Trump's 'big, beautiful bill' moves past key Senate procedural vote
All times eastern Fox Business in Depth: Red, White and Blue Collar/Dagen McDowell FOX News Radio Live Channel Coverage WATCH LIVE: Senate convenes over President Trump's 'Big, Beautiful Bill'
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Yahoo
30 minutes ago
- Yahoo
Trump Tax Bill Hits Senate With GOP Torn by Competing Demands
(Bloomberg) -- Senate Majority Leader John Thune is rushing to meet President Donald Trump's July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Within the next two days, he needs to find a way to appease most of them. The South Dakota Republican has one of the least enviable jobs in Washington in the coming hours — trying to knit a compromise between factions of his party: one side pushing for more spending cuts in the legislation and senators who are threatening to withhold their support unless there is more funding for health benefits, renewable energy subsidies and other priorities. Thune can afford to lose only three his 53 members in the chamber, with Vice President JD Vance breaking the tie. Trump is closely watching the talks, quick to issue a harsh social media broadside to anyone who criticize his signature tax-cut legislation. Just ask North Carolina Senator Thom Tillis, one of two Republicans who voted against a late-night Saturday procedural vote to begin debate on the legislation. Trump unleashed a series of scathing posts, threatening to primary Tillis. The president took personal swipes, calling him a 'talker and complainer, NOT A DOER!' before also getting in a jab at Rand Paul, the other GOP senator to oppose the vote to advance the bill. Tillis on Sunday announced he wouldn't be running for reelection, a decision that unshackles him from any need to show fidelity to Trump to preserve his political career. He's indicated he's likely to oppose the bill. Paul has said he is also likely to vote 'no' on the legislation based on the price tag and the inclusion of a $5 trillion debt ceiling increase. If both Tillis and Paul remain in opposition, Thune can only lose one more. Polls show that Americans are wary of the bill. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren't sure what to think. Republicans in Congress broadly support the $4.5 trillion worth of tax cuts in the package, which extend the 2017 tax cuts and create new breaks for tipped and hourly workers, along with seniors and car buyers. But the $1.2 trillion worth of spending cuts have created numerous problems. Moderates including Tillis, Susan Collins of Maine and Lisa Murkowski of Alaska are pushing to scale back cuts to Medicaid benefits, warning that those reductions could come at a great political cost if millions of Americans lose health coverage as a result of the bill. Some 11.8 million people could lose access to insurance benefits over the course of a decade, according to the Congressional Budget Office's most recent estimate. Murkowski and Tillis have also called to slow down planned phaseouts of solar, wind and other renewable energy credits that have spurred job creation in their states. Those asks are in direct opposition to demands from Senator Ron Johnson of Wisconsin and others to bake in more Medicaid cuts in a bid to shrink the overall price tag of the bill. He says Rick Scott of Florida, Mike Lee of Utah and Cynthia Lummis of Wyoming will join with him to back an amendment to include faster health coverage cuts during an a marathon voting session slated to start late Sunday or early Monday. Trump has not delved into the details of the legislation. Instead, the president has pushed for speed, demanding that Congress deliver the bill to him by July 4. The House will also need to vote on the Senate-passed version before it can go the president's desk to be signed into law. Meeting the July 4 deadline is ambitious — but possible if Republican leaders can successfully navigate thorny fights. Senators are expected to remain in the Capitol Sunday into Monday for an overnight voting session. Final passage of the bill could come sometime Monday if Thune is able to cut deals with enough senators for passage. The House then will need to vote on the Senate package. That likely means Speaker Mike Johnson will have to wrangle House Republicans to support the Senate package. Several members have already signaled they aren't satisfied with aspects of the bill, but any further changes likely mean missing Trump's July 4 deadline and risking his ire. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31 minutes ago
- Yahoo
FedEx Corporation (FDX): Keep An Eye On Global Tensions, Warns Jim Cramer
FedEx Corporation (NYSE:FDX) is one of the . FedEx Corporation (NYSE:FDX) is one of the biggest freight and logistics companies in the world. Its shares are dependent on global and American economic performance. Year-to-date, FedEx Corporation (NYSE:FDX)'s shares have lost 16.5% on the back of a devastating 19% drop in the aftermath of the Liberation Day tariffs. Cramer's previous comments about the company have discussed how its business-to-business operations are failing to perform. However, despite this, the CNBC host prefers FedEx Corporation (NYSE:FDX) over its rival UPS. Cramer also likes the firm's CEO. His latest remarks urged viewers to keep an eye on President Trump's anger towards Spain and how it could affect global logistics companies like FedEx Corporation (NYSE:FDX): 'I wanna keep an eye on that, because I know that a company like FedEx, I mean cross border's really, really huge.' A driver unloading packages from a van for a time-critical delivery. Here's what Cramer said after FedEx Corporation (NYSE:FDX)'s latest earnings results: 'Third loser, freight transportation. Truckers can't seem to make their numbers. The railroad stocks can't get any momentum. FedEx showed you how hard this business is when they reported last night. Their business-to-business service has been stuck in neutral, even as the business-to-consumer side is okay, but FedEx hasn't been able to make the Street's numbers. I think we've got some opportunity here, though. FedEx has cut its capital expenditures and chopped its expenses. It's a coiled spring. I like coiled springs, but understand that it won't spring until we see how the tariffs shake out, because so much of the business involves import-export. Until then, spring stays coiled.' While we acknowledge the potential of FDX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Politico
33 minutes ago
- Politico
Megabill reading wraps up after nearly 16 hours
Senate clerks have completed a nearly 16-hour reading of the GOP's 940-page megabill. Clerks began reading the text aloud at 11:08 p.m. Saturday and finished Sunday at 3:03 p.m. By refusing to waive chamber rules allowing for reading, Senate Democrats hoped to create an opportunity to highlight some of the most unpopular issues in the legislation. Now, under Senate rules, there will be 20 hours of the debate evenly divided between Democrats and Republicans. Democrats are expected to use their full 10 hours, while Republicans are expected to take only a couple hours. That would mean the vote-a-rama — a marathon series of amendment votes — will begin sometime early Monday morning, though senators could agree by unanimous consent to delay it. The GOP megabill is by no means finalized. Party leaders continue to negotiate to tweak the bill in ways that will win 51 votes in the Senate while also garnering enough votes to pass in the House later this week without further modifications. Republicans also continue to deal with the chamber's parliamentarian, who continues to review whether parts of the bill comply with the budget rules the GOP is using to pass the bill along party lines.
