Republican Sen. Thom Tillis of North Carolina won't run in 2026 after opposing Trump's bill
WASHINGTON (AP) — Republican Sen. Thom Tillis of North Carolina said Sunday he will not seek reelection next year, a day after announcing his opposition to President Donald Trump's tax breaks and spending cuts package because of its reductions to health care programs.
His decision will create a political opportunity for Democrats seeking to bolster their numbers in the 2026 midterm elections, opening a seat in a state that has long been a contested battleground. Republicans hold a 53-47 edge in the Senate.
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Winnipeg Free Press
27 minutes ago
- Winnipeg Free Press
Senate Republicans are in a sprint on Trump's big bill after a weekend of setbacks
WASHINGTON (AP) — After a weekend of setbacks, the Senate will try to sprint ahead Monday on President Donald Trump's big bill of tax breaks and spending cuts despite a series of challenges, including the sudden announcement from one GOP senator that he won't run for reelection after opposing the package over its Medicaid health care cuts. An all-night session to consider an endless stream of proposed amendments to the package, in what's called a vote-a-rama, was abruptly postponed, and it's now scheduled to launch as soon as the Senate gavels open. With Democrats united against the Republican president's legislation and eagerly lined up to challenge it, the voting could take all day. Senate Democratic Leader Chuck Schumer of New York said the 'hardest choices' for Republicans are still to come. His side plans to bring 'amendment after amendment after amendment to the floor, so Republicans can defend their billionaire tax cuts and so they can try to explain their massive cuts to Medicaid to people back home.' The hours ahead will be pivotal for the Republicans, who have control of the Congress and are racing against Trump's Fourth of July deadline to wrap up work. The 940-page 'One Big Beautiful Bill Act,' as it is now formally titled, has consumed the Congress as its shared priority with the president, with no room politically to fail, even as not all Republicans are on board. A new analysis from the nonpartisan Congressional Budget Office found that 11.8 million more Americans would become uninsured by 2034 if the bill became law. It also said the package would increase the deficit by nearly $3.3 trillion over the decade. House Speaker Mike Johnson's leadership team has recalled lawmakers back to Washington for voting in the House as soon as Wednesday, if the legislation can first clear the Senate. But the outcome remains uncertain, especially after a weekend of work in the Senate that brought less visible progress on securing enough Republican support, over Democratic opposition, for passage. Senators to watch Few Republicans appear fully satisfied as the final package emerges. GOP Sen. Thom Tillis of North Carolina, who announced Sunday he would not seek reelection after Trump badgered him over his opposition to the package, said he has the same goals as Trump, cutting taxes and spending. But Tillis said this package is a betrayal of the president's promises not to kick people off health care, especially if rural hospitals close. 'We could take the time to get this right,' he thundered. At the same time, some loosely aligned conservative Senate Republicans — Rick Scott of Florida, Mike Lee of Utah, Ron Johnson of Wisconsin and Cynthia Lummis of Wyoming — have pushed for steeper cuts, particularly to health care, drawing their own warning from Trump. 'Don't go too crazy!' the president posted on social media. 'REMEMBER, you still have to get reelected.' GOP leaders barely secured enough support to muscle the legislation past a procedural Saturday night hurdle in a tense scene. A handful of Republican holdouts revolted, and it took phone calls from Trump and a visit from Vice President JD Vance to keep it on track. As Saturday's vote tally teetered, attention turned to Sen. Lisa Murkowski, R-Alaska, who was surrounded by GOP leaders in intense conversation. She voted 'yes.' Several provisions in the package including a higher tax deduction for native whalers and potential waivers from food stamps or Medicaid changes are being called the 'Polar Payoff' designed for her state. But some were found to be out of compliance with the rules by the Senate parliamentarian. What's in the big bill All told, the Senate bill includes some $4 trillion in tax cuts, making permanent Trump's 2017 rates, which would expire at the end of the year if Congress fails to act, while adding the new ones he campaigned on, including no taxes on tips. The Senate package would roll back billions of dollars in green energy tax credits that Democrats warn will wipe out wind and solar investments nationwide and impose $1.2 trillion in cuts, largely to Medicaid and food stamps, by imposing work requirements, making sign-up eligibility more stringent and changing federal reimbursements to states. Additionally, the bill would provide a $350 billion infusion for border and national security, including for deportations, some of it paid for with new fees charged to immigrants. Democrats ready to fight Unable to stop the march toward passage, the Democrats as the minority party in Congress are using the tools at their disposal to delay and drag out the process. Democrats forced a full reading of the text, which took 16 hours. Then Democratic senators took over Sunday's debate, filling the chamber with speeches, while Republicans largely stood aside. 'Reckless and irresponsible,' said Sen. Gary Peters, a Democrat from Michigan. 'A gift to the billionaire class,' said Vermont's Sen. Bernie Sanders, an independent who caucuses with Democrats. 'Follow what the Bible teaches us: Do unto others as you would have them do unto you,' said Sen. Ben Ray Lujan, D-N.M., as Sunday's debate pushed past midnight. Sen. Patty Murray of Washington, the ranking Democrat on the Appropriations Committee, raised particular concern about the accounting method being used by the Republicans, which says the tax breaks from Trump's first term are now 'current policy' and the cost of extending them should not be counted toward deficits. Monday Mornings The latest local business news and a lookahead to the coming week. 'In my 33 years here in the United States Senate, things have never — never — worked this way,' said Murray, the longest-serving Democrat on the Budget Committee. She said that kind of 'magic math' won't fly with Americans trying to balance their own household books. 'Go back home,' she said, 'and try that game with your constituents.' ___ Associated Press writers Ali Swenson, Fatima Hussein and Michelle L. Price contributed to this report.
