely be removed, which would be a meaningful positive for Sunrun. 25D still appears to be low probability. This remains a meaningful negative for Enphase (ENPH) and a negative for SolarEdge (SEDG), says Roth. The firm sees current levels as food buying opportunities for much of its coverage universe, given potentially a meaningful shift back to the original House bill, which was considered 'much less worse than feared for the industry.'
Confident Investing Starts Here:
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Senate to take up Trump DOGE cuts
Senate to take up Trump DOGE cuts

The Hill

timean hour ago

  • The Hill

Senate to take up Trump DOGE cuts

The GOP's bill to claw back billions of dollars in federal funding is set to hit the Senate floor this week despite serious — and vocal — concerns among some Republicans over the cuts targeting public broadcasting and foreign aid. Consideration of the legislation comes as GOP lawmakers are staring down a Friday deadline to get the measure, known as a rescissions package, to President Trump's desk. The House approved the bill in a 214-212 vote in June. Adding to the pressure, Trump last week threatened to withhold his support from any Republican who votes against the legislation, setting the stake for a high-stakes — and potentially ugly — week in the Senate. Also this week, former Rep. Mike Waltz (R-Fla.) — who served a short stint as Trump's national security adviser — is scheduled to appear on Capitol Hill for his confirmation hearing to be U.S. ambassador to the United Nations. The event is likely to focus on the March Signal controversy, when Waltz added a journalist to a sensitive text chat regarding plans to attack Houthi rebels in Yemen. On the House floor, lawmakers are set to consider the landmark cryptocurrency bill that the Senate approved last month, in addition to the GOP's bill to fund the Pentagon for fiscal year 2026. Senate Republicans this week will be focused on the GOP-crafted bill to rescind $9.4 billion in federal funding, which has emerged as a central priority for Trump. The legislation seeks to claw back dollars for the Corporation for Public Broadcasting, which funds NPR and PBS — two outlets Republicans have panned as biased, and cut funding for the U.S. Agency for International Development (USAID), which DOGE targeted months ago. Republicans in both chambers have until Friday to send the legislation to Trump's desk for his signature, a deadline that could be difficult for the party to meet, in part because the Senate is planning to hold a vote-a-rama this week. Whether the party can ultimately clear the package rests with a handful of GOP holdouts in the Senate, who have voiced concerns with the cuts in the bill and aired worries about the executive usurping power from the legislative branch. One of the most vocal critics of the bill has been Sen. Susan Collins (R-Maine.), the chair of the Senate Appropriations Committee, who has been particularly concerned about cuts to the President's Emergency Plan for AIDS Relief (PEPFAR), which began under former President George W. Bush. She has also questioned some cuts to public broadcasting. 'I want to strike the rescission of funds for PEPFAR, which has an enormous record of success, having saved some 26 million lives over the course of the program, as well as preventing nearly 8 million infants from receiving AIDS from their infected mothers,' Collins previously said. 'So I can't imagine why we would want to terminate that program.' Republicans can only afford to lose three votes and still muscle the measure through the chamber, assuming full attendance and united Democratic opposition. Democrats have been up in arms over the legislation, warning that any rescissions would hurt future bipartisan government funding talks. Four House Republicans broke from the party and voted against the legislation last month. Upping the stakes for Republicans is Trump, who says he will not support any GOP lawmakers who oppose the rescissions package — creating a difficult situation for some senators who have reservations with the bill. 'It is very important that all Republicans adhere to my Recissions Bill and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together. Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement. Thank you for your attention to this matter!' Trump wrote on Truth Social last week. Waltz is headed for a grilling by Democrats on Tuesday when he appears before the Senate Foreign Relations Committee for his confirmation hearing to be U.S. ambassador to the United Nations, which comes nearly four months after he drew criticism for mistakenly adding a journalist to a Signal chat that discussed a planned attack on the Houthis. Waltz's hearing — scheduled for Tuesday at 10 a.m. EDT — is expected to largely focus on the Signal controversy in March, which thrust the former congressman into the spotlight and sparked reports of his potential ouster. On March 24, The Atlantic's editor in chief, Jeffrey Goldberg, revealed that Waltz, then the national security adviser, added him into a Signal group chat that went on to discuss an imminent attack on Houthi rebels in Yemen. The initial story, and subsequent articles, caused a stir in Washington, with Democrats — and even some Republicans — raising alarm about how sensitive information had been handled. Those concerns are likely to take center stage on Tuesday. The confirmation hearing comes after a musical chairs of sorts in the Trump administration. Trump nominated Waltz to serve as UN ambassador in May, relieving him of his duties of national security adviser following the Signal controversy. The UN ambassador post opened up after Rep. Elise Stefanik (R-N.Y.), initially tapped for the post, withdrew her nomination as Republicans worried about their slim majority in the House, returning to leadership in the lower chamber. Secretary of State Marco Rubio has taken on the duties of national security adviser. The House this week is slated to consider the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — which lays out a regulatory framework for payment stablecoins — after the Senate approved the landmark legislation last month. The bill, which has bipartisan support, would create rules for dollar-backed cryptocurrencies, and its enactment would mark a significant moment for the cryptocurrency field. The Senate passed the measure in a 68-30 vote, with 18 Democrats joining a majority of Republicans, making it the first major crypto bill to make it through the upper chamber. Proponents are hopeful that following the overwhelming bipartisan backing in the Senate, the House could follow suit. 'Our legislation would establish a clear regulatory framework for payment stablecoins, safeguarding digital assets from potential targeting by future administrations, boosting demand for U.S. treasuries, ensuring robust consumer protections, and upholding the U.S. dollar's role as the global reserve currency,' House Majority Leader Steve Scalise's (R-La.) office wrote in a floor lookout Sunday. 'By creating regulatory clarity and supporting the development of U.S. stablecoins with safety rails, the bill helps speed up international payment transactions, increase access to working capital for U.S. companies operating internationally, and promote investment and innovation.' The House this week is also scheduled to vote on the Digital Asset Market Clarity Act, which splits the regulation of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The House this week is scheduled to vote on a bill to fund the Pentagon for fiscal year 2026, as Republicans look to pass more of their full-year spending bills ahead of the Sept. 30 government funding deadline. The legislation includes a discretionary allocation of $831.5 billion which, according to Republicans on the House Appropriations Committee, is the same amount the department received for fiscal year 2025. Additionally, the bill boosts basic pay for all military personnel by 3.8 percent, though it also cuts 45,000 full-time civilian employees. The House Appropriations Subcommittee advanced the bill in a party-line 36-27 vote last month, sending it to the full floor for consideration. 'The FY26 Defense Appropriations Act provides the resources necessary for maintaining American military superiority, leveraging our technological innovation into tactical advantages on the battlefield, and supporting the Defense Department's most valuable assets – our warfighters,' Rep. Ken Calvert (R-Calif.), the chair of the House Appropriations Subcommittee on Defense, said in a statement. Despite a strong likelihood of clearing the chamber, the bill is unlikely to become law since Democrats have staked opposition to it, arguing that the legislation would injure democracy in the U.S. and abroad and hammering away about policy riders included.' 'President Trump's and Secretary Hegseth's complete disregard for the standard procedure for developing the Defense Appropriations Act will have serious consequences for our military readiness,' Rep. Betty McCollum (D-Minn.), the ranking member of the House Appropriations Subcommittee on Defense, said in a statement. The Pentagon funding bill is the second full-year spending measure of 12 that the House is voting on ahead of the Sept. 30 shutdown deadline. In June, the chamber approved the legislation funding military construction and the Department of Veterans Affairs. The slow progress is raising the likelihood of a stopgap bill being needed in the fall to stave off a shutdown.

