House Republicans race to pass Trump's megabill amid GOP divisions
The Senate squeaked out passage on Tuesday, with Vice President JD Vance required to come in and cast the tie-breaking vote. Now lawmakers in the lower chamber must approve the Senate's revisions.
House Speaker Mike Johnson can lose the votes of just three members and still pass the package on a party line. But as of early Wednesday, more than a dozen House Republicans were still opposed to it for various reasons.
Two Republicans, Reps. Thomas Massie of Kentucky and Warren Davidson of Ohio, voted "no" on the House version of the bill in May, and are likely to do so again now.
But in May, Johnson was able to offer last-minute concessions to the skeptical members in his conference to get them on board.
Now, any last minute changes changes automatically would send the bill back to the Senate for another vote, which would make the self-imposed July 4 deadline nearly impossible to reach.
Potentially further complicating Johnson's ability to get his razor-thin majority on board are storms that hit the Washington, D.C., area on Tuesday night, causing widespread delays and cancellations, according to flight tracking site FlightAware.
Multiple members' flights were delayed or cancelled, and more rain is expected Wednesday afternoon.
As Republicans stare down their self-imposed July 4 deadline to get the bill to Trump's desk, the White House is reportedly holding meetings with a number of House Republicans, including the hardliners have expressed resistance.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
30 minutes ago
- Yahoo
House passes Trump's 'big, beautiful bill' as opponents flip
The House of Representatives sent Donald Trump's "Big, Beautiful Bill" to the president for his signature Thursday after a record-setting and emotional debate over a piece of legislation that will be felt across the economy for years to come. The final vote was 218-214, with just two Republicans voting no in the end. House Speaker Mike Johnson whittled down a list of over two dozen GOP holdouts who were objecting to the bill as recently as Wednesday to just Reps. Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania. White House Press Secretary Karoline Leavitt quickly announced after the vote ended that Trump would sign the bill on Friday at 5 p.m. ET at a White House ceremony, adding "this bill is going to create an economic boom for the United States of America." The approval came after a pressure campaign from the White House and yet another all-night session on Capitol Hill that satisfied Republican holdouts concerned about the multitrillion-dollar price tag and healthcare cuts. The vote also came after Democratic Minority Leader Hakeem Jeffries held the floor — for what C-SPAN confirmed was a new length record — to lambast the bill for more than eight hours. He said that he spoke so that the final vote would happen 'in the light of day' and at another point calling the legislation a "crime scene." But Johnson and his colleagues celebrated final passage soon after Jeffries yielded, with the House speaker saying just before the vote commenced that "this day is a hugely important one" and describing it as part of a long list of recent Trump wins. He and his colleagues soaked in a victory many were skeptical could ever happen — the weaving together of a wide array of Republican priorities into a single bill and sending it to Trump before his self-imposed July 4 deadline. What in the end appears to have allowed Johnson to move many of these recalcitrant lawmakers into the yes column were not any changes to the bill itself — today's vote approved the 870-page bill that passed the Senate earlier this week with zero changes — but with promises from Trump of things like executive actions to address their concerns. Read more: Taxes, energy, and healthcare: 3 ways Senate's Trump megabill impacts the business world The back-and-forth Thursday was just the latest twist in days of negotiations over a reconciliation package that is set to reshape large swathes of the US economy, especially in areas of taxes, energy, and healthcare. The package also includes a $5 trillion debt ceiling increase and is projected to unleash new borrowing that will lead the US national debt to surpass $40 trillion in the coming years. Economists have likewise noted the final price tag, which could lead to $4 trillion in new debt over the coming decade, and critiqued an accounting gimmick Republicans employed to hide much of that red ink. It's a bill also set to be felt in American pocketbooks with provisions like no taxes on some tips, cuts to student loans and the Pell Grant program, an increase in state tax deductions, and a range of other provisions, even so-called MAGA accounts for young children. The process proved exceptionally contentious in recent days, largely over the healthcare portion of the bill, which appears set to extract hundreds of billions in government savings but cause millions to lose their coverage. Clean energy was another key last-minute flash point, with Tesla (TSLA) CEO Elon Musk perhaps the loudest voice in opposition. That portion of the bill saw provisions added and subtracted in rapid succession during the Senate debate, sending solar stocks gyrating. It ended with a final product that didn't include at least one of the harshest ideas, but is nevertheless set to have the US government move away from any significant role in renewable energy in the years ahead. A first step will be felt quickly with a plan to eliminate electric vehicle credits on Sept. 30 of this year. Democrats, for their part, promised to make the bill a political albatross for Republicans and have signaled