A Look At The Intrinsic Value Of Spectral AI, Inc. (NASDAQ:MDAI)
Using the 2 Stage Free Cash Flow to Equity, Spectral AI fair value estimate is US$2.30
Current share price of US$2.19 suggests Spectral AI is potentially trading close to its fair value
Our fair value estimate is 52% lower than Spectral AI's analyst price target of US$4.79
Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Spectral AI, Inc. (NASDAQ:MDAI) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.
We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you.
This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.
We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value:
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Levered FCF ($, Millions)
-US$8.90m
-US$1.80m
US$3.70m
US$2.90m
US$3.30m
US$3.60m
US$3.87m
US$4.10m
US$4.31m
US$4.50m
Growth Rate Estimate Source
Analyst x1
Analyst x1
Analyst x1
Analyst x1
Analyst x1
Est @ 9.20%
Est @ 7.32%
Est @ 6.01%
Est @ 5.09%
Est @ 4.44%
Present Value ($, Millions) Discounted @ 7.4%
-US$8.3
-US$1.6
US$3.0
US$2.2
US$2.3
US$2.3
US$2.3
US$2.3
US$2.3
US$2.2
("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$9.1m
We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.9%. We discount the terminal cash flows to today's value at a cost of equity of 7.4%.
Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = US$4.5m× (1 + 2.9%) ÷ (7.4%– 2.9%) = US$103m
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$103m÷ ( 1 + 7.4%)10= US$50m
The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$59m. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of US$2.2, the company appears about fair value at a 4.9% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.
We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Spectral AI as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.4%, which is based on a levered beta of 1.040. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
View our latest analysis for Spectral AI
Strength
Debt is well covered by earnings.
Weakness
Shareholders have been diluted in the past year.
Opportunity
Forecast to reduce losses next year.
Current share price is below our estimate of fair value.
Threat
Debt is not well covered by operating cash flow.
Has less than 3 years of cash runway based on current free cash flow.
Total liabilities exceed total assets, which raises the risk of financial distress.
Not expected to become profitable over the next 3 years.
Valuation is only one side of the coin in terms of building your investment thesis, and it is only one of many factors that you need to assess for a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Spectral AI, we've put together three essential factors you should further research:
Risks: Take risks, for example - Spectral AI has 4 warning signs (and 2 which make us uncomfortable) we think you should know about.
Future Earnings: How does MDAI's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.
Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!
PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NASDAQCM every day. If you want to find the calculation for other stocks just search here.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
22 minutes ago
- Associated Press
Traws Pharma Advances Antiviral Pipeline with Multiple Regulatory Submissions
Phase 2 protocol submitted to HREC to evaluate tivoxavir marboxil (TXM) in a combined seasonal and bird flu study in the Southern Hemisphere Briefing documents submitted to FDA for a Type D meeting request to continue discussions on path forward for accelerated approval of TXM for bird flu Phase 2 study protocol submitted to HREC to evaluate ratutrelvir in newly diagnosed COVID patients, with extensions to measure disease rebound and development of Long COVID NEWTOWN, Pa., June 30, 2025 (GLOBE NEWSWIRE) -- Traws Pharma, Inc. (NASDAQ: TRAW) ('Traws Pharma', 'Traws' or 'the Company'), a clinical-stage biopharmaceutical company developing novel therapies to target critical threats to human health from respiratory viral diseases, today announced multiple regulatory submissions related to its antiviral pipeline. Tivoxavir marboxil A proposed Phase 2 dose-ranging, non-inferiority study will evaluate the effects of tivoxavir marboxil (TXM), a potential best in class CAP-dependent endonuclease inhibitor, compared to XOFLUZA®, in patients infected with seasonal influenza. A separate single arm will evaluate the effects of TXM in patients infected with H5N1 bird flu. The proposed study has been submitted for Human Research Ethics Committee (HREC) review and is expected to enroll subjects in Australia and selected countries in Southeast Asia (SE Asia) with high rates of human bird flu infections. 'This combined study, evaluating the effects of TXM in seasonal and bird flu patients, could support the broad use of TXM against multiple influenza strains,' commented Robert R. Redfield, MD, Chief Medical Officer for Traws Pharma and former Director of the U.S. Centers for Disease Control and Prevention (CDC). 