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Axios
3 days ago
- Politics
- Axios
House breaks record for longest-ever vote — again
House Republicans broke the record Wednesday for the lower chamber's longest vote in history — for the second time in as many weeks. Why it matters: It's the latest example of Johnson's strategy for dealing with his razor-thin majority — holding votes open for hours as he tries to sway opponents in his own party. Wednesday's record-setting vote was on a resolution setting the terms of debate on several measures, including the GENIUS Act, which would establishing a regulatory framework for stablecoin issuers. That broke the previous record, set two weeks ago to the day amid grueling negotiations over President Trump's " big, beautiful bill." The big picture; Before two weeks ago, the previous record was set in 2021, when the House took seven hours and six minutes on a procedural vote related to then-President Biden's Build Back Better legislation. This was Speaker Mike Johnson's (R-La) second attempt after the House floor ground to a halt Tuesday when the chamber rejected the procedural vote on the first try. Johnson is facing demands from hardliners to combine the GENIUS Act with two other crypto bills the chamber is considering this week. That would force the Senate to reconsider the legislation, likely leading to significant delays. Between the lines: Wednesday's revote follows a meeting Trump said he held late Tuesday in the Oval Office with opponents — after which he declared victory, apparently prematurely.
NBC News
08-07-2025
- Politics
- NBC News
Live updates: Netanyahu to visit Capitol Hill after meeting with Trump on Iran and Gaza
What to know today Israeli Prime Minister Benjamin Netanyahu will visit Capitol Hill today for a meeting with House Speaker Mike Johnson, R-La. Netanyahu met with President Donald Trump yesterday at the White House, where the two discussed the recent military action against Iran and efforts to reach a ceasefire agreement with Hamas in Gaza. Trump said yesterday that the U.S. would send more weapons to Ukraine for its defense against Russia — an apparent reversal after Defense Secretary Pete Hegseth had paused a shipment of missiles and ammunition to Ukraine while the Pentagon reviews U.S. munitions stockpiles. Independent Dan Osborn announced a campaign for Senate in Nebraska today, joining a race that includes Sen. Pete Ricketts, the Republican former governor who is running for a full term in the Senate after winning a special election last year.
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First Post
04-07-2025
- Business
- First Post
7 ways Trump's Big Beautiful Bill will impact non-Americans
Framed as a bill to restore American strength, reduce inflation, and fund US priorities, Trump's new legislative proposal also carries significant consequences for the rest of the world, particularly non-Americans read more Speaker of the House Mike Johnson, R-La, surrounded by Republican members of Congress, signs US President Donald Trump's signature bill of tax breaks and spending cuts, July 3, 2025, at the Capitol in Washington, DC, US. File Image/AP US President Donald Trump's newly passed legislative package, also known as the One Big Beautiful Bill Act, marks one of the most sweeping overhauls of America's tax, trade, and immigration systems in recent times. While the bill is pitched as a way to 'restore American strength' and redirect national spending to domestic priorities, its global consequences are wide-ranging, particularly for non-Americans across the world. Here are 7 key ways the bill is expected to shape lives and economies outside the United States: STORY CONTINUES BELOW THIS AD 1. Remittance tax to hit foreign households The bill imposes a 1% tax on cash remittances sent from the US to other countries. This will affect millions of families in major remittance-dependent economies like India, Mexico, and the Philippines, potentially reducing their annual income by billions of dollars. The tax does not apply to wire or bank-based transfers. 2. Withholding uncertainty for foreign investors While the bill does not impose new withholding taxes on foreign investors, it includes broad corporate tax changes that could affect foreign-owned US assets. Global banks, pension funds, and sovereign wealth entities are bracing for potential regulatory changes that could erode returns on US-linked investments. 3. Trade tensions may escalate The repeal of the 'de minimis' exemption means that small shipments from foreign retailers into the US, previously untaxed if valued under $800, will now be subject to tariffs. This could disproportionately hit exporters in China, the EU, and Latin America, possibly sparking retaliatory trade measures. 4. Climate commitments rolled back The bill rolls back key clean energy tax credits established under the Inflation Reduction Act, including subsidies for electric vehicles, solar panels, and wind energy projects. This may stall momentum in global green supply chains, particularly among US-EU climate partnerships and Asia-based component suppliers. 5. Tighter US immigration access STORY CONTINUES BELOW THIS AD The legislation ramps up funding for ICE and Border Patrol and introduces a minimum $100 fee on asylum applications. Although lower than earlier proposals, the new cost barriers could impact international students, temporary workers, and refugees, making the path to the US more expensive and bureaucratic. 6. Ripple effects in global markets From taxes on remittances to regulatory changes in energy and trade, the bill could cause a shift in global investment strategy, increased dollar volatility, and a realignment of financial exposure away from the US by emerging economies. 7. Concerns over US global commitments While the bill does not explicitly cut foreign aid, critics warn that its massive domestic spending increases — including over $170 billion for immigration enforcement — could lead to future reductions in US contributions to global health, development, and humanitarian programs. President Trump's 'big beautiful' promise is already reshaping the US economy, and its effects will be felt far beyond American borders. From higher remittance costs and tighter visa controls to new barriers for global trade and climate cooperation, the bill signals a sharp turn inward, with real consequences for the rest of the world. STORY CONTINUES BELOW THIS AD
Boston Globe
21-05-2025
- Business
- Boston Globe
House GOP grinding ahead with Trump's big tax cuts bill, but new report says it will add to deficit
