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CNBC
an hour ago
- Business
- CNBC
Trump's 'big beautiful bill' cuts food stamps for millions — the average family may lose $146 per month, report finds
Republicans' "big beautiful" reconciliation package includes tax cuts that policy researchers have found primarily benefit the wealthy. To help pay for that, the legislation also includes "substantial" cuts to the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps, according to research from the Urban Institute. The changes will cause 22.3 million families to lose some or all of their SNAP benefits, according to the institute, a nonpartisan provider of policy research. Its analysis is based on the legislation passed by the Senate, which the House did not change before voting for the bill, signed into law by President Donald Trump. SNAP currently provides basic food assistance to more than 40 million people, including children, seniors and nonelderly adults with disabilities, according to the Center on Budget and Policy Priorities, a nonpartisan research and policy institute. More from Personal Finance:Tax changes under Trump bill — in one chartTrump bill doesn't eliminate taxes on Social Security benefitsWhat endowment tax in Trump bill may mean for your college tuition Of the 22.3 million families who will be affected by the legislation's changes, 5.3 million would lose at least $25 per month in SNAP benefits, according to Urban Institute's analysis. On average, those families would lose $146 per month in SNAP support, the Urban Institute found. The Congressional Budget Office has estimated the changes in the Senate reconciliation bill would cut SNAP funding by about 20%, or $186 billion through 2034. That makes it "the largest cut to SNAP in history," according to the Center on Budget and Policy Priorities. Currently, many individuals are limited to three months of SNAP benefits every three years unless they are working for 20 hours per week or qualify for an exemption. The new legislation will expand those requirements to individuals ages 55 through 64, parents of minor children ages 14 and up and veterans. It is unclear when those new rules go into effect. Those new work requirements may throw even working people who qualify off benefits if they do not report their eligibility properly, according to Elaine Waxman, senior fellow at the Urban Institute. Around 3.5 million working families, who have at least one family member working during the year, would lose at least $25 per month in benefits, or $108 per month on average, Urban Institute's research estimates. That estimate is based on families who may not consistently meet the required work hours, according to Waxman. However, because additional households may lose eligibility if they fail to properly comply with the administrative process, the total could be higher, she said. Additionally, the legislation requires states to pay for a portion of benefit costs, ranging from 5% to 15%, if their payment error rate is at or over 6%. The error rates measure the accuracy of states' eligibility and benefit payments. In fiscal year 2024, states had a 10.9% average payment error rate, with many states over 6%, according to the Department of Agriculture. States that can't pay those shares may have to cut SNAP benefits or opt out of the program entirely, according to the Center on Budget and Policy Priorities. While states will have until 2028 to start helping to pay for SNAP benefits, they will likely be aggressive in getting their error rates down sooner, according to Waxman. "I think that we will start to see SNAP declines for administrative reasons in the near future as states struggle with that," Waxman said. "I do think the effects will be felt sooner." Even if families' eligibility for SNAP hasn't changed, they could fall off the program if they fail to get recertified for benefits, which can lead to hardship, Waxman said. Children who are eligible for SNAP may also see cuts in school meals and in summer EBT, or electronic benefits transfer, food benefits, according to CBPP. The law also limits SNAP eligibility to U.S. citizens and lawful permanent residents. Every dollar spent on SNAP generates $1.54 in benefit for local economies, according to 2019 research from the U.S. Department of Agriculture's Economic Research Service. "People do spend SNAP dollars right away," Waxman said, which helps grocery stores, producers, processors and transportation companies. Those funds can help to support hiring even during downturns, she said. However, following the new law, states may be more likely to cut benefits during a recession if their budgets are stretched, according to CBPP. "Typically, in a recession, more people need SNAP and the rolls go up," Waxman said. If the changes under the new law prompt the program's administrative capacity to become stressed, SNAP may not be as well suited to respond to people's needs as it has been in the past, she said.
