Putin Spurns Trump's 30-Day Ceasefire & Nvidia Fails to Wow
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, the Russian President has rejected Donald Trump's call for a 30-day ceasefire in Ukraine, but agreed to limit attacks on energy infrastructure in the country. Ukraine's President says he needs to be involved in the talks and calls for more details of Moscow's proposals. This as the German Parliament approves a landmark package to ramp up defense spending. Today's Guests: Chuka Umunna, JP Morgan Chase Global Head of Sustainable Solutions (Source: Bloomberg)
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Politico
21 minutes ago
- Politico
‘Kill shot:' GOP megabill targets solar, wind projects with new tax
Senate Republicans stepped up their attacks on U.S. solar and wind energy projects by quietly adding a provision to their megabill that would penalize future developments with a new tax. That new tax measure was tucked into the more than 900-page document released late Friday that also would sharply cut the tax credits in the Inflation Reduction Act for solar and wind projects. Those cuts to the IRA credits were added after a late-stage push by President Donald Trump to crack down further on the incentives by requiring generation projects be placed in service by the end of 2027 to qualify. The new excise tax is another blow to the fastest-growing sources of power production in the United States, and would be a massive setback to the wind and solar energy industries since it would apply even to projects not receiving any credits. 'It's a kill shot. This new excise tax on wind and solar is designed to fully kill the industry,' said Adrian Deveny, founder and president of policy advisory firm Climate Vision, who helped craft the climate law as a former policy director for Democratic Senate Leader Chuck Schumer. Analysts at the Rhodium Group said in an email the new tax would push up the costs of wind and solar projects by 10 to 20 percent — on top of the cost increases from losing the credits. 'Combined with the likely onerous administrative reporting burden this provision puts in place, these cost increases will lead to even lower wind and solar installations. The impacts of this tax would also flow through to consumers in the form of higher electricity rates,' Rhodium said. The provision as written appears to add an additional tax for any wind and solar project placed into service after 2027 — when its eligibility for the investment and production tax credits ends — if a certain percentage of the value of the project's components are sourced from prohibited foreign entities, like China. It would apply to all projects that began construction after June 16 of this year. The language would require wind and solar projects, even those not receiving credits, to navigate complex and potentially unworkable requirements that prohibit sourcing from foreign entities of concern — a move designed to promote domestic production and crack down on Chinese materials. In keeping with GOP support for the fossil fuel industry, the updated bill creates a new production tax credit for metallurgical coal, which is used in steelmaking.
Politico
27 minutes ago
- Politico
Millions of students could lose federal aid under a proposal to slash Pell Grants
College presidents are rallying behind Senate Republicans in a bid to stave off megabill cuts to a program that helps more than 6 million low- and middle-income students pay for school. To help avert a $2.7 billion shortfall in the Pell Grant program later this year, the House's version of President Donald Trump's 'big, beautiful bill' advanced tighter eligibility rules that alarmed educators. The changes, according to the Congressional Budget Office, could kick nearly 10 percent of Pell recipients off the award and shrink the amount of money most participants receive. Those numbers are driving college leaders — many already facing threats of Trump-driven funding cuts, new endowment taxes and limits on international students — to support the Senate's less-restrictive take on the popular bipartisan program. Mark Brown, a former Trump Education Department official who is now president of Alabama's Tuskegee University, told senators last month that Pell reductions proposed by the House would push students to take out more loans. And some of the nation's largest university systems, like California State University and California Community Colleges, have called the restrictions an 'existential threat.' 'This is a difference between some of those students either coming to our universities or tech colleges or not,' said Jay Rothman, president of the Universities of Wisconsin, whose 13 campuses have roughly 31,600 Pell Grant recipients. Republicans in both chambers are under tremendous pressure from party bosses to find savings that help offset Trump's $4 trillion in broader tax cuts. But higher education leaders across the nation say the House GOP's plans would imperil college access for working students and contend that their institutions can't make up for the loss of federal financial aid. 'There are going to be some students who have the ability and have the passion and have the desire, but will not have the financial means to attend our universities. And there will be students that will not get the benefit of that higher education because of these reductions,' Rothman said. During the 2024-25 award year, the maximum Pell Grant was $7,395, which is determined based on income, family size, federal poverty guidelines and other factors. The House-passed 'big, beautiful bill' would require students to increase their course load from 24 credit hours a year to 30 each year to be eligible for the maximum amount of the grant. Most students would likely have to take 15 credits per semester instead of 12 to get the full award, though students could take summer courses to meet the full-time requirements. The bill also includes language that would bar students enrolled less than half-time from the grant. But the Senate has proposed scaling back the lower chamber's dramatic changes to the grant, and appears to be sticking with its Pell plans in the chamber's latest legislative text. The upper chamber's plan would deem students ineligible for the grant if they receive federal, state, institutional or private aid that covers the full cost of attendance, something campus leaders and advocates deem more favorable. Education Chair Bill Cassidy's proposal strips the full-time definition and half-time language from the panel's portion of the reconciliation bill, to the disgruntlement of some House leaders. 'I'm not OK with it,' said House Education and Workforce Chair Tim Walberg, whose panel is responsible for the lower chamber's Pell proposal. 