
Congress sends $9B spending cuts package to Trump's desk after late-night House vote
The bill, called a "rescissions package," passed the House of Representatives in a late-night vote after intense debate between Republicans and Democrats.
It's a victory for House Speaker Mike Johnson, R-La., but a mostly symbolic one – the spending cuts bill was largely seen by Trump allies as a test run of a fiscal claw-back process not used in more than two decades.
"This bill tonight is part of continuing that trend of getting spending under control. Does it answer all the problems? No. $9 billion, I would say is a good start," House Majority Leader Steve Scalise, R-La., said during debate on the bill.
When signed by Trump, it will block $8 billion in funding to the U.S. Agency for International Development (USAID) and $1 billion to the Corporation for Public Broadcasting for the remainder of the fiscal year. The dollars had been allocated by Congress for the duration of fiscal year 2025.
Republicans celebrated it as a victory for cutting off the flow of U.S. taxpayer dollars to what they called "woke" initiatives abroad, while Democrats accused the right of gutting critical foreign aid.
Rescissions packages are a way for the president to have input in Congress' yearly appropriations process. The White House sends a proposal to block some congressionally obligated funds, which lawmakers have 45 days to get through the House and Senate.
Republicans have also been able to sideline Democrats so far, with the rescissions process lowering the Senate's threshold for passage from 60 votes to 51.
The last time a rescissions package was signed into law was 1999.
Consideration of the bill began with a House Rules Committee hearing at 6 p.m. on Thursday evening.
Democrats attempted multiple times throughout the process to weaponize the ongoing inter-GOP fallout over the Jeffrey Epstein case, both in the House Rules Committee and on the chamber floor during debate on the bill.
Multiple calls were made for votes to force the release of the so-called Epstein "files."
"If every Republican votes to block our attempt to release the records, they are telling Epstein's victims, you don't matter as much as our political convenience. And that should disgust every single one of us," said Rep. Jim McGovern, D-Mass.
Far-right GOP figures are demanding accountability, while Trump has called on his base to move on after the Department of Justice (DOJ) signaled the case was closed.
Initial plans to begin advancing the bill earlier in the day were quickly scuttled, with Republicans on the committee being concerned about being put into a difficult position with potential Epstein votes.
In the end, a compromise led to the House Rules Committee advancing a separate nonbinding measure dealing with Epstein transparency, on a parallel track to the rescissions bill.
"All the credible evidence should come out. I've been very clear with members of the House Rules Committee. Republicans have been taking the incoming criticism because they voted to stop the Democrats' politicization of this, and they're trying to stick to their job and move their procedural rules to the floor so we can do our work and get the rescissions done for the American people," Johnson told reporters during negotiations earlier in the day.
Democrats nevertheless pressed on, mentioning Epstein multiple times on the House floor. McGovern even briefly led a chant of "release the files" when closing debate on the bill.
Republicans, in turn, accused Democrats of hypocrisy.
"Interesting how they talk about Jeffrey Epstein, because for four years, Mr. Speaker, President Joe Biden had those files, and not a single Democrat that you're hearing tonight tried to get those files released," House Majority Leader Steve Scalise, R-La., said at one point during the House floor debate.
The House initially voted to advance a $9.4 billion rescissions package, but it was trimmed somewhat in the Senate after some senators had concerns about cutting funding for HIV/AIDS prevention research in Africa.
