Latest news with #BigBeautiful
Time of India
a day ago
- Politics
- Time of India
Dems Vs Republicans: Heated Vote-A-Rama In US Senate
A big clash has erupted in the U.S. Senate as Democrats and Republicans debate on Donald Trump's Big Beautiful bill on tax cuts. The 'vote-a-rama' began on Monday and is still continuing in the Senate 17 hours later. Senate minority leader Chuck Schumer termed the bill an 'ugly betrayal' while Republican John Thune called it the worst nightmare for those at border security. Watch the big faceoffs here. Read More
Forbes
2 days ago
- Business
- Forbes
Crunch Time For U.S. Clean Energy Incentives
Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Getty Images As the Senate struggles to pass its version of President Trump's 'Big Beautiful' budget bill that squeaked through the House of Representatives by a single vote, it's increasingly likely that tax credits and programs for clean energy projects won't survive. Fossil fuel industry lobbyists and fringe political figures have argued that the policies that helped create the fastest increase in renewable electricity generation in U.S. history are wasteful and unnecessary, even as oil and gas drillers continue to qualify for their own federal incentives. Setting aside benefits that large-scale wind, solar and battery storage project create in terms of reducing climate-warming carbon dioxide emissions, scrapping the credits created by the Biden Administration's Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law will have a devastating impact on jobs and economic development in much of the U.S., particularly Republican-leaning states that have been the top beneficiaries of those projects. The revised bill that could be voted on in the Senate today quickly phases out nearly all existing clean energy credits by as early as 2027, and even adds a new tax on large solar and wind projects. It's worse than an earlier draft that the American Clean Power Association had said would 'increase household electricity bills and threaten hundreds of thousands of jobs across the country.' If passed and signed into law, the legislation could result in the loss of 790,000 clean energy jobs by the end of the decade, according to an estimate by Energy Innovation, a nonpartisan climate policy think tank. 'Texas, California, Pennsylvania, Florida and Georgia stand out as the biggest losers from IRA repeal due to their poor combination of lost jobs and increased household energy costs,' Energy Innovation said. Biden's incentives have been demonstrably successful–generating $277 billion of investment last year and creating tens of thousands of new jobs. Aside from the economic argument, new renewable power systems–particularly solar–have also helped prevent brownouts from California to Texas to New England. Senators, including Alaska's Lisa Murkowski and Utah's John Curtis, who understand that clean energy incentives boosted manufacturing and job growth in their states, had advocated to keep the incentives and in places like Georgia, state Republicans also pushed to keep credits for domestic solar panel manufacturing. But it appears increasingly unlikely enough Republicans are willing to defy Trump to make that happen. The Big Read Elon Musk and Omead Afshar, left, in Shanghai in 2019. © 2019 Bloomberg Finance LP Elon Musk Fires A Top Tesla Lieutenant Elon Musk fired Tesla's head of operations in North America and Europe, amid declining sales in both regions and the electric vehicle brand's falling popularity, according to people familiar with the matter. Omead Afshar, who started with Tesla as an engineer in 2017, had become one of Musk's top lieutenants and was elevated to vice president to oversee business in the two key regions last October. He didn't respond to a request for comment, nor did Musk or Tesla. Afshar's removal comes a few days before the end of the second quarter and follows news that Tesla's EV sales dropped for a fifth consecutive month in Europe. U.S. sales are also down this year and China, the Austin-based company's top market, saw a 15% drop in May. Equity analysts are anticipating a decline in Tesla's EV deliveries of at least 10% worldwide in the quarter that ends on June 30, to about 392,800 units compared with 443,956 a year ago. Musk's close affiliation with and massive financial support for President Donald Trump have negatively impacted the Tesla brand, particularly during his stint running the federal job-slashing DOGE initiative. The company desperately needs to improve its lineup, following the failure of the much-derided Cybertruck to hit volume goals Musk laid out for it, and figure out how to compete with fast-rising Chinese rivals. But rather than add new electric models to boost sales, the world's wealthiest person has sought to convince investors that the company's future lies with a new robotaxi service, humanoid robots and AI. It's a tricky pivot since electric cars, batteries and charging services account for virtually all of Tesla's revenue. Read more here Hot Topic Woven Capital Nicole LeBlanc, partner at Toyota's Woven Capital venture fund, on adapting its investment strategy to Trump 2.0 How does the shift in U.S. clean energy policy impact Woven's approach in terms of climate and mobility startup investments you're making? Ultimately, we're trying to solve real