'The high rates of animal-to-human transmission of bird flu in SE Asia should allow us to evaluate the efficacy of TXM in this important clinical setting, adding to our robust pre-clinical efficacy results of TXM against bird flu.' Also, as a follow up to recent Pre-IND FDA interactions on TXM, Traws submitted briefing materials for a Type D meeting to enable further FDA dialog on a potential path to accelerated approval for bird flu. 'We are continuing to discuss with the FDA the applicability of the Animal Rule and other routes that could support an accelerated approval of TXM for bird flu,' commented C. David Pauza, PhD, Chief Science Officer for Traws Pharma. 'We look forward to continuing positive interactions with the Agency.' Ratutrelvir A proposed Phase 2 non-inferiority study will evaluate the effects of ratutrelvir, a potential best in class protease inhibitor that does not require ritonavir co-administration, compared to PAXLOVID®, in newly diagnosed COVID patients. The proposed study that has been submitted for HREC review is intended to enroll patients on a 10-day treatment regimen for ratutrelvir compared to the approved 5-day regimen for PAXLOVID®. In addition to efficacy and safety endpoints, the proposed study will also evaluate the rates of disease rebound as well as the incidence of Long COVID. A separate single arm will evaluate the safety and efficacy of ratutrelvir in newly diagnosed COVID patients who are ineligible for treatment with PAXLOVID®. 'A significant population of patients who are at risk for poor outcomes from COVID are ineligible for PAXLOVID®. In addition, rebound infections and prevention of the development of Long COVID are unaddressed by existing therapies. We believe ratutrelvir has the potential to overcome these issues,' commented Dr. Redfield. 'Our proposed Phase 2 study is expected to highlight the differentiating attributes of ratutrelvir compared to existing approved therapies.' 'Today's announcements demonstrate our commitment to rapidly advance our antiviral portfolio,' commented Iain D. Dukes, MA, DPhil, Interim Chief Executive Officer for Traws Pharma. 'We look forward to delivering these potentially vital medicines to patients.' About Tivoxavir Marboxil Tivoxavir marboxil (TXM) is an investigational oral, small molecule CAP-dependent endonuclease inhibitor designed to be administered as a single-dose for the treatment of bird flu and seasonal influenza. It has potent in vitro activity against a range of influenza strains in preclinical studies, including a human isolate of the highly pathogenic avian flu H5N1 (bird flu). Consistent, positive preclinical data from three animal species indicate that a single dose of TXM demonstrated a therapeutic effect against H5N1 bird flu. Seasonal influenza represents an estimated multi-billion dollar antiviral market opportunity, largely driven by global health organizations, practice guidelines and government tenders1,2, with upside potential from potential pandemic flu outbreaks including H5N1 bird flu. We believe that these data support further development of TXM as a treatment for bird flu. About Ratutrelvir Ratutrelvir is an investigational oral, small molecule Mpro (3CL protease) inhibitor designed to be a broadly acting treatment for COVID-19 that is used without ritonavir. It has demonstrated in vitro activity against a range of COVID-19 strains. Preclinical and Phase 1 studies show that ratutrelvir does not require co-administration with a metabolic inhibitor, such as ritonavir, which could avoid ritonavir-associated drug-drug interactions3, and potentially enable wider patient use. Phase 1 data also show that ratutrelvir's pharmacokinetic (PK) profile demonstrated maintenance of target blood plasma levels approximately 13 times above the EC50 using the target Phase 2 dosing regimen of 600 mg/day for ten days, which may also reduce the likelihood of clinical rebound and, consequently, reduce the risk for Long COVID4. Industry data indicate that COVID treatment represents a potential multi-billion dollar market opportunity5,6. Source information: Third-party products mentioned herein are the trademarks of their respective owners. About Traws Pharma, Inc. Traws Pharma is a clinical stage biopharmaceutical company dedicated to developing novel therapies to target critical threats to human health in respiratory viral diseases. Traws integrates antiviral drug development, medical intelligence and regulatory strategy to meet real world challenges in the treatment of viral diseases. We are advancing novel investigational oral small molecule antiviral agents that have potent activity against difficult to treat or resistant virus strains that threaten human health: bird flu and seasonal influenza, and COVID-19/Long COVID. Tivoxavir marboxil is in development as a single dose treatment for bird flu and seasonal influenza, targeting the influenza cap-dependent endonuclease (CEN). Ratutrelvir is in development as a ritonavir-independent