Trump is expected to sign the bill on Friday.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Huntington Bancshares (HBAN) Reports Higher Earnings With US$1,467 Million Net Interest Income
Huntington Bancshares recently reported increased earnings for the second quarter, with net income rising slightly from the previous year and significant growth in net interest income. During the last quarter, Huntington's stock price increased by 24%, a notable move in comparison to a flat market. The company's potential acquisition of Veritex Holdings and declared dividend on its preferred stock might have bolstered investor sentiment, aligning with strong overall market conditions despite some setbacks, such as declines in major stocks like Netflix and Amex. This favorable market climate for earnings likely contributed to Huntington's robust shareholder returns. We've identified 1 warning sign for Huntington Bancshares that you should be aware of. AI is about to change healthcare. These 26 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The recent rise in Huntington Bancshares' stock price by 24% in the last quarter reflects a positive shift in investor sentiment, possibly driven by increased earnings and net interest income. This change aligns well with Huntington's strategy to expand in high-fee revenue areas and manage deposits efficiently, projecting a stable earnings path despite looming economic uncertainties. The news of a potential acquisition could further bolster revenue and earnings forecasts, as it aims to enhance the company's long-term growth prospects. Analysts predict earnings to rise to US$2.3 billion by 2028, although the risks of economic uncertainties and competitive pressures could challenge these expectations. The current share price of $16.98 represents a discount to its consensus price target of approximately $19.15, suggesting room for potential upward movement, subject to realizing growth projections. Over the past five years, Huntington's total shareholder return, including share price and dividends, reached a very large 120.59%, indicating strong performance over the long term. When contrasted with its recent 12-month performance, the stock has outpaced the broader US Market and remained on par with the US Banks Industry average of 18.4%. Notably, the board's authorization for a US$1 billion share repurchase reflects its confidence in sustaining robust shareholder returns. As the company's earnings grew 17.9% over the last year, surpassing its 5-year average of 16.5% annually, this historic growth underlines Huntington's potential to maintain an attractive total return for its shareholders moving forward. Evaluate Huntington Bancshares' historical performance by accessing our past performance report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HBAN. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ 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
25 minutes ago
- Yahoo
Top Dividend Stocks To Watch In July 2025
As the U.S. stock market navigates a mix of record highs and slight retreats, investor optimism is buoyed by strong corporate earnings and resilient economic data, despite ongoing tariff concerns. In such a dynamic environment, dividend stocks can offer stability and income potential, making them an attractive option for those looking to balance growth with consistent returns. Top 10 Dividend Stocks In The United States Name Dividend Yield Dividend Rating Universal (UVV) 5.91% ★★★★★★ Peoples Bancorp (PEBO) 5.17% ★★★★★☆ Huntington Bancshares (HBAN) 3.65% ★★★★★☆ First Interstate BancSystem (FIBK) 6.11% ★★★★★★ Ennis (EBF) 5.61% ★★★★★★ Douglas Dynamics (PLOW) 4.06% ★★★★★☆ Dillard's (DDS) 5.63% ★★★★★★ Credicorp (BAP) 4.86% ★★★★★☆ CompX International (CIX) 4.71% ★★★★★★ Columbia Banking System (COLB) 5.91% ★★★★★★ Click here to see the full list of 138 stocks from our Top US Dividend Stocks screener. We're going to check out a few of the best picks from our screener tool. Value Line Simply Wall St Dividend Rating: ★★★★★☆ Overview: Value Line, Inc. is involved in the production and sale of investment periodicals and related publications, with a market cap of approximately $366 million. Operations: Value Line, Inc. generates revenue primarily from its publishing segment, amounting to $35.70 million. Dividend Yield: 3.3% Value Line, Inc. recently increased its quarterly dividend to $0.325 per share, marking the 11th consecutive annual increase, though it was dropped from the Russell 2000 Dynamic Index in June 2025. Its dividend yield of 3.29% is lower than top-tier US dividend payers but offers stability and growth over a decade. With a payout ratio of 52.5% and cash payout ratio of 67.2%, dividends are sustainably covered by earnings and cash flows despite modest valuation metrics like its P/E ratio of 17.3x. Delve into the full analysis dividend report here for a deeper understanding of Value Line. In light of our recent valuation report, it seems possible that Value Line is trading beyond its estimated value. CareTrust REIT Simply Wall St Dividend Rating: ★★★★☆☆ Overview: CareTrust REIT is a self-administered, publicly-traded