Yahoo
12 hours ago
- Business
- Yahoo
Oil Steady as Traders Weigh Rising US Stockpiles, Trump's Levies
(Bloomberg) -- Oil steadied as traders weighed a large increase in US crude stockpiles and a wave of new tariff rates from President Donald Trump. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? Denver City Hall Takes a Page From NASA Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On West Texas Intermediate held above $68 a barrel after closing little changed on Wednesday. Brent settled near $70. US inventories climbed by about 7.1 million barrels last week, the biggest build since January, according to government data. Stockpiles at the Cushing storage hub also expanded. The market continues to monitor a flurry of tariff demand letters being issued by Trump, with Brazil the latest to be slapped with high levies, following threats on copper imports and other countries. The president's trade regime and vows of retaliation by targeted nations has rattled global markets. Oil is still marginally higher this week, despite a decision by OPEC+ on Saturday to raise output more than expected in August. The group is betting on robust summer demand to help absorb the extra barrels, but there are concerns the market is facing a glut later in the year as peak consumption declines. Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 hours ago
- Politics
- Yahoo
Meuser fires back at Shapiro after Medicaid/SNAP callout
(WHTM) – Congressman Dan Meuser (R-Pa.) fired back at Governor Josh Shapiro on Thursday after the governor's office released a map showing, what they claimed, how many Pennsylvanians in Republican-led congressional districts could lose Medicaid and SNAP benefits in the 'Big Beautiful Bill.' Shapiro says the bill, which passed the House on Thursday, will result in 310,000 Pennsylvanians losing Medicaid and 140,000 losing SNAP benefits. The map released by Shapiro's office claimed that more than 26,000 residents in Meuser's district could lose benefits, and the governor called the bill 'shameful' after it passed. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Meuser pushed back on Shapiro's claims in an interview on Thursday, calling them 'complete, utter nonsense.' 'It's not taking into account there are illegals on the rolls, there are those that are ineligible,' said Meuser. 'I mean, (Shapiro's) a person running the fifth-largest state and not bringing any management skills or accountability, or even questioning the current status quo.' Meuser said he wants to ensure that Medicaid is available for 'those who are eligible' and questioned why governors in 'blue states' don't want systems audited. The comments come as Meuser considers whether to launch a campaign against Shapiro for governor in 2026. In January, the four-term congressman confirmed he was considering getting into the race, but a formal decision is not expected until later this year. Trump's massive tax bill could cost Pennsylvania $800M to keep food benefits program going Shapiro and Meuser previously traded barbs over Meuser's statements following the firebombing of Shapiro's Harrisburg residence in April. Meuser condemned the attack, calling the violence 'disgraceful' on a radio talk show. He also offered comments suggesting Shapiro is to blame for heightening political discourse. 'Hearts go out to the Shapiro family on this, but, you know, they have to tone it down too,' said Meuser. 'I mean, every action Josh Shapiro has taken so far against the President has either been a lawsuit or a falsehood.' Shapiro reacted to Meuser's statement with surprise, saying, 'Look, I've said for years, leaders have a responsibility to speak and to act with moral clarity. It would appear the Congressman failed to measure up to that.' No Republicans have formally entered the 2026 gubernatorial race. State Treasurer Stacy Garrity teased a potential gubernatorial run earlier this year, saying she is 'listening' and 'ready to do what's necessary to help (her) team win.' State Senator Doug Mastriano says he is considering a second run for Governor after losing to Shapiro in 2022. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18 hours ago
- Politics
- Yahoo
Stacy Garrity's Pennsylvania gubernatorial announcement coming 'very soon' after Meuser declines to run