'But we learned that we have to deal with reality. We know that we have to pass the One Big Beautiful Bill.' Walberg said he hasn't seen anything in the Senate's proposal that would be a deal breaker but worries about the long-term sustainability of the grant. Pell's estimated shortfall could balloon up to $10 billion by the end of fiscal 2026. Both the House and Senate proposals include funding to address the shortfall, but Walberg has said his proposed changes to eligibility would help rein in annual spending on Pell and help stave off another deficit. 'We thought it was very realistic,' the Michigan Republican said. 'The issue is, if we're going to pay for the shortfall that's going to be in Pell, we have to make sure that we have students that are finishing up, completing an education and moving on.' But some institutions are discouraging students from taking heavy course loads, saying student performance goes down the more classes they take, especially if they have obligations outside of school. 'We actually advise them to take 12, not 15, so that they will do well. Fifteen credits is far too many,' Trinity Washington University President Patricia McGuire said. 'That is such a heavy, heavy academic load for students who are normally working. Also, many of them are raising their own children, many of them have family circumstances that are very stressful. Congress, in addition to not understanding how education works, have no concept of the lives of low-income students.' McGuire, who has headed the D.C. university for over 30 years, said 60 to 70 percent of her nearly 2,000 students are Pell recipients. 'If this goes through, we will go out, and we will make the case directly to donors: Can you help us to close this new gap that the government has created?' she said. 'But that also seems like we shouldn't have to do that.' Alabama Republican Sen. Tommy Tuberville, a HELP Committee member, said he just wants the reconciliation bill's education proposals to be 'right in the end' when asked about the House Pell plans. 'Education is hugely important,' he said. Pell eligibility changes, if they become law, could be much more acute for community colleges, where students are often part-time. 'At community colleges, we're about careers, we're about jobs, we're about getting people into the workforce and if they can't afford to access the education, then we certainly can't get them into the workforce,' Forsyth Technical Community College President Janet Spriggs said.
Forbes
33 minutes ago
- Forbes
Trump's Spending Bill: Senate Votes On ‘Big, Beautiful Bill' Today As Musk Slams Proposal
The Senate is slated to vote on President Donald Trump's budget and spending bill Saturday, as Republicans seek to push the controversial measure through by July 4 despite some opposition within the GOP and from former Trump adviser Elon Musk. President Donald Trump's sweeping domestic policy bill lingers in the Senate, awaiting consensus ... More from divided Republicans Copyright 2025 The Associated Press. All rights reserved Senate Republicans released the latest version of the spending bill Friday, propping the measure up for a vote that could be successful even if three GOP members vote against it. Republicans have sparred over provisions linked to Medicaid cuts, an increased debt ceiling and tax deductions in recent weeks, with Senate Parliamentarian Elizabeth MacDonough ruling against Medicaid provisions that sought to pull the federal healthcare program from undocumented migrants and gender-affirming care among other changes. President Donald Trump has pressured the Senate to vote the bill through soon in hopes he can sign it by Independence Day. Musk, who had a recent falling out with Trump over the bill, weighed in on it again Saturday afternoon, calling it 'utterly insane and disgusting' and saying it 'will destroy millions of jobs in America and cause immense strategic harm to our country!' The Senate convened at 2 p.m. EDT. Get Forbes Breaking News Text Alerts : We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here . What's In Trump's Spending Bill? Trump's mega bill proposes $4 trillion in tax cuts and calls for an extension on the cuts made by Trump during his first term. It carves out $46.5 billion for the construction of the president's border wall and over $15 billion for border security. Reductions to student loan repayment options are also included, as are new or more pricey fees for immigration services including work authorization applications. Americans will be able to deduct up to $25,000 in tip wages through 2028 under the bill, which also creates a $12,500 overtime deduction. Large cuts to Medicaid worth hundreds of billions of dollars were proposed in the House version of the bill as a way to offset the costs of the proposed tax cuts, but some of those efforts were blocked by the Senate parliamentarian this week. Conversely, child tax credits are slated to increase under the bill from $2,000 to $2,200 per child alongside inflation adjustments to the credit amount after 2025. While Democrats are poised to completely oppose the bill, some Republicans have taken issue with its provisions and may not be on board for the vote. Sen. Rand Paul, R-Ky., told NBC News on Friday he would reconsider opposing the bill if the debt ceiling hike was removed. Sens. Susan Collins, R-Maine, and Lisa Murkowski, R-Alaska, have not explicitly said how they will vote prior to the Senate convening Saturday, though they have both actively opposed a provision in the bill that bars Medicaid funding from abortion providers like Planned Parenthood. Sen. Ron Johnson, R-Wis. told Fox News on Saturday he would vote against the initial motion to debate the 940-page bill, saying he would need more time to review the updated version published Friday night. Sen. Thom Tillis, R-N.C., said in a statement Saturday he will not support the bill over its changes to Medicaid. Key Background One of the leading concerns around the spending bill is linked to its potential impact on the national debt. The nonpartisan Congressional Budget Office said in a report this month the bill will increase the federal deficit by $2.8 trillion by 2034, noting economic growth that would come from the measure would be offset by a jump in interest payments over the next decade. Trump and Republican leadership have indicated their self-imposed July 4 deadline could be missed. The president, who threatened to pull Congress' July 4 recess if the bill is not passed by then, said Friday the deadline is 'not the end all.' Speaker Mike Johnson, R-La., said Friday it is possible the deadline is missed, but noted, 'I don't even want to accept that as an option right now.' Trump's Tax Cuts Would Raise Deficit By $2.8 Trillion, New Estimate Suggests (Forbes)
