Section 899: 'The threat of it alone is enough to spook the markets,' says Mizuho strategist
Jordon Rochester, head of fixed income and currency strategy for Europe, Middle East and Asia at Mizuho, says foreign investors will likely move assets and investments out of the U.S. if the Section 899 in U.S. President Donald Trump's 'One Big Beautiful Bill Act' is enshrined into law.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
16 minutes ago
- Fox News
CNN polling expert marvels at collapse of Democratic advantage with middle class in Trump era
CNN senior political data reporter Harry Enten Monday marveled at how Democrats continue to face a stark lack of confidence from voters on the economy and middle class issues. Voter dissatisfaction with former President Biden's management of the economy was one of the major issues that led to President Donald Trump's return to the White House. While Trump may have stirred controversy with his tariff and immigration policy shakeups since then, the economy appears to be one key area where he retains voters' trust. CNN host Kate Bolduan observed as she spoke to Enten that, according to CNN's own polling, Republicans are actually gaining ground in terms of being trusted to help America's struggling middle class. "Yeah, you know, historically speaking, 'Which is the party of the middle class?' has been a huge advantage for Democrats," Enten said, referring to one question from the polling. He said Democrats had a 23-point advantage on this question in 1989 and a 17-point advantage in 2016, "But by this decade, we already started seeing declines back in 2022, where you saw that Democrats led, but only by four points, well within the margin of error." Now it's tied. "This, I think, speaks to Democratic ills more than anything else," he argued. "They have traditionally been the party of the middle class. No more! Donald Trump and the Republican Party have taken that mantle away, and now a key advantage for Democrats historically has gone 'adios, amigos,' and now there is no party that is the party of the middle class. Republicans have completely closed the gap, Kate." Enten also said while one might think Trump's rocky experimentation with tariffs might shake voters' faith in Republicans and make them consider the opposition, but, "It ain't so. It ain't so!" The data reporter noted that in November 2023, Republicans had an 11-point advantage as "the party that is closest to your economic views." He noted, "Now it's still within that range, still within that margin of error, plus eight point advantage for the Republican Party. How is that possible, Democrats?" Enten continued to break down the numbers, wondering, "How is it possible after all the recession fears? After the stock market's been doing all of this, after all the tariffs that Americans are against, and Republicans still hold an eight-point lead on the economy? Are you kidding me?" He argued that CNN's poll was echoed by similar findings from Reuters/Ipsos, showing that confidence in Republicans to handle the economy has risen. "And again, this is after months of supposed economic uncertainty in which the stock market's been going bonkers, in which tariff wars that Americans are against have been going on. And yet, despite all of that, the Democrats are down by 12 points on the economy," he said. "This speaks to Democratic problems on the economy better than basically anything that you could possibly look at," Enten continued, arguing that even if approval ratings are slightly lower than they once were, Republicans maintain a clear advantage with public opinion on their management of the economy.
Hamilton Spectator
17 minutes ago
- Hamilton Spectator
Republican push for proof of citizenship to vote proves a tough sell in the states
AUSTIN, Texas (AP) — President Donald Trump and congressional Republicans have made it a priority this year to require people to prove citizenship before they can register to vote. Turning that aspiration into reality has proved difficult. Trump's executive order directing a documentary, proof-of-citizenship requirement for federal elections has been blocked by a judge, while federal legislation to accomplish it doesn't appear to have the votes to pass in the Senate. At the same time, state-level efforts have found little success, even in places where Republicans control the legislature and governor's office. The most recent state effort to falter is in Texas, where a Senate bill failed to gain full legislative approval before lawmakers adjourned on Monday. The Texas bill was one of the nation's most sweeping proof-of-citizenship proposals because it would have applied not only to new registrants but also to the state's roughly 18.6 million registered voters. 'The bill authors failed spectacularly to explain how this bill would be implemented and how it would be able to be implemented without inconveniencing a ton of voters,' said Anthony Gutierrez, director of the voting rights group Common Cause Texas. Voting by noncitizens is already illegal and punishable as a felony, potentially leading to deportation, but Trump and his allies have pressed for a proof-of-citizenship mandate by arguing it would improve public confidence in elections. Before his win last year, Trump falsely claimed noncitizens might vote in large enough numbers to sway the outcome . Although noncitizen voting does occur, research and reviews of state cases has shown it to be rare and more often a mistake. Voting rights groups say the various proposals seeking to require proof-of-citizenship are overly burdensome and threaten to disenfranchise millions of Americans. Many do not have easy access to their birth certificates, have not gotten a U.S. passport or have a name that no longer matches the one on their birth certificate — such as women who changed their last name when they married. The number of states considering bills related to proof of citizenship for voting tripled from 2023 to this year, said Liz Avore, senior policy adviser with the Voting Rights Lab, an advocacy group that tracks election legislation in the states. That hasn't resulted in many new laws, at least so far. Republicans in Wyoming passed their own proof-of-citizenship legislation, but similar measures have stalled or failed in multiple GOP-led states, including Florida, Missouri, Texas and Utah. A proposal remains active in Ohio, although Gov. Mike DeWine, a Republican, has said he doesn't want to sign any more bills that make it harder to vote. In Texas, the legislation swiftly passed the state Senate after it was introduced in March but never made it to a floor vote in the House. It was unclear why legislation that was such a priority for Senate Republicans – every one of them co-authored the bill — ended up faltering. 