problems with real solutions. From a policy and regulatory perspective, [U.S. changes] do affect things in the short term, but not really in the long term. Because if you have a problem and you have a solution, then you still are going to try to figure this out. It's the economics of how quickly you can do that. That's how we're thinking about it. This is not my statement and not my quote; it was something overheard at climate week in London. Someone said 'climate tech has gone from green to cocky,' because it's not just about green tech anymore. It's all about domestic security and domestic supply chains. I found that really interesting. We are seeing that not just in climate but in mobility tech. All of them are also now having crossovers into aerospace and defense. From an investment perspective, that mitigates the fact that there are some uncertainties around the climate element in terms of scaling of these technologies. Because now they have a second market that is accelerating and has more money in it. From a venture investment perspective, if climate's not going to work out, maybe they can apply it in this other industry. It's the same technology often. So the development is still able to have the economics needed to really scale and the timeline that venture capitalists need. The U.S. shift away from federal support for clean energy seems shortsighted, given how compelling the economics for large-scale wind, solar and battery have become as power needs grow. Are you seeing an impact? I will say there's a challenge in the venture industry as there's not as much money floating around as there used to be. What a lot of companies and investors are advising their companies to do is really focus on unit economics and profitability. It's cyclical. I've been in the venture space for 18 years now. You have the growth cycles and then you have the unit economics/profitability ones. It just keeps going back and forth. That's the cycle that we're in now. There's no green premium anymore. We've had the acceleration in the last five years for people to develop the technology, get the subsidies, get the government grants, get what they needed. The ones that were able to capitalize on that, now they're focusing on doubling down on these kinds of unit economics and profitability elements. It's a big world and there's a lot happening everywhere. Are you looking more at startup opportunities in Europe, Asia, Japan and Korea, where policies aren't changing? We're still keeping the same approach. It's just a matter of what are the economics of some of these deals? Are there valuations coming down or are they still trying to get the same valuations that they used to? Some of the areas are maybe going a little bit more niche as opposed to being so broad. We're really trying to understand the impact of AI. AI is affecting every industry. We're trying to figure out where it's having an immediate impact and where it's still a little bit of smoke and mirrors–like Wizard of Oz in the background pulling the strings versus where it's having impact right now. For example, we've made an investment in the smart charging/grid space, and are trying to double down on that to help them make that more of an ecosystem play. That's an area where it's not like one automaker and one utility. It requires the network effects of everybody coming together. … It is quasi-climate related. A cross between mobility and climate is where we're looking at these AI engineering tools. Regulation changes don't affect these types of industries. It's really trying to see where they can actually help iterate a lot faster. … Longer term, we're trying to think about things like critical minerals, geologic hydrogen, a little bit of these more moonshot elements. Again, things that aren't really subject to the negative regulation that's coming around. What Else We're Reading Trump terminates satellite data crucial for storm forecasting. Meteorologists called the end of the DOD program 'insanity' ( E&E News ) Redwood Materials is giving old EV batteries a second life as microgrids. Tesla cofounder JB Straubel's company is using old batteries in modular energy storage units ( The Verge ) Texas firm cofounded by former Gov. Rick Perry aims to build the world's largest data energy complex using nuclear, gas and solar generation ( Reuters ) Chart: Which countries get the most power from solar and wind? The 10 countries that rely on them the most ( Canary Media ) As Tesla begins Austin robotaxi tests, Waymo's ride service expands to Atlanta. It's the Alphabet Inc. unit's fifth major city ( Forbes ) When towns rebuild from natural disasters, some residents end up getting priced out ( Wall Street Journal ) More From Forbes Forbes The Cost Of Trump's Tax Plan: Sapping Clean Energy And 790,000 Jobs By Ken Silverstein Forbes Plastic Bag Bans And Fees Can Reduce Shoreline Litter, Study Finds By Jamie Hailstone Forbes Reframing Climate Action: From Managing Risk To Building Resilience By Felicia Jackson
Newsweek
3 days ago
- Business
- Newsweek
Democrats' Chances of Winning Thom Tillis' North Carolina Senate Seat
