logo
Trump hails ‘great, big, beautiful' Senate win on tax and spending bill, thanks GOP loyalists

Trump hails ‘great, big, beautiful' Senate win on tax and spending bill, thanks GOP loyalists

Time of India6 hours ago

US President Donald Trump on Sunday praised Senate Republicans for advancing what he called the 'great, Big, Beautiful Bill' — a sweeping package of tax cuts,
spending reductions
and deportation funding — crediting key conservative senators for securing the narrow procedural win.
In a post on Truth Social, Trump singled out Sens. Rick Scott, Mike Lee, Ron Johnson, and Cynthia Lummis for their role in moving the legislation forward in a dramatic late-night vote.
'They, along with all of the other Republican patriots who voted for the bill, are people who truly love our country!' Trump wrote.
He described the Senate action as a 'great victory' and signaled strong support for the bill's goals, listing a host of priorities he said the legislation would help advance: growing the economy, cutting wasteful spending, strengthening the U.S. military and veterans' services, securing the southern border, and safeguarding the Second Amendment.
'As President of the USA, I am proud of them all,' Trump added, saying 'God bless America & make America great again!!!'
Live Events
Trump's 'Big, Beautiful Bill' narrowly clears Senate vote
The procedural vote took place in the late hours of Saturday after a marathon session that saw the bill — a 940-page document released just before midnight Friday — survive its first hurdle in the Senate.
The 51-49 vote clears the way for formal debate and amendments on the floor. Vice President JD Vance was present in the chamber in case a tie-breaker was needed.
Two Republicans, Sens. Thom Tillis of North Carolina and Rand Paul of Kentucky, broke ranks and voted against proceeding. All Democrats opposed the motion.
The bill at the center of the vote combines a series of Trump-era economic and
immigration priorities
, including an extension of $3.8 trillion in tax cuts, new breaks such as tax-free tips, and $350 billion in national security funding with an emphasis on border enforcement and deportation operations.
To offset revenue losses, the bill proposes steep cuts to Medicaid, food assistance, and green energy subsidies — provisions that have triggered alarm even among some Republican lawmakers. The White House issued a statement Saturday backing the bill, calling it 'a critical step' in advancing Trump's domestic policy agenda.
Yet the package remains politically fraught. Billionaire Elon Musk, a former Trump ally, blasted the plan as 'utterly insane and destructive,' warning of mass job losses and long-term economic harm.
Senate Democrats, led by Chuck Schumer, have condemned the rushed process, accusing Republicans of 'sneaking through' a bill without proper scrutiny. Schumer is expected to demand a full reading of the text, which could delay proceedings by hours.
Further complicating matters are unresolved disputes over
Medicaid cuts
and the SALT (State and Local Tax) deduction cap, a key issue for lawmakers from high-tax states. The revised Senate version includes a five-year cap at $40,000, but dissatisfaction lingers on both sides of the aisle.
The final bill would still need to pass the full Senate and return to the House, where support is shaky. Speaker Mike Johnson has told lawmakers to stay on call, but several House Republicans have voiced concerns. Rep. David Valadao of California said Sunday he remains opposed.
With the July 4 deadline set by Trump approaching, the next 72 hours are expected to be crucial. Republican leaders are pushing hard to avoid another public setback after weeks of internal wrangling.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The stock-market rally is moving beyond Big Tech and investors are thrilled
The stock-market rally is moving beyond Big Tech and investors are thrilled

Mint

time26 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

How Qatar thwarted Iran's attack on US base; 300 troops scrambled – missiles lit up Doha sky
How Qatar thwarted Iran's attack on US base; 300 troops scrambled – missiles lit up Doha sky

Time of India

time34 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.

Donald Trump's ‘Big, Beautiful Bill' On Saturday Was Different Than Earlier Draft: What Are The Changes?
Donald Trump's ‘Big, Beautiful Bill' On Saturday Was Different Than Earlier Draft: What Are The Changes?

News18

timean hour ago

  • News18

Donald Trump's ‘Big, Beautiful Bill' On Saturday Was Different Than Earlier Draft: What Are The Changes?

Last Updated: Donald Trump's 'Big, Beautiful Bill': In a late-night post on social media, Trump declared a 'GREAT VICTORY' after the bill cleared the Senate Donald Trump's 'Big, Beautiful Bill': Senate Republicans took a major step toward delivering President Donald Trump his ' big, beautiful bill" late Saturday. The bill cleared a key procedural vote, 51-49. Republican leaders must now satisfy numerous holdouts still demanding changes to the bill. In a late-night post on social media, Trump declared a 'GREAT VICTORY" after the bill cleared the Senate, offering praise to four key senators who shifted their votes to get the procedural bill over the finish line. Tech billionaire Elon Musk, however, doubled down on his criticism of the White House's 'Big Beautiful Bill", calling it 'utterly insane" and 'political suicide". The Senate must agree on a final version of the bill before sending it to the floor for a vote. The BBC report said that as it is likely to include some of the changes to the original House bill, it will return to the House for another vote where it may see more challenges. With BBC, CNN, Agencies Inputs About the Author Manjiri Joshi First Published: June 29, 2025, 14:52 IST News explainers Donald Trump's 'Big, Beautiful Bill' On Saturday Was Different Than Earlier Draft: What Are The Changes?

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