plans to talk nonstop about the package between now and next year's midterm election. "Don't ever lecture us about fiscal responsibility: Not now, not ever," Jeffries said at one point in his Thursday morning speech. Sen. Elizabeth Warren of Massachusetts said in her own reaction after the vote: "We will never let the Republican Party forget." A particular political focus is expected to be on the healthcare provisions that, according to an accounting from the Congressional Budget Office that came in over the weekend, could cause 11.8 million additional Americans to become uninsured by 2034. A series of polls has also shown declines in the overall public support for the bill as the focus on healthcare has intensified. Even a recent Fox News national poll found a 21-point gap between those who say they are opposed (59%) and those who say they are in favor (38%). Read more: What is a healthcare FSA? The Democratic opposition also comes as Republicans clearly have mixed feelings about the bill with some of the healthcare cuts. Some Republicans continue to slam that portion of the bill as too politically painful. Meanwhile, some of their colleagues look at the exact same provisions and say the cuts are not deep enough to improve the fiscal situation. In just one example of Republican tensions, GOP Rep. Keith Self of Texas posted Wednesday just hours before voting began that the bill was "morally and fiscally bankrupt," before then voting yes on Thursday and saying "issues have now been addressed" even as he acknowledged "the bill is not perfect." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
Yahoo
30 minutes ago
- Yahoo
The Weekend: When a government U-turn and a tearful chancellor rattled investors
It's been a tricky week for the UK government, and a turbulent week for financial markets as a result. Chancellor Rachel Reeves' much-touted welfare reform bill faced a huge rebellion from backbench Labour MPs and had to be heavily watered down to get over the line. Last minute-concessions by Keir Starmer's government – primarily the scuppering of plans to restrict eligibility for the so-called personal independence payments (PIP) – are likely to blow a hole in the £5bn a year the reforms were designed to save. It was enough to send gilt yields higher as investors questioned the government's grip on the public finances. Things got worse on Wednesday when Reeves appeared emotionally distraught in the House of Commons as an oblivious Starmer refused to explicitly back her. The yield on 10-year government bonds shot up by the most since the ill-fated Liz Truss minibudget in 2022. Claims that Reeves' tears were brought on by a "personal issue", and a belated insistence by the PM that she would remain in post for "a long time to come" finally brought some calm. There was another piece of legislation, described by its creator as "big and beautiful" making headlines during this tumult. Across the Atlantic, Donald Trump's hugely contentious tax cuts and spending bill was passed after a series of furious and often emotionally-wrought debates. "The golden age of America is upon us," Trump said at the White House Independence Day picnic after signing the bill into law. The president's former friend and aide Elon Musk was unequivocal in his critique of the bill's price and how it treats clean energy. He said in recent days that the $3.3 trillion increase in debt expected from the bill makes a "mockery" of his work at the Department of Government Efficiency (DOGE). Let's take a look at these and other stories stirring the markets in the last few days. Key investing trends in June, from defence stocks to Tesla's sales slump With geopolitical tensions dominating headlines, June's investing trends have strongly leaned towards defence and tech stocks. Fast-moving tariff news and the enduring conflict in the Middle East have been among the main market-moving topics during the month. Elsewhere, Tesla, (TSLA), bitcoin (BTC-USD) and gold (GC=F) assets were hot topics. Trump signs 'big beautiful bill' into law in White House ceremony The presiden't signature spending legislation moved through the Senate on a 50-50 tally that required vice president JD Vance to break the tie before the 870-page bill passed the House a few days later in a vote of 218-214. The process proved exceptionally controversial, mainly over healthcare provisions that are set to extract hundreds of billions in government savings but could cause millions of Americans to lose coverage. Trump seemed characteristically unmoved by such concerns, declaring: "It's going to be a period of time the likes of which I don't think this country has ever experienced before." How the government's benefits changes could affect your taxes The welfare reform bill faced strong opposition due to the harm it could cause to disabled people across Britain, as well as criticism that it was poorly designed in a scramble to find savings. For these reasons, the government was forced into a series of 11th-hour U-turns that ate into the targeted savings. Since departmental spending plans are now effectively locked in, and the government has already had to row back on planned cuts to pensioner benefits and working-age benefits, tax rises are looking increasingly likely. Bank of England asks Britons for banknote design ideas The UK's banknotes have featured towering historical figures since William Shakespeare first appeared on one 55 years ago. Not merely a means of payment, they "serve as a symbolic representation of our collective national identity and an opportunity to celebrate the UK,' says Victoria Cleland, the BoE's chief cashier. With this in mind, the central bank has launched a public consultation on