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Democrats have a slightly increased chance of winning Thom Tillis' North Carolina Senate seat after he announced his intention to step down, according to an analyst. According to analysis in the Cook Political Report newsletter, Republican Tillis announcing his intention to not run for the Senate seat again in 2026 makes the state a "top pickup opportunity" for the Democrats. Why It Matters There are currently 53 Republicans, 45 Democrats and two independents who caucus with the Democrats in the Senate. In November 2026, 33 of the chamber's 100 seats will be contested. Sen. Thom Tillis, R-N.C., returns to his office as senators arrive for votes and policy meetings, at the Capitol in Washington, June 17, 2025. Sen. Thom Tillis, R-N.C., returns to his office as senators arrive for votes and policy meetings, at the Capitol in Washington, June 17, 2025. AP Photo/J. Scott Applewhite, File North Carolina hasn't voted for a Democratic candidate in a presidential election since 2008, but Democrats have won in other races in recent cycles. While only a few seats are seen as potential flip opportunities for the Democrats, any shift in the makeup of the chamber could affect the course of legislation they scrutinize. What To Know Tillis, who voted against President Donald Trump's "Big Beautiful" spending bill announced on Sunday that he will not seek reelection as his term in office ends in January 2027. His announcement followed a clash with Trump over the bill, which he said could be "devastating to North Carolina" because of proposed Medicaid changes. Trump in response had threatened to support primary challengers against Tillis. The Cook Report previously said that the race leaned Republican. Now it has adjusted its analysis and described it as a toss-up state, meaning it could go either way. Former Governor Roy Cooper, a Democrat, is to decide whether he will run for the seat, according to reports, while former Democratic Representative Wiley Nickel is running for the seat. No polls have been released since Tillis said he would not stand again but a previous poll suggested Cooper could beat Tillis. Trump's daughter-in-law, Lara Trump or Michael Whatley, the head of the Republican National Committee and the former chair of the North Carolina GOP, could also run for the Republicans, according to Politico. What People Are Saying Richard Johnson, a senior lecturer in U.S. politics and policy at Queen Mary University of London in the U.K, told Newsweek the seat was "eminently possible as a Democratic pickup." "Democrats have polled at least 47 percent in all of the recent major statewide contests (president, Senate, governor)," he said. "Democrats have now won the gubernatorial election three times in a row." In the Cook Political Report, analyst Jessica Taylor wrote: "The surprise move from Tillis moves this race into the toss-up category and officially makes the Tar Heel State Democrat's top pickup opportunity." In his statement, Tillis said: "In Washington over the last few years, it's become increasingly evident that leaders who are willing to embrace bipartisanship, compromise, and demonstrate independent thinking are becoming an endangered species. Sometimes those bipartisan initiatives got me into trouble with my own party, but I wouldn't have changed a single one." What Happens Next The election will take place in November 2026.
Time of India
3 days ago
- Business
- Time of India
‘Don't go too crazy!' Trump warns ‘cost-cutting' Republicans as debate for big bill continues, says 'you still have to get reelected'
US President Donald Trump warned 'cost-cutting' Republicans as the debate is underway in the Senate , wrestling over the administration's Big Beautiful bill. "For all cost cutting Republicans, of which I am one, REMEMBER, you still have to get reelected," he wrote. Tired of too many ads? go ad free now "Don't go too crazy! We will make it all up, times 10, with GROWTH, more than ever before. " The Senate's weekend deliberations remain unpredictable and fluid. Republican leadership is striving to meet the July 4 deadline set by Trump for package approval, having narrowly achieved a procedural milestone amidst tension the previous day. Several Republican dissenters initially opposed the measure, requiring intervention through Trump's telephone calls and J D Vance's personal visit to maintain progress. Following Trump's criticism of his stance against significant Medicaid reductions, GOP Senator Thom Tillis of North Carolina declared on Sunday his decision against seeking re-election. The Congressional Budget Office's latest assessment indicates that under the proposed legislation, 11.8 million additional Americans would lose insurance coverage by 2034. The analysis also projects a deficit increase of nearly USD 3.3 trillion over ten years. The Senate proposal encompasses USD 4 trillion in tax reductions, extending Trump's 2017 rates indefinitely and introducing new measures, including tax-free tips. It aims to reduce green energy incentives, potentially affecting renewable energy investments, whilst implementing USD 1.2 trillion in cuts to Medicaid and food stamps through stricter eligibility requirements. The legislation allocates USD 350 billion for border and national security, including deportation funding, partially financed through new immigrant fees. Should the Senate succeed in overnight voting, the bill would return to the House, with Speaker Mike Johnson alerting members to prepare for possible reconvening the following week.