(WHTM) – Pennsylvania Treasurer Stacy Garrity expects to make an announcement 'very soon' on whether she will run for governor in 2026. In a statement to abc27 on Wednesday, Garrity confirmed a decision 'about the future of my career in service' will be announced in the near future. The twice-elected State Treasurer told abc27 in April that she would make a decision 'this summer.' Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Garrity's latest statement on a potential gubernatorial run comes hours after Congressman Dan Meuser announced he would not run for governor in 2026 despite being endorsed by President Donald Trump. Meuser told abc27 in January that he was considering a run and targeted Governor Josh Shapiro multiple times during interviews, most recently last week over potential cuts to Medicaid and SNAP benefits. Garrity, who lives in Meuser's congressional district, recognized Meuser's announcement on Wednesday, saying, 'I commend him for his principled leadership in Congress and devotion to the people of the 9th District.' Finding a strong candidate for governor in Pennsylvania may help GOP protect its US House majority Last November, Garrity broke Shapiro's record for the most votes received by a state official in Pennsylvania in her re-election campaign. State Senator Doug Mastriano, the 2022 Republican gubernatorial nominee who received Trump's endorsement, has said he is considering another run for Governor and believes he'd win another primary. No candidates have formally filed to run in the 2026 gubernatorial election against Shapiro, who is a potential presidential candidate in 2028. A Morning Consult poll released in April found Shapiro has a 59% approval rating in the state. The Democratic Governors Association reacted Wednesday to Meuser's decision, saying, 'Even longtime Congressman Dan Meuser — Donald Trump's hand-picked candidate for the Republican nomination for governor — knows he can't go up against Governor Josh Shapiro and win.' Shapiro declined to comment on Meuser's decision when asked on Wednesday at a bill signing that repealed the state's Sunday hunting ban. This is a developing story. Stay with abc27 News as more information becomes available Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Metro
20 hours ago
- Business
- Metro
Trump approval ratings dented by doubts over budget impact
A recent YouGov survey of 1,528 US adults delved into views on President Trump's latest policies and moves which have seen an impact on federal budget, healthcare and inflation. Those quizzed were drawn from a demographically-balanced sample, as per usual fair polling methods. With results weighted by key characteristics including things like party identification. The survey has a margin of error of about 4%, which is pretty standard. Here's what the latest polling on opinions around President Trump and his 'big beautiful bill' look like… (Picture: AP) Just over half of Americans - 53% - either strongly or somewhat oppose Trump's controversial new bill which was signed earlier this week after squeaking through Congress. In contrast, 35% actively support it. Opposition to the budget has grown by a full 10 points since April (Picture: REUTERS) In 2017, after President Trump's first-term budget passed, opposition to that was lower than it is today. Back then, 41% were against it and 28% supported it, suggesting public resistance to Trump's budget proposals has seemingly increased over time. Although the numbers may reflect the fact this this budget is more sweeping and dramatic in nature (Picture: REUTERS) A majority of those asked - 52% - think the federal budget deficit will grow as a result of the new budget. This includes 80% of Democrats and 22% of Republicans. Only 11% expect no change at all, while 19% believe that the deficit will shrink because of it (Picture: REUTERS) When asked about personal impact, 52% think the budget will hurt the average American's pocket. Meanwhile, 28% expect it to help everyone's bank balance (with 9% believing that it'll make little difference). A smaller group - that's 42% - think they and their families will be directly negatively impacted by it (Picture:) Two thirds of Americans polled - 67% - believe that Medicaid funding will be cut either significantly or somewhat. Only 6% believe it will increase. Republicans are less likely than Democrats to expect cuts (49% compared to 87%) (Picture: Getty Images) Support for maintaining or increasing funding is actually quite strong across the board. Majorities back more spending for Social Security (61%) and Medicare (56%), with 49% for Medicaid and 41% for Supplemental Nutrition Assistance Program (SNAP). Just 20% support reducing SNAP's funding (Picture: AP) Views on Medicaid funding, unsurprisingly, tend to differ by party. While 81% of Democrats want more funding, Republican opinion is split: 22% want increases, 28% want it unchanged, 30% support cuts and 5% say it should be eliminated entirely (Picture: ALLISON ROBBERT/AFP via Getty Images) Roughly half of Americans - 51% - support stricter work requirements for Medicaid for childless adults without disabilities. Whereas a third of people - 33% - oppose these requirements. It seems as if public opinion on this issue remains as divided as ever (Picture: ALLISON ROBBERT/AFP via Getty Images) Americans are much more likely to support than oppose a 'Medicare for all' system (59% vs. 27%). Although, as you would imagine, most Democrats (85%) are in favor of such a move. Among Republicans, half of them oppose the idea and 34% support it, reflecting some quite mixed views across the two very different political parties (Picture: AP)
