logo
Trump's Sweeping Tax-Cut, Spending Bill Clears First US Senate Hurdle

Trump's Sweeping Tax-Cut, Spending Bill Clears First US Senate Hurdle

NDTV6 hours ago

The Republican-controlled US Senate advanced President Donald Trump's sweeping tax-cut and spending bill in a key procedural vote late on Saturday, raising the odds that lawmakers will be able to pass his "big, beautiful bill" in the coming days.
The measure, Trump's top legislative goal, passed its first procedural hurdle in a 51 to 49 vote, with two Republican senators voting against it.
The result came after several hours of negotiation as Republican leaders and Vice President JD Vance sought to persuade last-minute holdouts in a series of closed-door negotiations.
The procedural vote, which would start debate on the 940-page megabill to fund Trump's top immigration, border, tax-cut and military priorities, began after hours of delay.
It then remained open for more than three hours of standstill as three Republican senators - Thom Tillis, Ron Johnson and Rand Paul - joined Democrats to oppose the legislation. Three others - Senators Rick Scott, Mike Lee and Cynthia Lummis - negotiated with Republican leaders into the night in hopes of securing bigger spending cuts.
In the end, Wisconsin Senator Johnson flipped his no vote to yes, leaving only Paul and Tillis opposed among Republicans.
Trump was monitoring the vote from the Oval Office late into the night, a senior White House official said.
The megabill would extend the 2017 tax cuts that were Trump's main legislative achievement during his first term as president, cut other taxes and boost spending on the military and border security.
Nonpartisan analysts estimate that a version of Trump's tax-cut and spending bill would add trillions to the $36.2-trillion U.S. government debt.
Democrats fiercely opposed the bill, saying its tax-cut elements would disproportionately benefit the wealthy at the expense of social programs that lower-income Americans rely upon.
Chuck Schumer, the Senate's top Democrat, demanded that the bill be read aloud before debate could begin, saying the Senate Republicans were scrambling to pass a "radical bill".
"If Senate Republicans won't tell the American people what's in this bill, then Democrats are going to force this chamber to read it from start to finish," the New York Democrat said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

After failed listing attempts in the US and UK, China's Shein to file confidentially for Hong Kong IPO: What makes this a rare move for Chinese company
After failed listing attempts in the US and UK, China's Shein to file confidentially for Hong Kong IPO: What makes this a rare move for Chinese company

Time of India

time29 minutes ago

  • Time of India

After failed listing attempts in the US and UK, China's Shein to file confidentially for Hong Kong IPO: What makes this a rare move for Chinese company

Shein, the China-founded fast-fashion giant, is reportedly set to file a draft prospectus confidentially for an initial public offering (IPO) in Hong Kong, potentially as early as this week, according to a report in Reuters that quotes three sources familiar with the matter. The move, as per Reuters exclusive report, could make Shein one of the largest IPOs in Hong Kong this year. The IPO also reportedly marks a rare departure from the city's norm of public IPO filings and follows Shein's failed listing attempts in the U.S. and London. What is confidential IPO filing The confidential filing, expected by Monday (June 30), would allow Shein to shield sensitive financial and operational details during the regulatory review process, a practice more common in the U.S. than in Hong Kong. This approach requires a waiver from the Hong Kong stock exchange's standard listing rules, which typically mandate public disclosure of IPO documents. The exchange may grant such exemptions for secondary listings or spinoffs from companies listed on recognized overseas exchanges like the NYSE or Nasdaq. Shein, however, is pursuing a primary listing, making the confidential approach unusual for the city, where high-profile IPOs like Xiaomi and Meituan involved public filings. Shein, valued at $66 billion in its 2023 pre-IPO fundraising round, must secure approval from the China Securities Regulatory Commission (CSRC) before proceeding with the Hong Kong IPO . The company will need to file with the CSRC within three days of submitting its Hong Kong application, in line with Chinese regulations for offshore listings. It remains unclear whether Shein has received preliminary approval from the CSRC. The Hong Kong stock exchange and Shein declined to comment, and the CSRC did not respond to inquiries. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo How Shein has been impacted by the US-China trade war The filing comes as Shein navigates challenges from the U.S.-China trade war, with new U.S. tariffs on Chinese goods and the end of duty-free treatment for e-commerce parcels impacting its largest market. Shein, which sells low-cost apparel like $5 dresses and $10 jeans in 150 countries, shifted its headquarters to Singapore in 2022 but relies on a network of 7,000 Chinese suppliers, subjecting it to Beijing's IPO oversight. The company has also faced allegations of forced labor in its supply chain, which it denies, stating it prohibits suppliers from using Chinese cotton in U.S.-bound products. When Shein's attempt to list in the New York exchange failed Shein's pivot to Hong Kong follows an unsuccessful bid to list in the U.S. in late 2023. The company filed for a New York IPO but failed to secure CSRC approval, Reuters previously reported. The attempt was further complicated by U.S. regulatory scrutiny and trade tensions, including accusations from lawmakers and activists that Shein's supply chain involves forced labor in Xinjiang, a claim the company has rejected. The U.S. ban on imports linked to forced labor added pressure, and Shein's valuation dropped by a third from 2022 to 2023 amid these challenges. After the U.S. listing stalled, Shein explored a London IPO but was unable to gain Chinese regulatory approval, prompting the shift to Hong Kong as a more viable listing venue. A successful Hong Kong IPO could bolster the city's status as a global fundraising hub, which saw $12.8 billion in IPOs and secondary listings in the first half of 2025. Shein's listing, however, hinges on navigating regulatory hurdles and addressing concerns about its supply chain and the impact of U.S. tariffs, which could influence its final valuation. AI Masterclass for Students. Upskill Young Ones Today!– Join Now

