Trump welcomes 59 white South African refugees, critics call hypocrisy
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Forbes
42 minutes ago
- Forbes
Senate Passes One Big Beautiful Bill Despite One Big Not-So-Beautiful Price Tag
WASHINGTON, DC - JULY 1: Senate Majority Leader John Thune (R-SD) pauses while speaking to reporters off the Senate floor after the Senate passes President Donald Trump's so-called "One, Big, Beautiful Bill," Act at the U.S. Capitol Building on July 1, 2025 in Washington, DC. (Photo by) Getty Images Senate Republicans narrowly passed President Donald Trump's 'One Big Beautiful Bill' with a 51-50 vote after three Republicans—(Sens. Susan Collins (Maine), Rand Paul (Ky.), and Thom Tillis (N.C.)—joined Democrats in voting no. Vice President JD Vance cast the tiebreaker vote. The tax provisions in the Senate would make permanent a number of the expiring tax cuts contained in Trump's signature 2017 tax legislation— the Tax Cuts and Jobs Act (TCJA). According to the Penn Wharton Budget Model (PWB Model), a nonpartisan, research-based initiative that provides an economic analysis of public policy's fiscal impact, making those cuts permanent would increase the deficit by $4.3 trillion over 10 years. These changes would be partly offset by spending cuts of $1.460 trillion for a total conventional cost of $3.104 trillion. The PWB Model analysis scored the legislation against a current law baseline. That's also how the Joint Committee on Taxation originally scored the bill. The baseline impacts how the cost of extending tax cuts is calculated (that's called scoring) and how it impacts the overall budget. As you know from past bills, including the Bush tax cuts, the Tax Cuts and Jobs Act, and the Inflation Reduction Act, it has long been the case that bills are scored based on the cost to move forward based on current law (so, in all of those examples, any provisions that were set to expire are reset to zero while those previously made permanent are ignored). Senate Republicans had requested that the JCT rescore it using a new approach called a current policy baseline. With a current policy baseline, extending provisions that are set to expire are scored as having zero cost. The Parliamentarian ruled that the new approach breaks the rules—this is consistent with precedent. With a current law baseline, the cost of the extensions is fully counted. Senate Committees According to the PWB Model analysis, increases in spending under the Armed Services, Judiciary, and Homeland Security and Governmental Affairs Committees would add $290 billion to the deficit. While other committees proposed net spending cuts or revenue increases, the savings amount to only $1.5 trillion, offsetting less than one-third of the $4.6 trillion increase in deficits from tax cuts and spending increases. You can see how those costs are expected to play out here: Penn Wharton Budget Model Analysis, Senate Bill Kelly Phillips Erb (You can read more about the TCJA extensions as they originally appeared in the House version of the bill here.) Major Spending Cuts The Senate bill includes changes to health programs, including Medicaid. Notably, it would cut Medicaid spending by imposing work requirements, restricting state-level taxes on healthcare providers that receive federal matching funds, increasing the frequency of eligibility checks, changing Medicaid eligibility requirements based on immigration status, and phasing down state-directed payments to providers to align with Medicare rates. Overall, cuts to Medicaid would reduce the federal deficit by more than $900 billion. The bill also reduces spending on the Supplemental Nutrition Assistance Program (SNAP, also known as food stamps) by $186 billion over ten years. The cost doesn't just disappear—it shifts the responsibility for payment to the states with a new cost-sharing formula. It would also create additional work documentation requirements, shift administrative costs to states, and make other changes to reduce federal SNAP costs. The Health, Education, Labor, and Pensions Committee eliminates subsidized and income-driven loan repayment plans, imposes new limits on student borrowing, and tightens the eligibility requirements for Pell Grants. Altogether, it would reduce spending by $350 billion over the budget window. Impact To The Federal Debt Overall, the PWB Model analysis predicts that the bill would increase debt by 7.6% over 10 years and decrease gross domestic product (GDP) by 0.3% over the same period. That's different than the impact to the federal deficit. Here's the quick difference between deficit and debt: The federal deficit is the excess of expenditures over revenue in a fiscal year. In simple terms, if we spend more than we take in, we have a deficit. If we spend exactly what we take in, we achieve a balanced budget. If we take in more than we spend, we have a surplus. The