COVID treatment, targeting the Main protease (Mpro or 3CL protease). Traws is actively seeking development and commercialization partners for its legacy clinical oncology programs, rigosertib and narazaciclib. More details can be found on Traws' website at For more information, please visit and follow us on LinkedIn. Forward-Looking Statements Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties including statements regarding the Company, its business and product candidates, including the potential opportunity, benefits and the regulatory plans for tivoxavir marboxil. The Company has attempted to identify forward-looking statements by terminology including 'believes', 'estimates', 'anticipates', 'expects', 'plans', 'intends', 'may', 'could', 'might', 'will', 'should', 'preliminary', 'encouraging', 'approximately' or other words that convey uncertainty of future events or outcomes. Although Traws believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including our ability to proceed with our proposed clinical trials and to enroll sufficient subjects in such studies and trials, the success and timing of Traws' clinical trials, our ability to take advantage of expedited regulatory pathways for tivoxavir marboxil, our ability to obtain regulatory approval of tivoxavir marboxil and ratutrelvir, the expectations of our interactions with regulatory authorities, including the FDA, the Human Research Ethics Committee (HREC) and other international regulatory agencies, market conditions, regulatory requirements, changes in government regulation, the extent of the spread and threat of bird flu, seasonal influenza and COVID, and those discussed under the heading 'Risk Factors' in Traws' filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this release speak only as of its date. Traws undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except to the extent required by law. Traws Pharma Contact: Nora Brennan Traws Pharma, Inc. [email protected] Investor Contact: John Fraunces LifeSci Advisors, LLC 917-355-2395 [email protected]
Associated Press
33 minutes ago
- Associated Press
Shoe Carnival Declares Quarterly Cash Dividend
FORT MILL, S.C.--(BUSINESS WIRE)--Jun 30, 2025-- Shoe Carnival, Inc. (Nasdaq: SCVL) (the 'Company'), a leading retailer of footwear and accessories for the family, announced today that its Board of Directors has approved the payment of a quarterly cash dividend. The quarterly cash dividend of $0.15 per share will be paid on July 21, 2025, to shareholders of record as of the close of business on July 7, 2025. 'This marks our 53rd consecutive quarterly dividend, representing an 11 percent increase over last year's second quarter dividend and a 233 percent increase over the quarterly dividend paid five years ago. We continue to generate solid cash flow, funding our operations with no debt. Given our strong capital and liquidity management, we are well positioned to execute our rebanner and M&A growth strategies and achieve our vision to be the nation's leading family footwear retailer,' commented Mark Worden, Shoe Carnival's President and Chief Executive Officer. Future declarations of dividends are subject to approval of the Board of Directors and will depend on the Company's results of operations, financial condition, business conditions and other factors deemed relevant by the Board of Directors. About Shoe Carnival Shoe Carnival, Inc. is one of the nation's largest family footwear retailers, offering a broad assortment of dress, casual and athletic footwear for men, women and children with emphasis on national name brands. As of June 30, 2025, the Company operated 428 stores in 35 states and Puerto Rico under its Shoe Carnival, Shoe Station and Rogan's store fronts and offers shopping at and Headquartered in Fort Mill, SC, and with distribution and support operations located in Evansville, IN, Shoe Carnival, Inc. trades on The Nasdaq Stock Market LLC under the symbol SCVL. Cautionary Statement Regarding Forward-Looking Information As used herein, 'we', 'our' and 'us' refer to Shoe Carnival, Inc. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties, such as statements about our future growth, operations, cash flows and shareholder returns. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: our ability to increase our comparable stores Net Sales and achieve expected operating results from rebannering Shoe Carnival locations into Shoe Station locations within expected time frames, or at all; our ability to achieve expected operating results from, and planned growth of, our Shoe Station banner within expected time frames, or at all; the impact of competition and pricing, including our ability to maintain current promotional intensity levels; changes in the political and economic environments in, the status of trade relations with, and the impact of changes in trade policies and tariffs impacting, China and other countries which are the major manufacturers of footwear; our ability to control costs and