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Republicans prepared to hunker down at the Capitol after midnight for one last committee hearing processing changes to the package. The session was expected to push into Wednesday ahead of House floor action. Advertisement 'President Trump's 'one, big, beautiful bill' is going to require one, big, beautiful vote,' said Speaker Mike Johnson, R-La. 'We are going to get this done.' It's a make-or-break moment for the president and his party in Congress, who have invested much of their political capital during the crucial first few months of Trump's return to the White House on this package. If the House Republicans fall in line with the president, overcoming unified Democratic objections, the package would next go to the Senate. Advertisement The package comes at a daunting time as the U.S. economy faces uncertainty. Democratic Leader Hakeem Jeffries said Republicans are trying to 'quickly jam this unpopular legislation through the House because they know that the longer they wait, the more will come to light about this cruel and unconscionable bill.' At its core, the sprawling 1,000-plus-page bill is centered on extending the tax breaks approved during Trump's first term in 2017, while adding new ones he campaigned on during the 2024 presidential campaign. To make up for some of the lost revenue, the Republicans are focused on spending cuts to federal safety net programs and a massive rollback of green energy tax breaks from the Biden-era Inflation Reduction Act. Additionally, the package tacks on $350 billion in new spending — with about $150 billion going to the Pentagon, including for the president's new " Golden Dome" defense shield, and the rest for Trump's mass deportation and border security agenda. The package title carries Trump's own words, the " One Big Beautiful Bill Act." As Trump promised voters on the tax front, the package proposes there would be no taxes on tips for certain workers, including those in some service industries; automobile loan interest; or some overtime pay. There would also be an increase to the standard income tax deduction, to $32,000 for joint filers, and a boost to the child tax credit to $2,500. There would be a new deduction, of $4,000, for seniors, to help defray taxes on Social Security income. To cut spending, the package would impose new work requirements for many people who receive health care through Medicaid, with able-bodied adults needing to fulfill 80 hours a month on a job or in other community activities. Advertisement Similarly, those who receive food stamps through the Supplemental Nutritional Assistance Program, known as SNAP, would also face new work requirements. Older Americans up to age 64, rather than 54, would need to work or engage in the community programs for 80 hours a month. Additionally, some parents of children older than 7 years old would need to fulfill the work requirements; under current law, the requirement comes after children are 18. Republicans said they want to root out waste, fraud and abuse in the federal programs. The Congressional Budget Office has estimated 8.6 million fewer people would have health insurance with the various changes to Medicaid and the Affordable Care Act. It also said 3 million fewer people each month would have SNAP benefits. Republicans have been racing to finish up the package by Memorial Day, a deadline imposed by Johnson as he tries to overcome objections within his own ranks. Conservatives are insisting on quicker, steeper cuts to federal programs to offset the costs of the trillions of dollars in lost tax revenue. GOP leaders have sped up the start date of the Medicaid work requirements from 2029 to 2027. At the same time, more moderate and centrist lawmakers are wary of the changes to Medicaid that could result in lost health care for their constituents. Others are worried the phaseout of the renewable energy tax breaks will impede businesses using them to invest in green energy projects in many states. Plus, a core group of lawmakers from New York, California and other high-tax states want a bigger state and local tax deduction, called SALT, for their voters back home. Advertisement As it stands, the bill would triple what's currently a $10,000 cap on the state and local tax deduction, increasing it to $30,000 for joint filers with incomes up to $400,000 a year. They have proposed a deduction of $62,000 for single filers and $124,000 for joint filers. Trump has been pushing hard for Republicans to unite behind the bill, which has been uniquely shaped in his image, and he said after meeting with House lawmakers privately Tuesday at the Capitol that anyone who doesn't support the bill would be a 'fool.' But it's not at all clear that Trump, who was brought in to seal the deal, changed minds. One of the conservative Republicans, Rep. Thomas Massie of Kentucky, said afterward he's still a no vote. 'We're still a long ways away,' said Rep. Andy Harris, R-Md., the chair of the House Freedom Caucus. The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, estimates that the House bill is shaping up to add roughly $3.3 trillion to the debt over the next decade.
Yahoo
19-05-2025
- Health
- Yahoo
House Republicans advance Trump bill
WASHINGTON (NEXSTAR) – President Donald Trump plans to visit Capitol Hill Tuesday to urge House Republicans to pass his 'one big, beautiful bill' before the holiday weekend. GOP members took to the House floor Monday to try to unite their caucus. 'I urge my colleagues to support it,' said U.S. Rep. Glenn Thompson (R=Pa.). After the legislation initially failed in a House committee Friday, lawmakers narrowly advanced an updated version late Sunday night. 'There's a lot of moving parts,' said Speaker Mike Johnson (R-La.) Johnson is trying to compromise with his conservative and centrist members over proposed cuts to Medicaid and green energy programs. 'We've got a few issues to resolve,' Johnson said. However, Johnson is still hopeful for his Memorial Day deadline to pass the bill to extend the president's tax breaks and increase funding for border security and deportations. 'This bill does not add to the deficit,' said White House Press Secretary Karoline Leavitt. The nonpartisan Committee for a Responsible Federal Budget disagrees with Leavitt, estimating the House bill would add more than $3 trillion to the debt over the next decade. 'House Democrats will continue to strongly oppose the GOP tax scam,' said Democratic Leader Hakeem Jeffries (D-N.Y.). Jeffries called this a 'make or break week' for the country. 'Almost 14 million people will lose their ability to access healthcare. People will die,' Jeffries said. Johnson stressed the most vulnerable Americans will not lose coverage. The bill needs to clear another House committee before going to the floor for a full vote. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