LGBTQ Pride Month turns into protests in NYC, San Francisco, and other cities amid Trump's crackdown
LGBTQ Pride Month turns into protests in NYC, San Francisco, and other cities amid Trump's crackdown

Hindustan Times

time33 minutes ago

  • Hindustan Times

LGBTQ Pride Month turns into protests in NYC, San Francisco, and other cities amid Trump's crackdown

The monthlong celebration of LGBTQ Pride reaches its rainbow-laden crescendo as New York and other major cities around the world host major parades and marches on Sunday. Chicago, Seattle, Minneapolis and Toronto, Canada are among the other major North American cities hosting Pride parades on Sunday.(REUTERS) The festivities in Manhattan, home to the nation's oldest and largest Pride celebration, kick off with a march down Fifth Avenue featuring more than 700 participating groups and expected huge crowds. Marchers will wind past the Stonewall Inn, a Greenwich Village gay bar where a 1969 police raid triggered protests and fired up the LGBTQ rights movement. The site is now a national monument. In San Francisco, marchers in another of the world's largest Pride events will head down the city's central Market Street, reaching concert stages set up at the Civic Center Plaza. San Francisco's mammoth City Hall is also among the venues hosting a post-march party. Chicago, Seattle, Minneapolis and Toronto, Canada are among the other major North American cities hosting Pride parades on Sunday. Several global cities including Tokyo, Paris and Sao Paulo, held their events earlier this month while others come later in the year, including London in July and Rio de Janeiro in November. Also Read: Pride Month starts this weekend. Here's what to expect First pride march was held in 1970 The first pride march was held in New York City in 1970 to commemorate the one-year anniversary of the Stonewall uprising. Pride celebrations are typically a daylong mix of jubilant street parties and political protest, but organizers said this year's iterations will take a more defiant stance than recent years. The festivities come days after the tenth anniversary of the Supreme Court's landmark June 26, 2015, ruling in Obergefell v. Hodges that recognized same-sex marriage nationwide. But Republicans, led by President Donald Trump, have sought to roll back LGBTQ friendly policies. Trump's transgenders crackdown Since taking office in January, Trump has specifically targeted transgender people, removing them from the military, preventing federal insurance programs from paying for gender-affirmation surgeries for young people and attempting to keep transgender athletes out of girls and women's sports. The theme for the Manhattan event is, appropriately, 'Rise Up: Pride in Protest." San Francisco's Pride theme is 'Queer Joy is Resistance' while Seattle's is simply 'Louder.' 'This is not a time to be quiet,' Patti Hearn, Seattle Pride's executive director, said in a statement ahead of the event. 'We will stand up. We will speak up. We will get loud.' Among the other headwinds faced by gay rights groups this year is the loss of corporate sponsorship. American companies have pulled back support of Pride events, reflecting a broader walking back of diversity and inclusion efforts amid shifting public sentiment. NYC Pride said earlier this month that about 20% of its corporate sponsors dropped or reduced support, including PepsiCo and Nissan. Organizers of San Francisco Pride said they lost the support of five major corporate donors, including Comcast and Anheuser-Busch.

Iron dome: How useful is Israel's shield?
Iron dome: How useful is Israel's shield?

Mint

time35 minutes ago

  • Mint

Iron dome: How useful is Israel's shield?

America's intervention in the Israel-Iran conflict has not stopped missile exchanges and defence analysts remain agog with how Israel's 'iron dome' has held up as a shield. It hasn't proven foolproof, but Israel claims it has neutralized over 80% of Iran's projectiles. Also Read: Mint Quick Edit | The US blasts in: A forever war in Iran? This dome has three layers. The first, which foiled attacks from Gaza and Lebanon, uses relatively cheap interceptors for short-range volleys. But longer-range Iranian missiles have forced the use of its David's Sling and Arrow systems to intercept cruise and ballistic missile onslaughts with interceptors that cost over $1 million a pop. Also Read: Donald Trump's war dilemma: Should America put boots on the ground in Iran or not? While Iran's fusillades have flagged, rough estimates suggest Israel's shield ran up a nightly ammunition bill that peaked at $300 million. A high strike rate may make this seem worthwhile. Notably, Arrow can stop nukes too. Also Read: Israel-Iran conflict: Echoes of history haunt West Asia Yet, let's not forget why the US shelved its 'Star Wars' plan of the 1980s for a US-wide shield against nukes. While it would've been hugely costly to set up, it could not guarantee that no nuclear warhead would ever get through; no dome could be doom-proof. This drove home the point that, ultimately, peace via diplomacy is a country's only real security.

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