the theme of its next series of notes, inviting UK residents and British citizens abroad to help shape the nation's currency for years to come. Entrants can either select one of six suggested themes, ranging from "architecture and landmarks" to "innovation" or decide to be, well, innovative, and go completely off piste. UK's best-selling cars revealed New car sales in the UK rose 6.7% year-on-year in June to 191,316 units, the best figures for the month since 2019. A quarter of all of June's sales, or 47,354, were electric. New petrol registrations fell 4.2% and diesel volumes gained only 0.2%, suggesting that combined share of the market was 51.6%. Total electrified vehicle registrations achieved a 48.5% market share. Tesla (TSLA), Kia, Volkswagen ( and Nissan (NISA.F) all featured in the top-10 bestsellers. But which models, and in what order? Read our story to find out. Ever fancied living by the sea? A modern apartment overlooking the bay, perhaps? Or how about a large, traditional home with easy access to the beach for your morning dip? Whatever your taste, it could be a costly move. Then again, it might not be as expensive as you think. It all comes down, of course, to location: Britain's priciest and most affordable seaside property hotspots With tax-free monthly prizes ranging from £25 to a eye-popping £1 million, premium bonds are a unique and popular choice of investment for British savers. Instead of an interest rate they have an annual prize rate, which will stand at 3.6% from August, when the draw is expected to deliver more than 6 million tax-free prizes worth over £396m. Find out more by clicking here: What are premium bonds and what are the odds of winning? Find more personal finance gems here Tariffs will be the main focus for investors in the coming week, with US president Donald Trump's deadline for the resumption of sweeping duties coming up on 9 July. But there are also a number of major companies due to report. Shell (SHEL.L) will kick off the week's company reporting, with the oil major due to update on its second quarter performance on Monday. Investors will be looking at TSMC's ( TSM) latest monthly sales figures, given the company is the world's largest contract chipmaker, helping to give a sense of demand in the sector. In the world of retail, investors will be keeping an eye on results from Levi Strauss (LEVI) to see how the jeans brand is navigating tariff uncertainty. Back in the UK, Vistry (VTY.L) will be in the spotlight, with investors hoping the housebuilder's troubles are behind it after issuing three profit warnings towards the end of last year. Given Jet2 (JET2.L) has already provided some guidance on performance for the year in a trading update, the focus will be on the travel company's outlook for the year ahead. Read more: Stocks to watch next week They're back. And if the first reviews are anything to go by, they're sounding as fresh as they were in their 90s heyday. I'm talking of course about Oasis, who took to the stage in Cardiff last night after a 16-year hiatus. They happen to be this old hack's favourite band, so it's a great excuse for me to put them in the spotlight. Here's one of their monster hits from debut album Definitely Maybe, performed during their iconic 1994 Glastonbury set. Enjoy!Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Business Insider
35 minutes ago
- Business Insider
Here are all the EVs that are set to get more expensive now that the 'Big Beautiful Bill' has passed
President Donald Trump's "Big Beautiful Bill" is about to make EVs even more expensive. On Thursday, the US House of Representatives passed Trump's tax and spending bill, and in doing so, killed the $7,500 tax credit for new, US-made electric vehicles. Trump signed the bill into law on Friday, meaning that the tax incentive will end on September 30th. Auto industry experts have previously warned that removing the $7,500 credit will make EVs even more unaffordable, and there are already signs that some automakers are starting to adjust their prices. Jeff Bezos-backed EV startup Slate Auto quietly removed the "under $20,000" expected price tag for its upcoming electric pickup truck from its website this week. The company had previously said it expected the customizable pickup to qualify for federal tax incentives. 20 electric and hybrid vehicles currently benefit from the $7,500 tax credit, according to the US Department of Energy's website — but for buyers looking to snap them up before the discount goes away, there are a couple of important caveats. For starters, not every version of those vehicles meets the criteria for the tax incentive. Some are limited to specific model years and trims. For example, only the 2026 version of the Hyundai IONIQ 9 qualifies for the tax credit. There is also a max retail price limit of $80,000 for vans, SUVs, and pickups, and $55,000 for all other vehicles. In addition, the credit is only available to buyers with an adjusted gross income of $150,000 or less, although the limit extends to $300,000 for married couples filing jointly and $225,000 for heads of households. There is also a separate federal tax credit of up to $4,000 for used EVs and hybrids, which applies to a much wider range of vehicles, but that will also come to an end in September once Trump signs the bill into law. Every EV that qualifies for the $7,500 tax credit Acura ZDX Cadillac LYRIQ Cadillac OPTIQ Cadillac VISTIQ Chevrolet Blazer Chevrolet Equinox Chevrolet Silverado Chrysler Pacifica (hybrid) Ford F150 Lightning Genesis Electrified GV70 GMC Sierra Honda Prologue Hyundai IONIQ 5 Hyundai IONIQ 9 Jeep Wagoneer S Kia EV6 Kia EV9 Tesla Cybertruck Tesla Model 3 Tesla Model X Tesla Model Y