'I just think people realized, as flawed as this playbook has been in other states, Texas didn't need to make this mistake,' said Rep. John Bucy, a Democrat who serves as vice chair of the House elections committee. Bucy pointed to specific concerns about married women who changed their last name. This surfaced in local elections earlier this year in New Hampshire , which passed a proof-of-citizenship requirement last year. Other states that previously sought to add such a requirement have faced lawsuits and complications when trying to implement it. In Arizona, a state audit found that problems with the way data was handled had affected the tracking and verification of residents' citizenship status. It came after officials had identified some 200,000 voters who were thought to have provided proof of their citizenship but had not. A proof-of-citizenship requirement was in effect for three years in Kansas before it was overturned by federal courts. The state's own expert estimated that almost all of the roughly 30,000 people who were prevented from registering to vote while it was in effect were U.S. citizens who otherwise had been eligible. In Missouri, legislation seeking to add a proof-of-citizenship requirement cleared a Senate committee but never came to a vote in the Republican-led chamber. Republican state Sen. Ben Brown had promoted the legislation as a follow-up to a constitutional amendment stating that only U.S. citizens can vote, which Missouri voters overwhelmingly approved last November. He said there were several factors that led to the bill not advancing this year. Due to the session's limited schedule, he chose to prioritize another elections bill banning foreign contributions in state ballot measure campaigns. 'Our legislative session ending mid-May means a lot of things die at the finish line because you simply run out of time,' Brown said, noting he also took time to research concerns raised by local election officials and plans to reintroduce the proof-of-citizenship bill next year. The Republican-controlled Legislature in Utah also prioritized other election changes, adding voter ID requirements and requiring people to opt in to receive their ballots in the mail. Before Gov. Spencer Cox signed the bill into law, Utah was the only Republican-controlled state that allowed all elections to be conducted by mail without a need to opt in. Under the Florida bill that has failed to advance, voter registration applications wouldn't be considered valid until state officials had verified citizenship, either by confirming a previous voting history, checking the applicant's status in state and federal databases, or verifying documents they provided. The bill would have required voters to prove their citizenship even when updating their registration to change their address or party affiliation. Its sponsor, Republican state Rep. Jenna Persons-Mulicka, said it was meant to follow through on Trump's executive order: 'This bill fully answers the president's call,' she said. ___ Cassidy reported from Atlanta. Associated Press writers Mead Gruver in Cheyenne, Wyoming; David A. Lieb in Jefferson City, Missouri; Kate Payne in Tallahassee, Florida; Hannah Schoenbaum in Salt Lake City; Julie Carr Smyth in Columbus, Ohio; and Isabella Volmert in Lansing, Michigan, contributed to this report. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
22 minutes ago
- Yahoo
US job openings rebound in April; layoffs pick up
WASHINGTON (Reuters) -U.S. job openings increased in April, but layoffs picked up in a move consistent with a slowing labor market amid a dimming economic outlook because of tariffs. Job openings, a measure of labor demand, rose 191,000 to 7.391 million by the last day of April, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Data for March was revised higher to 7.200 million open positions instead of the previously reported 7.192 million. Economists polled by Reuters had forecast 7.10 million vacancies. April's rise in vacancies was likely a correction following March's sharp decline. Hiring increased by 169,000 to 5.573 million in April. Layoffs rose 196,000 to 1.786 million. Economists say the on-gain, off-again manner in which the import duties are being implemented is making it difficult for businesses to plan ahead. A U.S. trade court last week blocked most of President Donald Trump's tariffs from going into effect, ruling that the president overstepped his authority. But the tariffs were temporarily reinstated by a federal appeals court on Thursday, adding to the uncertainty facing businesses. Consumers are increasingly becoming less confident about the jobs market and the Conference Board's labor market differential has narrowed considerably this year. That could be reinforced by May's employment report, which is scheduled for release on Friday. Nonfarm payrolls likely increased by 130,000 jobs last month after advancing by 177,000 in April, a Reuters survey of economists showed. The unemployment rate is forecast to hold steady at 4.2%, with greater risks of a rise to 4.3%. 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