New York Post
3 days ago
- Business
- New York Post
Here are the key Big Beautiful Bill differences that the House and Senate will have to reconcile
The Senate version of President Trump's 'One Big Beautiful Bill' that passed a key procedural vote late Saturday has some big differences to the version the House approved. 4 President Trump's signature 'Big Beautiful' spending bill will advance to be debated by the Senate after a 51-49 vote Sunday. AFP via Getty Images Two Republican Senators — Thom Tillis (R-NC) and Rand Paul (R-KY) were the lone GOP holdouts in the 51-49 vote after caucus leadership spent hours rallying support for the multi-trillion-dollar bill. 4 The Senate version of the bill came in at 940 pages. REUTERS Advertisement The current version of the bill, which Senate lawmakers got their first look at Friday night, clocked in at 940 pages, and is largely in line with what the House narrowly approved in May. 4 Sen. Thom Tillis (R-NC) — one of two GOP dissenters, announced Sunday he would not be seeking re-election. AP Both versions will make Trump's 2017 tax cuts permanent, reduce taxes on tips and overtime, increase border security funding and slash green-energy tax credits passed during the Biden administration — including the $7,500 credit for buying Teslas and other EVs. Advertisement 4 Sen. Rand Paul (R-KY) was one of the 'no' votes in the GOP caucus. AP But, the marquee legislation will require the Senate and House to reconcile their versions before the bill can be fully approved and go to President Trump for his signature. Tax cuts Both versions of the bill include a number of Trump's promised tax incentives — some $3.8 trillion in tax cuts in all — but differ slightly when it comes to raw numbers. The Senate version would allow Americans to deduct as much as $12,500 for overtime pay and up to $25,000 in tip income through 2028 — reductions that would drop for those making $150,000 or more. The House version didn't put limits on the deductions. Advertisement The child tax credit would jump from $2,000 to $2,200 per child under the Senate bill, and adjust for inflation after this year. The House version, however, would raise the credit to $2,500 temporarily before lowering it back to $2,000 and adjusting it for inflation. One of the most significant differences in the Senate bill is a provision to permanently expand the standard deduction. The House version would only see it expanded through 2028. Senate lawmakers also raised a tax break for seniors to $6,000 through 2028, whereas in the House bill that figure is $4,000. Raising the debt ceiling The Senate's version of the bill would raise the US debt limit by $5 trillion, 20% higher than the House's proposal of $4 trillion. Advertisement The higher the debt ceiling, the longer Congress can go without having yet another politically fraught debate about the national debt and government spending. If the Big Beautiful Bill isn't passed, the federal government is set to run out of borrowing authority in August or September. Cuts to food stamps spending The Supplemental Nutrition Assistance Program — food stamps or SNAP — subsidizes food for some 40 million low-income Americans. Both the Senate and House versions would cut what the US government spends on the program. The Senate bill would require 'able-bodied adults' to continue working up to age 64, with some exemptions carved out for parents with children under age 14. However, states would be limited in how they can waive the requirements. The House version would require adults, including those with children age six or older, to work in order to qualify for benefits. States would also be required to kick in more of the cost to provide food aid. The changes to the program would take effect in 2028. State and Local Tax Deduction (SALT) One of the most closely watched provisions of the Big Beautiful Bill Act in the New York City area been the SALT deduction — which caps the amount of state and local taxes taxpayers can write off on their federal income tax returns. The amount is currently capped at $10,000, after Trump's 2017 tax cuts, but both versions of the bill would boost that to $40,000 for married couples making up to $500,000 per year. Advertisement However, in the version advanced by the Senate, the cap would increase through 2029 then return to $10,000, while the House version would make the increased cap permanent. Medicaid Another highly contentious aspect of the legislation has been proposed changes to Medicaid, which provides health services to low-income, disabled and elderly Americans. Under the House version, able-bodied, childless adults would be required to work 80 hours per month to qualify. The Senate bill widens this requirement to include adults with children age 15 or older. The nonpartisan Congressional Budget Office estimates the House-passed package will add $2.4 trillion to the US' deficit over the next decade. It's still analyzing the expected impact of the Senate version, however.
