‘Will pass by the skin of its teeth': Trump's controversial ‘Big, Beautiful Bill'
'In the simplest of terms, this bill is trying to ratify in the legislature all of the policies that the Trump administration has been pushing forward with,' Ms Gada told Sky News host Steve Price.
'The reason why it's been controversial among the Republicans in particular is the spending cuts don't go deep enough.
'They can afford to lose three votes … most likely will pass by the skin of its teeth.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
23 minutes ago
- Sydney Morning Herald
Trump's $942 million windfall reshapes his fortune
On the surface, Donald Trump's personal net worth looks remarkably unchanged since retaking the White House: $US6.5 billion ($9.9 billion) on election day, $US6.4 billion now. But digging deeper into the figures reveals an unprecedented and unmistakable shift in how he and his family are buttressing their empire — and how much more quickly they stand to potentially profit from their fame, influence and power. Whether it's putting their brand on real estate projects or attaching it to perfumes and mattresses, licensing deals have long been used by the Trump family to make money fast compared with the years of planning and execution needed in real estate development. But with crypto, the Trumps can turbocharge the monetisation of their name. Combined with loosened constraints on foreign dealmaking in the second Trump administration, it has been a bonanza. Crypto ventures have added at least $US620 million ($942 million) to Donald Trump's fortune in the span of months, according to the Bloomberg Billionaires Index, which is valuing his family's earnings from projects like World Liberty Financial and the Trump memecoin for the first time. The money made from an expanding line-up of virtual tokens and obscure companies deriving their value largely from their association with the president and his MAGA movement dwarfs the more than $US34 million the Trump Organisation reported taking in from real estate licensing deals last year. 'I am incredibly proud of our wonderful company,' said Eric Trump, executive vice president of the Trump Organisation. 'We have never been stronger.' Loading While the president's assets are in a trust administered by Donald Trump Jr, he continues to personally benefit from the success of the Trump Organisation, and Bloomberg's wealth index rolls up the family's various interests to the patriarch. For now, many private ventures that Trump's children are engaged in haven't been included because the details of their financial interests couldn't be determined, including the private club Executive Branch in Washington, Japanese hotel company-turned-Bitcoin stockpiler Metaplanet, radio and podcasting outfit Salem Media, prediction-market startup Kalshi and online drug retailer BlinkRX. For as much as Trump and his children are wading into crypto — Eric and Don Jr have spoken, sometimes independently and sometimes together, at events in Abu Dhabi, Washington, Dubai and Las Vegas since December alone — one of the biggest boosts to his personal fortune has been a project close to home that was years in the making.
ABC News
27 minutes ago
- ABC News
Does diplomacy stand a chance?
From the volatile fault lines of the Middle East, a dangerous new chapter has unfolded as the confrontation between Israel and Iran up-ends the region's delicate balance. The big question is whether the US will enter the fray to assist their ally Israel. Donald Trump has set a two-week deadline on that crucial decision, will he risk dividing his MAGA base? And will he heed the history of US foreign entanglements? The world waits with baited breath to find out. Guest: Farnaz Fassihi, New York Times United Nations bureau chief and Iran specialist Recommendations: Geraldine: 'Will the U.S join Israel's war with Iran', The Daily podcast from the New York Times Nick: The Friday Afternoon Club: A Family Memoir by Griffin Dunne Plus: Our bonus interview with Dr Afshon Ostovar on the question of regime change in Iran Get in touch: We'd love to hear from you! Email us at
News.com.au
38 minutes ago
- News.com.au
‘No consideration': Anthony Albanese rejects GST increase in ambitious outline of Labor's second term agenda
Anthony Albanese has ruled out increasing to the goods and services tax (GST), as Labor says it will champion small business and the private sector to boost productivity and encourage economic growth Outlining his economic vision for his second term of government at Australia's Economic Outlook in Sydney, which was co-hosted by The Australian and Sky News, the Prime Minister said consumption taxes like GST did not fit in with Labor's agenda. The 10 per cent tax is applied to most goods and services and has been set at 10 per cent since it was introduced in 2000. 'It's not something that we have given any consideration to,' he told Sky's Andrew Clennell. 'I'm a supporter of progressive taxation. Consumption taxes, by definition, are regressive in their nature. So that's something that you know doesn't fit with the agenda.' While he didn't commit to specific changes on income tax, Mr Albanese said it would also be his preference that 'income taxes (are) as low as possible, and wages (are) as high as possible'. Mr Albanese also said tax reform would play an 'important part' in ensuring the private sector and small business was equipped to drive economic growth and jobs, with the Labor acknowledging that 'government should be a driver of growth – but not the driver of growth'. Adapting and developing new technologies like AI, 'eliminating frustrating overlap' between local, state and federal regulations, strengthening domestic supply chains and ensuring female participation in the workforce were other key priorities. 'Our government wants you to be able to resume your rightful place as the primary source of growth in our economy,' he said. The renewed commitment follows criticisms from the business community that Labor's first-term industrial relations policies like Same Job Same Pay had hampered businesses growth. However Mr Albanese called on business leaders, civil society and union chiefs, to work together at Labor's upcoming productivity round table in August in order to 'build broad agreement for action'. 'Because very often the public debate about change in our economy is conducted only in terms of dire warnings about what the consequences for Australia will be if we get it wrong,' he said. 'In order to build the broadest possible support for substantive economic reform, we should focus on what we can achieve by getting it right.' In response to the speech, Coalition spokesman for small business Tim Wilson was critical of the commitment and called on Labor to scrap Labor's flagged super tax. When asked during the event, Mr Albanese continued to back the super tax, stating Labor had put the tax forward in its last term, and that the tax would impact just 'half a per cent of people'. 'The only way he is going to be able to deliver for small business is to actually address the root cause of the problems,' he said, naming issues like over-regulation, and reducing taxes,' he told Sky. 'A really simple good way to do it is to stop his plan for a family savings tax on unrealised capital gains, which explicitly hits unsold assets in superannuation, particularly for small businesses.'