real estate investment trust focused on owning, acquiring, developing, and leasing seniors housing and healthcare-related properties with a market cap of approximately $5.83 billion. Operations: CareTrust REIT generates revenue primarily from its investments in healthcare-related real estate assets, amounting to $329.84 million. Dividend Yield: 4.4% CareTrust REIT recently declared a quarterly dividend of $0.335 per share, though its 4.42% yield is slightly below top-tier US payers. Despite stable and growing dividends over the past decade, the high payout ratio (582.6%) suggests limited coverage by earnings, though cash flows cover it at a 100% cash payout ratio. Recent executive hires and a new $500 million term loan aim to support growth through acquisitions in both the US and UK markets. Dive into the specifics of CareTrust REIT here with our thorough dividend report. In light of our recent valuation report, it seems possible that CareTrust REIT is trading behind its estimated value. PNC Financial Services Group Simply Wall St Dividend Rating: ★★★★★☆ Overview: The PNC Financial Services Group, Inc. is a diversified financial services company operating in the United States with a market cap of approximately $76.41 billion. Operations: PNC Financial Services Group generates revenue through its Asset Management Group ($1.69 billion), Corporate & Institutional Banking ($10.23 billion), and Retail Banking including Residential Mortgage ($13.83 billion) segments. Dividend Yield: 3.5% PNC Financial Services Group offers a reliable dividend yield of 3.47%, with dividends well-covered by earnings at a payout ratio of 43.6%. Recent earnings growth and a strategic buyback program, which repurchased shares worth US$9.80 billion, indicate financial robustness. Although the dividend yield is below top-tier levels, consistent increases over the past decade highlight commitment to shareholder returns. Recent quarterly results showed increased net income and interest income compared to last year, reinforcing its stable financial position. Click here to discover the nuances of PNC Financial Services Group with our detailed analytical dividend report. Insights from our recent valuation report point to the potential undervaluation of PNC Financial Services Group shares in the market. Seize The Opportunity Dive into all 138 of the Top US Dividend Stocks we have identified here. Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up. Unlock the power of informed investing with Simply Wall St, your free guide to navigating stock markets worldwide. Interested In Other Possibilities? Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include VALU CTRE and PNC. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ 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
25 minutes ago
- Yahoo
American Express (AXP) Re-Affirms 2025 Earnings Guidance with Revenue Growth of 8% to 10%
American Express reaffirmed its earnings guidance for 2025, projecting an 8% to 10% revenue growth and EPS between $15.00 and $15.50. Despite reporting record card spending for Q2 2025 with $4.08 earnings per share and a 9% revenue increase, the stock still experienced a 25% rise over the past quarter. This increase occurred amid strong corporate results and economic data, which supported market-wide optimism despite some volatility. Moreover, the company's inclusion in key indices and recent product introductions likely added positive weight to its share price movement relative to the broader market trends. We've identified 1 warning sign for American Express that you should be aware of. Uncover 18 companies that survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. The affirmation of American Express's earnings guidance and recent record card spending could bolster investor confidence, aligning with the company's longer-term total return performance of +247.57% over the past five years. This impressive return showcases resilience, significantly outpacing recent industry performance despite some short-term share price volatility. However, when looking at the past year, AXP underperformed the US Consumer Finance industry, which saw returns of over 30% compared to the US market's return of 14.1%. In light of the reaffirmed earnings guidance and projected revenue and EPS growth, expectations for future revenue and earnings might remain robust, but challenges highlighted in the narrative, such as potential deceleration in airline spending and macroeconomic uncertainties, could still pose growth hurdles. These factors underscore the company's need to maintain strong customer spending and effective cost control to achieve its targets. Given the current share price of US$315.35 and the analyst price target of US$318.02, the market's expectations seem closely aligned, suggesting limited room for immediate upward movement. Gain insights into American Express' past trends and performance with our report on the company's historical track record. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AXP. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ 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