meet our labor needs in a rising wage, inflationary, and/or supply chain constrained environment; the effects and duration of economic downturns and unemployment rates; the potential impact of national and international security concerns, including those caused by war and terrorism, on the retail environment; general economic conditions in the areas of the continental United States and Puerto Rico where our stores are located; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; our ability to successfully utilize the e-commerce sales channel and its impact on traffic and transactions in our physical stores; the success of the open-air shopping centers where many of our stores are located and the impact on our ability to attract customers to our stores; our ability to attract customers to our e-commerce platform and to successfully grow our omnichannel sales; the effectiveness of our inventory management, including our ability to manage key merchandise vendor relationships and direct-to-consumer initiatives; changes in our relationships with other key suppliers; our ability to successfully manage and execute our marketing initiatives and maintain positive brand perception and recognition; our ability to successfully manage our current real estate portfolio and leasing obligations; changes in weather, including patterns impacted by climate change; changes in consumer buying trends and our ability to identify and respond to emerging fashion trends; the impact of disruptions in our distribution or information technology operations including at our distribution center located in Evansville, IN; the impact of natural disasters, public health and political crises, civil unrest, and other catastrophic events on our operations and the operations of our suppliers, as well as on consumer confidence and purchasing in general; the duration and spread of a public health crisis and the mitigating efforts deployed, including the effects of government stimulus on consumer spending; risks associated with the seasonality of the retail industry; the impact of unauthorized disclosure or misuse of personal and confidential information about our customers, vendors and employees, including as a result of a cybersecurity breach; our ability to effectively achieve the operating results from, and maintain the synergies, efficiencies and other benefits gained through, our acquisition strategy, including our recent acquisition of Rogan's; our ability to successfully execute our business strategy, including the availability of desirable store locations at acceptable lease terms, our ability to identify, consummate or effectively integrate future acquisitions, our ability to implement and adapt to new technology and systems, our ability to open new stores in a timely and profitable manner, including our entry into major new markets, and the availability of sufficient funds to implement our business plans; higher than anticipated costs associated with the closing of underperforming stores; the inability of manufacturers to deliver products in a timely manner; an increase in the cost, or a disruption in the flow, of imported goods; the impact of regulatory changes in the United States, including minimum wage laws and regulations, and the countries where our manufacturers are located; the resolution of litigation or regulatory proceedings in which we are or may become involved; continued volatility and disruption in the capital and credit markets; future stock repurchases under our stock repurchase program and future dividend payments; and other factors described in the Company's SEC filings, including the Company's latest Annual Report on Form 10-K. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. Forward-looking statements can be identified by, among other things, the use of forward-looking terms such as 'believes,' 'expects,' 'aims,' 'on track,' 'may,' 'will,' 'should,' 'seeks,' 'pro forma,' 'anticipates,' 'intends' or the negative of any of these terms, or comparable terminology, or by discussions of strategy or intentions. Given these uncertainties, we caution investors not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We disclaim any obligation to update any of these factors or to publicly announce any revisions to the forward-looking statements contained in this press release to reflect future events or developments. View source version on CONTACT: Patrick C. Edwards Chief Financial Officer, Treasurer and Secretary (812)-867-4034 (812) 867-6471 KEYWORD: UNITED STATES NORTH AMERICA INDIANA SOUTH CAROLINA INDUSTRY KEYWORD: MEN ONLINE RETAIL FAMILY DISCOUNT/VARIETY CONSUMER CATALOG FASHION TEENS RETAIL CHILDREN WOMEN FOOTWEAR SOURCE: Shoe Carnival, Inc. Copyright Business Wire 2025. PUB: 06/30/2025 06:10 AM/DISC: 06/30/2025 06:10 AM
Yahoo
42 minutes ago
- Yahoo
Republicans face a ferocious ad campaign surrounding Trump's ‘big, beautiful bill'