deficit is recalculated annually based on the shortfall or surplus each month. If there is a deficit, the Treasury borrows money to make up the difference. The Treasury accomplishes this by selling securities like T-bills, notes, and savings bonds. The federal debt is essentially the total of the deficits. So, if we owe $800 million one year and it's not repaid, and in another year we owe $500 million that is also not repaid, we accumulate a debt of $1.3 billion. Make sense? Since this amount represents borrowed money, we also pay interest on it, causing it to continue growing even if we are not actively adding to it. Next Steps Now that the bill has passed the Senate, it moves back to the House. Speaker Mike Johnson can only afford to lose three votes—the last iteration in the House passed 215-214. The versions passed in the House and Senate must match exactly for the bill to become law. Forbes What's Comes Next For The One Big Beautiful Bill Act By Kelly Phillips Erb Forbes As The Byrd Bath Continues, Here's A Look At What Will Likely Be Out Of The One Big Beautiful Bill (Updated) By Kelly Phillips Erb Forbes House Passes Trump Tax Bill After Marathon Session, Now It Moves To The Senate By Kelly Phillips Erb Forbes A Guide To The Tax Cuts In (And Out) Of Trump's 'Big, Beautiful Bill' By Kelly Phillips Erb
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Trump renews plan to reopen Alcatraz, this time with sharks
President Donald Trump on Tuesday revisited his proposal to renovate and reopen Alcatraz as a functioning federal prison, announcing that 'conceptual work' quietly began six months ago. In a post on his Truth Social platform, the president described the shuttered penitentiary as a potent symbol in the fight against crime, with sharks lurking. 'Because of the Violence and Criminality I have seen due to the Open Border Policy of Sleepy Joe Biden, in particular allowing millions of people into our Country who shouldn't be here, I wanted something representative to show how we fight back, and then, it happened, I saw a picture of ALCATRAZ looking so foreboding, and I said, 'We're going to look into renovating and rebuilding the famous ALCATRAZ Prison sitting high on the Bay, surrounded by sharks. What a symbol it is, and will be! '' he wrote. The president said several prison development firms were involved in preliminary planning, but offered no concrete timeline or funding strategy. 'Conceptual work started six months ago,' he added. 'Still a little early, but lots of promise!' Trump's renewed interest follows his directive to federal law enforcement agencies in May, including the Department of Justice and Bureau of Prisons, to explore reopening and expanding the island facility to hold what he termed 'America's most ruthless and violent Offenders.' Its remote location in the San Francisco Bay made it nearly impossible to escape, though one notorious breakout attempt in 1962 inspired the Clint Eastwood film 'Escape From Alcatraz,' a movie Trump reportedly watched shortly before announcing the plan in May. While the president touts the prison's symbolic value, critics questioned the practicality and legality of such a move. David Smith, superintendent of the Golden Gate National Recreation Area — which oversees Alcatraz — said in May that the project is unlikely due to 'legal hurdles,' high costs and infrastructure challenges. 'It's just not well situated,' he said. Still, Bureau of Prisons Director William Marshall remains optimistic. 'We absolutely think we can get it done,' he told Fox News. Despite Trump's suggestion of surrounding a revived Alcatraz with sharks as a deterrent, marine biologists point out that the San Francisco Bay already hosts a thriving shark population — and has for centuries. Yet these sharks, while abundant, pose no real obstacle to an escape. Most are bottom dwellers, and many are small or non-aggressive. Experts note they could easily slip through any proposed containment barriers, or simply swim out with the tides. Trump's proposal comes amid broader efforts by the administration to expand immigration detention. On Tuesday, he toured a new facility in Florida, dubbed 'Alligator Alcatraz,' located deep in the Everglades, alongside Florida Gov. Ron DeSantis and Department of Homeland Security Secretary Kristi Noem. 'Biden wanted me in here, OK,' Trump told reporters. 'He wanted me. Didn't work out that way, but he wanted me in here, that son of a bitch.' The Florida facility, expected to cost $450 million a year and hold around 5,000 people, is located in an area populated by alligators, crocodiles and pythons. 'This is not a nice business,' Trump told reporters in Washington before arriving in Florida. 'Snakes are fast, but alligators — we're going to teach them how to run away from an alligator. Don't run in a straight line. Run like this,' he said, waving his hand back and forth.
