
Senate excludes trillions in debt to make Trump's tax bill seem cheaper
Senate Republicans slapped a price tag on their tax package that is nearly 90 percent lower than the version that recently passed the House. They didn't bring the price down by changing the policies in the One Big Beautiful Bill. Instead, the Senate changed the way they did the math.
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Yahoo
21 minutes ago
- Yahoo
James R. Calhoun (Rob) July 8, 1941 - June 23, 2025 Rob was
Jun. 28—James R. Calhoun (Rob) July 8, 1941 — June 23, 2025 Rob was born on July 8, 1941 in Owensboro, Kentucky to the late Everett Calhoun and Pauline Payne-Calhoun and passed away peacefully on June 23, 2025 in Chandler, Arizona surrounded by his loving family. He was also preceded in death by brothers Rev. Gerald "Jerry" Calhoun, Sherrell Calhoun, James Henry Calhoun, Julian Calhoun and sisters Juanita Riney, Lucy Sthrel, and Martha Warren. Rob attended Catholic grade school, high school, and college in Owensboro, Kentucky. After college, he moved to Arizona where he was employed as Director of Restaurant Sales for a national bakery company. Through connections made there, he purchased a fast-food restaurant operation in Albuquerque, New Mexico. He grew that first business to five restaurants, a restaurant equipment sales and rental company, and a Coca Cola Distributing Company. Rob's final venture was a Business Brokerage and Commercial Real Estate Company in Albuquerque, New Mexico. Rob had a love of boating, fishing, and traveling in his RV. Rob was past President of the Evening Optimist Club of Albuquerque where he received an award for Optimist of the Year and was awarded as Life Member to Optimist International. He was also past President of ASEGA (Albuquerque Sales and Economic Growth Association) and he was a member of the EAGA (Executive Association of Greater Albuquerque), and a Fourth Degree Knight of Columbus at St. Juan Diego Catholic Church in Chandler, Arizona. He is survived by his wife Margie Moore-Calhoun, daughters Kathy Morris (Jerry) of Mesa, AZ, Christy Calhoun-Anderson (David) of Albuquerque, NM, Cindy Calhoun of Albuquerque, NM, and sons Tim Calhoun of Albuquerque, NM, Daniel Calhoun (Christina) of Prescott, AZ, and Sean Calhoun (Melissa) of Albuquerque, NM, and three grandchildren Cassie Kaplan, Payton Calhoun, and Lennon Calhoun. Memorial contributions may be made to the Knights of Columbus, Father Louis Anthony Sigman, Council 16277, St. Juan Diego Catholic Church, 3200 S. Cooper Road, Chandler, AZ 85286. A Memorial Mass will be held Friday, July 11, 2025, at 10:00 a.m. at St. Juan Diego Catholic Church, 3200 S. Cooper Road, Chandler, AZ 85286, followed by a reception at IronOaks Country Club at the Poolside Community Center, 24211 S. Oakwood Boulevard, Sun Lakes, AZ 85248. Condolences may be expressed at


CNBC
24 minutes ago
- CNBC
Trump's 'big, beautiful bill' clears key Senate hurdle after high drama
The Senate on Saturday cleared a key procedural hurdle to advance President Donald Trump's "big, beautiful bill," bringing the massive spending legislation one step closer to passage after weeks of painstaking negotiations. The Senate vote delivered a boost for Republican Majority Leader John Thune's bid to get the bill to Trump's desk by July 4. But it was not without drama. The vote on the motion to proceed was open for hours on Saturday night, and only passed after three Republican holdouts gave in and voted yes. The hours of uncertainty underscored the tricky path forward for the massive package. The procedural vote tees up a final vote on the megabill in the Senate likely sometime Sunday or Monday. Democrats, led by Senate Minority Leader Chuck Schumer, are forcing the 940-page bill to be read out loud once it heads to full debate on the Senate floor Sunday. "We will be here all night if that's what it takes to read it," Schumer wrote Saturday on X. While the package cannot officially pass the upper chamber until the final vote, the procedural vote was considered a big test for Thune. The vote comes after weeks of turmoil and tension over the massive package that exposed bitter policy disputes and emboldened some firm Republican holdouts. The sweeping domestic policy package will also have to be passed again in the House, which just narrowly passed its own version of the bill last month. Some House Republicans have already expressed opposition to key elements of the Senate version of the bill — most notably deep cuts to Medicaid — likely foreshadowing a close vote in the lower chamber. Both Thune and House Speaker Mike Johnson hold narrow majorities in their respective chambers, meaning they can only afford to lose the support of a small number of Republican lawmakers to pass the package in a party-line vote. Meanwhile, Trump continues to urge lawmakers to get the package passed before Republicans' self-imposed July 4 deadline. "President Trump is committed to keeping his promises, and failure to pass this bill would be the ultimate betrayal," the White House said in a statement of administration policy on Saturday. This is breaking news. Check back for updates.
Yahoo
25 minutes ago
- Yahoo
US Steel buyout gives Trump a new power: What about future presidents?
President Donald Trump will control the so-called 'golden share' that's part of the national security agreement under which he allowed Japan-based Nippon Steel to buy out American steelmaker US Steel. That's according to disclosures filed with the US Securities and Exchange Commission. The provision gives the president the power to appoint a board member and have a say in company decisions that affect domestic steel production and competition with overseas producers. Under the provision, Trump — or someone he designates — controls that decision-making power while he is president. However, control over those powers reverts to the Treasury Department and the Commerce Department when anyone else is president, according to the filings. The White House responded in a statement that the share is 'not granted to Trump specifically, but to whoever the president is". Officials were asked why Trump will directly control the decision-making and why it goes to the Treasury and Commerce departments under future presidents. Still, the wording of the provision is specific to Trump. It lists what decisions cannot be made without 'the written consent of Donald J. Trump or President Trump's Designee' at 'any time when Donald J. Trump is serving as President of the United States of America' or 'at any other time, the written consent of the CMAs', a contractual term for the Treasury and Commerce departments. Nippon Steel's nearly $15 billion buyout of Pittsburgh-based US Steel became final last week, making US Steel a wholly-owned subsidiary. Trump has sought to characterise the acquisition as a "partnership" between the two companies after he at first vowed to block the deal — as former President Joe Biden did on his way out of the White House — before changing his mind after he became president. Related Nippon Steel finalises US Steel takeover after state opposition President Trump orders review into Nippon Steel's bid for US Steel The national security agreement became effective 13 June and is between Nippon Steel, as well as its American subsidiary, and the federal government, represented by the departments of Commerce and Treasury, according to the disclosures. The complete national security agreement hasn't been published publicly, although aspects of it have been outlined in statements and securities filings made by the companies, US Steel said Wednesday. The pursuit by Nippon Steel dragged on for a year and a half, weighed down by national security concerns, opposition by the United Steelworkers, and presidential politics in the premier battleground state of Pennsylvania, where US Steel is headquartered. The combined company will become the world's fourth-largest steelmaker in an industry dominated by Chinese companies, and bring what analysts say is Nippon Steel's top-notch technology to US Steel's antiquated steelmaking processes. That's on top of a commitment to invest $11bn to upgrade US Steel facilities. The potential that the deal could be permanently blocked forced Nippon Steel to sweeten the deal. That included upping its capital commitments in US Steel facilities and adding the golden share provision, giving Trump a veto power on specific matters and the right to appoint an independent director. Those matters include reductions in Nippon Steel's capital commitments in the national security agreement; changing US Steel's name and headquarters; closing or idling US Steel's plants; transferring production or jobs outside of the US; buying competing businesses in the US; and certain decisions on trade, labour and sourcing outside the US.