A ferocious advertising campaign is underway with passage of President Donald Trump's landmark policy bill hanging in the balance, as political groups and business interests spent at least $35 million just this month to try to sway key members of Congress and their constituents. Republican Sen. Thom Tillis of North Carolina was facing the pressure from both sides before he announced Sunday that he wouldn't seek reelection in 2026. Americans for Prosperity, an arm of the conservative megadonor Charles Koch's political network, spent nearly $2 million this month in key media markets such as Charlotte and Raleigh-Durham. 'Trump's tax cuts put money back in my pocket, and they're helping young families save for their first homes,' says a woman featured in one of the ads from AFP. 'Congress needs to save our tax cuts and protect prosperity.' At the same time, the Democratic-aligned group Unrig Our Economy spent nearly $1 million hammering Tillis over Medicaid cuts in the bill. 'Sen. Thom Tillis could vote to take away our health care and give tax breaks to billionaires,' an ad from the group warns. Other Republicans in swing districts face the same dynamic heading into a midterm campaign in which they will need to reach at least some voters who don't back Trump without angering the president or his core supporters. In Tillis' case, he announced he wouldn't seek reelection hours after Trump called for him to face a primary challenge because he didn't support a procedural vote on the 'big, beautiful bill.' 'We so often hear of members concerned about their general reelection efforts, but that is all for naught if you can't get through a primary,' said John Thomas, a Republican strategist and ad maker. 'To add even more pressure, the GOP base is extremely supportive of President Trump, much more than their individual federal representative. Break rank with Trump and there is a price to pay.' Nebraska Rep. Don Bacon, a Republican from a battleground district who last week announced plans to retire, commented Friday on the advertising blitz surrounding the legislation. 'I think the other guys, look, they put $500,000 on me this week saying 'Don Bacon's cutting Medicaid,'' he told CNN's Manu Raju. 'There's a lot of goodness here, but we gotta talk about it and show the voters.' In June alone, according to data from the ad-tracking firm AdImpact, a sprawling collection of large PACs and interest groups spent more than $35 million on dozens of ads about the bill, which contains a range of Trump administration policy priorities on taxes, spending and immigration. Republicans account for about half of that spending, while Democrats account for about a quarter and independent and business PACs for another quarter. Hundreds of thousands of dollars more have been spent on ads not explicitly mentioning the sweeping legislation but referencing looming policy changes and parochial interests, backed by other business and lobbying groups. Late Saturday night, after intense negotiations, the sweeping bill narrowly cleared a major procedural hurdle in the Senate by a 51-49 vote, backed by several key swing votes — among those buffeted by ad campaigns — in the spotlight, such as Maine Sen. Susan Collins, Alaska Sen. Lisa Murkowski and Missouri Sen. Josh Hawley. Major challenges for the giant tax and spending bill remain, however, as it still faces amendments and a final vote in the Senate. The House will have to vote to accept a significantly changed piece of legislation from the Senate after only narrowly approving its own version of the bill weeks ago. A group aligned with Trump's political network, 'Securing American Greatness,' has spent more than $7.7 million on ads in June, leading all advertisers with a broad campaign, much of it aimed at shoring up support among House members. 'Mariannette Miller-Meeks just voted for President Trump's working family tax cuts that mean higher wages and lower taxes for working families,' says an ad from the group targeting the key battleground representative from Iowa who won her last reelection by 798 votes. At the same time, the pro-Trump group is hammering congressional Democrats in competitive districts for their opposition to the bill, raising the prospect of higher taxes if an extension of 2017 tax cuts, included in the legislation, fails to pass. 'It's Washington's game, taxing us to bankroll their liberal waste,' says an ad from the group targeting California Democratic Rep. Josh Harder, reelected in 2024 by a margin of about 9,000 votes. 'Tell Josh Harder we can't afford his tax hikes.' With the key procedural hurdle cleared on Saturday, Republican Sen. Kevin Cramer underscored the political challenges would get easier once the bill was passed. 'Well, it doesn't get easier,' the North Dakota senator said. 'I just think, at some point, you just have to take what you know — all the data, all the analysis, all the discussion, all the hearings — and apply them to a vote. Pass the bill. And the sooner we do that, the sooner all the good things will kick in, and that will alleviate, I think, people's concerns.'