CNN
an hour ago
- CNN
Breaking down Trump's big bill, VA morale, polar explorer: Catch up on the day's stories
5 Things Donald TrumpFacebookTweetLink Follow 👋 Welcome to 5 Things PM! San Marino sits high on a hill in northeastern Italy, and it's one of Europe's smallest and most unusual countries. There are no checkpoints marking the border, just a sign along the highway welcoming arrivals to the 'Ancient Land of Freedom.' Here's what else you might have missed during your busy day. Seniors, students, taxpayers, children, parents, low-income Americans and just about everyone else will be affected by President Donald Trump's massive tax and spending bill that is being hashed out on Capitol Hill. We broke down what you need to know. ➕ The Senate passed the megabill after Vice President JD Vance broke a tie. Morale has plunged among doctors and nurses at Veterans Affairs hospitals across the US amid hiring freezes and fears of layoffs. Workers said they're running short of supplies — and they're worried these conditions are drying up the pipeline for future talent. In one of the coldest places on Earth, Alan Chambers searched for an invisible threat. He's teaming up with climate scientists to see if microplastics and nanoplastics have reached some of the most remote corners of the planet. Answers are just emerging. AlphaBot 2 wants to beat humans at their own game. Thanks to embodied artificial intelligence, it has the ability to understand instructions. The robot knows how to play dice — and eventually it could make you tea and do your dishes. Veils are one of the oldest elements of the wedding ensemble, dating at least as far back as Ancient Greece. Here's why they remain a staple accessory for even the most modern brides. GET '5 THINGS' IN YOUR INBOX If your day doesn't start until you're up to speed on the latest headlines, then let us introduce you to your new favorite morning fix. Sign up here for the '5 Things' newsletter. 🏢 Building the future: Researchers and students are exploring the potential of biodesign. By blending science, design and technology they're developing building materials that could be grown — with properties like self-coloring and healing. Judge tells jurors to continue deliberating in Combs trial after they reached partial verdict Trump says DOGE is a monster that may 'go back and eat Elon' Mamdani clinches NYC Democratic primary while Trump threatens arrest if he resists ICE as mayor 💸 That's how much the New York Mets are paying Bobby Bonilla each year even though he hasn't played a professional baseball game in more than two decades. 🍷 Boozy battles: Typically, a glass of wine is something to be savored — except in one quiet town in northern Spain, where it's used as ammunition. 'I will always show the good and hard bits of any journey I go through.' British singer Jessie J 💬 Highs and lows: The former coach on 'The Voice UK' shared some personal details about her breast cancer battle and thanked her caregivers, family and friends for their support. President Donald Trump toured a migrant detention center in Florida. What is its nickname?A. 'Everglades Stockade'B. 'DeSantis Detention'C. 'Alligator Alcatraz'D. 'Sunshine Slammer'⬇️ Scroll down for the answer. ⛽ Road trip! Drivers won't need to break the bank to fill their gas tanks this Fourth of July weekend. Prices are expected to average between $3.10 and $3.15 per gallon nationally, according to GasBuddy. That's down sharply from last year and the cheapest gas for the summer holiday since at least 2021. 👋 We'll see you tomorrow.🧠 Quiz answer: C. The compound, nicknamed 'Alligator Alcatraz,' is located on a remote airstrip surrounded by swamp and predators.📧 Check out all of CNN's newsletters. Today's edition of 5 Things PM was edited and produced by CNN's Kimberly Richardson and Emily Scolnick.