GOP leader faces showdown with Republicans on Trump-backed funding cuts
GOP leader faces showdown with Republicans on Trump-backed funding cuts

The Hill

timean hour ago

  • The Hill

GOP leader faces showdown with Republicans on Trump-backed funding cuts

Senate Majority Leader John Thune (R-S.D.) is headed for a showdown this week with a group of Republican senators over a House-passed package that claws back $9.4 trillion in funding from the Corporation for Public Broadcasting and global public health programs. Members of the powerful Senate Appropriations Committee, including Chair Susan Collins (R-Maine), are not keen on cutting programs they have already funded through bipartisan appropriations bills. A handful of senior Republican senators are worried about ceding even more power to the Trump administration, as Congress has already done by allowing President Trump to shutter or overhaul agencies such as U.S. Agency for International Development or impose steep tariffs on many of the nation's trading partners without much pushback. 'I definitely want the PEPFAR cuts and the child and maternal health and other global health cuts removed, but I don't know how Sen. Thune's going to structure the process. He's not shared that with me,' Collins told The Hill, referring to global program that President George W. Bush launched in 2003 to combat AIDS called the President's Emergency Plan for AIDS Relief. The Maine senator said she also had strong concerns about proposed cuts to the Corporation for Public Broadcasting. 'As I made very clear at the hearing, there's a lot of what the Corporation for Broadcasting does that I support such as the 70 percent of the money that goes to local stations, they maintain the emergency alert system, they do local programing such as in Maine there's a very popular high school quiz show,' she said. The so-called rescissions package, which the Senate and House must send to Trump's desk by July 18, would cut $8.3 billion from international aid programs and eliminate fiscal 2026 and fiscal 2027 funding for the Corporation for Public Broadcasting, which supports PBS and NPR affiliates. Collins, however, expressed more support for cutting funding for NPR, which she says has politically biased reporting. She described NPR as having a 'decidedly partisan bent' and highlighted a report written by Uri Berliner, a former senior business editor at NPR, for The Free Press last year. Sen. Mike Rounds (R-S.D.), another member of the Appropriations Committee, says he's a 'no' on the rescissions package unless GOP leaders find a way to protect tribal radio stations in his home state that would be hit by the cuts to the Corporation for Public Broadcasting. 'At this stage of the game I've already told them that I am a no unless we get this resolved one way or another,' Rounds said. Rounds said he wants to protect 'Native American radio stations that [get] caught in the crossfire.' 'Other states have got the same issue, and it's in these very, very rural areas. It's about 90 percent of their funding,' he said. He said he and other GOP colleagues are also concerned about cuts to the Bush-era PEPFAR program. 'It's one I would like to see resolved. I have not been putting the pressure on it, I think other people have,' he said, referring to the internal GOP debate over reworking the bill. The last time Trump tried to push a rescissions package through Congress was in 2018. It failed after Republicans senators balked. That year's proposal to claw back $15 billion in previously appropriated funding failed in the Republican-controlled Senate by a 48-50 vote. Collins and then-Sen. Richard Burr (N.C.) where the two Republicans who voted no. Now Thune — who was the Senate GOP conference chair in 2018 — is facing as many as five Republican holdouts on the bill, with a few more GOP colleagues declining to say publicly how they will vote on the controversial package. Some Republican senators are disgruntled about ceding more authority to the administration after the Department of Government Efficiency shuttered federal agencies, pushed federal workers into early retirement and cut congressionally appropriated funding without getting any input or authority from lawmakers on Capitol Hill. These GOP lawmakers worry that if they send the pending $9.4 billion rescissions package to Trump's desk this week, the administration will follow up with additional requests to claw back the money they've already approved. 'The bigger question is that I don't like the rescissions process at all,' a GOP senator who requested anonymity said. 'It basically gives the keys to the car to the administration to everything that we're doing on the appropriations side. 'We're not getting basic information. We're being told, 'This is what we want to do and here's how much we want for it,'' the senator added. 'We're letting them call everything and then rescissions are coming in on top of all of this?' The other major concern of Republican appropriators is that passing a partisan rescissions package could derail work on the 12 annual appropriations bills. They note that Democrats are threatening to block the fiscal 2026 spending bills if the Trump administration and its GOP allies backtrack on funding deals from previous years by clawing back funds. Senate Democratic Leader Chuck Schumer (N.Y.) warned in a 'Dear Colleague' letter last week that 'Republicans' passage of this purely partisan proposal would be an affront to the bipartisan appropriations process.' Schumer said that 'a number of Republicans know it is absurd for them to expect Democrats to act as business as usual and engage in a bipartisan appropriations process to fund the government, while they concurrently plot to pass a purely partisan rescissions bill.' Republicans hold a 53-to-47 Senate majority and Thune can only afford three defections from his conference and still pass the package of spending cuts, which needs a simple-majority vote. Sen. Lisa Murkowski (R-Alaska) shares Rounds's concerns about the impact of eliminating the Corporation for Public Broadcasting and other colleagues' concerns about cutting global health programs, according to Senate GOP sources familiar with the behind-the-scenes negotiations 'I'm going to be very interested to see what amendments might come forward,' Murkowski told reporters Thursday. 'We're working with others on the public broadcasting [issue].' Sen. Jerry Moran (R-Kan.), a member of the Appropriations panel, who threatened to vote against the One Big, Beautiful Bill Act because of steep cuts to Medicaid and rural hospitals, hasn't yet said whether he would vote for the rescissions package. 'I'm going to see what's there and how the process works,' he said, when asked how he would vote on the bill. Sen. Shelley Moore Capito ( another appropriator who balked last month at an immediate phaseout of tax credits for clean hydrogen energy production in the 'big, beautiful bill' is also taking a wait-and-see approach on the rescissions package. 'We're talking about it. I'm very supportive but we'll see what the details are,' she said.

Exclusive: Cornyn beats Paxton by $1 million in Q2 Texas Senate fundraising
Exclusive: Cornyn beats Paxton by $1 million in Q2 Texas Senate fundraising

Axios

timean hour ago

  • Axios

Exclusive: Cornyn beats Paxton by $1 million in Q2 Texas Senate fundraising

Sen. John Cornyn has established a wide fundraising advantage over his Texas Republican primary opponent state Attorney General Ken Paxton, according to financial figures obtained by Axios. Why it matters: Cornyn is facing a more serious primary threat than any other senator up for election next year — and will need every dollar he can get. State of play: The four-term senator raised $3.9 million during the second quarter of 2025 and has $8.5 million in cash on hand, his campaign is set to announce on Monday. A pro-Cornyn super PAC previously announced raising roughly $11 million. It has not released a cash-on-hand figure. Paxton's campaign raised $2.9 million, while a pro-Paxton super PAC took in $1.85 million, Neither have reported how much they have in the bank. A more complete financial picture will become clearer on Tuesday, when campaigns and super PACs file reports with the Federal Election Commission. The background: Polls have shown Cornyn trailing Paxton, a controversial figure in Texas politics who was impeached by the state House of Representatives on bribery and corruption charges. He was later acquitted by the state Senate. Republicans are concerned that a Paxton nomination could jeopardize the party's hold on the seat, with some internal GOP polling showing him trailing a Democratic candidate in the general election. The intrigue: Cornyn and Paxton are both making aggressive appeals to the White House for President Trump's endorsement. But during a meeting with Senate Majority Leader John Thune (R-S.D.) last week, Trump aides indicated that the president would be remaining neutral in the race before seeing if Cornyn could close the polling gap. The meeting was first reported by Punchbowl News.

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