Latest news with #spendingcut
The Herald
04-07-2025
- Business
- The Herald
Trump celebrates tax bill victory at Iowa fairground rally
'This bill includes the largest tax cut in American history, the largest spending cut in American history, the largest border security investment in American history,' Trump said. The package will add $3.4-trillion (R59.6-trillion) to the nation's $36.2-trillion (R634.62-trillion) debt, according to the non-partisan Congressional Budget Office. The passage of the bill marked weeks of arm twisting by Trump and his allies in Congress to convince sceptical Republicans to push through the bill on a rapid timetable. It was part of a string of victories for Trump in recent days, including convincing Iran and Israel to agree to a ceasefire after the US struck Iran's nuclear sites last month. Trump lambasted Democrats in Congress for voting against the measure, which passed on party-line votes in both chambers. He attributed that to Democrats hating him. 'But I hate them too,' he said. Trump said the vote will make for campaign fodder during next year's midterm elections, when control of Congress will be at stake. Some Republicans worry that deep cuts to the Medicaid health programme will hurt the party's prospects in the 2026 midterm elections. The president said the bill will bolster his aggressive immigration enforcement and deportation efforts but again pledged to work with farms and hotels concerned about a thinning labour force. Trump's trade policies have whipsawed agricultural communities in Iowa, creating economic uncertainty and testing loyalties. Iowa farmers have been hit hard, especially with China's retaliatory tariffs slashing soybean exports and prices. Reuters spoke to five attendees at the rally who said they braved the sweltering heat to show support for Trump. Most praised his handling of immigration and grocery prices. Despite widespread media coverage, only one of the five was aware of the existence of the tax-cut bill and praised it for giving Trump more resources for immigration enforcement. Reuters
Bloomberg
21-05-2025
- Business
- Bloomberg
SSE Cuts Spending Plan by £3 Billion Amid Slowing Growth
SSE Plc cut its five-year spending plan by £3 billion ($4 billion) as projects slow amid planning delays. The program now totals about £17.5 billion, the UK utility said Wednesday. The company booked a £249.5 million impairment on its investment in renewables projects in southern Europe, reflecting a build-out that's slower than planned because of sector-wide delays to permitting and grid connections.
Bloomberg
08-05-2025
- Business
- Bloomberg
ConocoPhillips Slashes Spending Forecast Amid Lower Oil Prices
ConocoPhillips became the latest US oil explorer to cut spending after a drop in crude prices below $60 a barrel this year. The Houston-based oil giant cut its spending outlook by 3.5% to $12.45 billion, when taken at the midpoint of its guidance range, while leaving its production view unchanged, it said Thursday in a statement announcing first-quarter results.