Canada News.Net
an hour ago
- Canada News.Net
Canada's digital tax revoked following Trump's condemnation
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision to proceed with a tax on technology companies, which he described as "a direct and blatant attack on our country." In a post on his social media platform, Trump revealed that Canada had informed the U.S. of its commitment to the digital services tax. The tax will affect both Canadian and foreign businesses that interact with online users in Canada and will take effect on Monday. "In light of this egregious tax, we are terminating ALL trade discussions with Canada, effective immediately. We will inform Canada of the tariff they will incur to do business with the United States within the next seven days," Trump stated. Canadian Prime Minister Mark Carney responded, indicating that Canada would "continue to engage in these complex negotiations in the best interests of Canadians. It's all part of the negotiation process." In fact by Sunday night, Canada had rescinded the digital tax in favor of continuing negotiations. This announcement marks the latest twist in the trade conflict that Trump has initiated since beginning his second term in January. Relations with Canada have fluctuated, especially after Trump previously hinted at the possibility of Canada becoming a U.S. state. Carney met with Trump in May at the White House, maintaining a polite yet firm stance. Last week, Trump visited Canada for the G7 summit in Alberta, where Carney mentioned that both countries agreed on a 30-day deadline for trade negotiations. The digital services tax would have imposed a three percent levy on revenue from Canadian users for companies like Amazon, Google, Meta, Uber, and Airbnb, applying retroactively and creating a potential US$2 billion liability for U.S. businesses by the end of the month. Discussions between Canada and the U.S. have also included addressing a range of steep tariffs imposed by Trump on goods from Canada. The Republican president had previously indicated that the U.S. would soon send letters to various countries regarding new tariff rates his administration plans to implement. Trump has already enacted 50 percent tariffs on steel and aluminum, 25 percent tariffs on automobiles, and a 10 percent tax on imports from most countries. He may raise these rates on July 9, following a 90-day negotiation period he initiated. Additionally, Canada and Mexico face individual tariffs of up to 25 percent, which Trump implemented to combat fentanyl smuggling, although certain products remain protected under the 2020 U.S.-Mexico-Canada Agreement established during Trump's first term.
CTV News
an hour ago
- CTV News
Asian shares are mixed after U.S. stocks hit an all-time high
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 30, 2025. (AP Photo/Ahn Young-joon) BANGKOK — Asian shares started the week with gains after U.S. stocks closed at an all-time high following their recovery from the shocks of the Trump administration's trade policies. Canada's decision to cancel a plan to tax U.S. technology firms that had led President Donald Trump to halt trade talks helped to steady the markets. U.S. stock futures advanced after Canadian Prime Minister Mark Carney said the talks had resumed. In Tokyo, the Nikkei 225 climbed 0.8% to 40,487.39. Hong Kong's Hang Seng lost 0.3% to 24,084.20, while the Shanghai Composite index advanced 0.6% to 3,444.43. China reported that its factory activity improved slightly in June after Beijing and Washington agreed in May to postpone imposing higher tariffs on each others' exports, though manufacturing remained in contraction. In South Korea, the Kospi gained 0.5% to 3,071.70. Australia's S&P/ASX 200 rose 0.3% to 8,542.30. Taiwan's Taiex lost 1.4% and the Sensex in India was down 0.6%. In Bangkok, the SET gained 0.4%. On Friday, the S&P 500 rose 0.5% to 6,173.07, above its previous record set in February. The key measure of Wall Street's health fell nearly 20% from Feb. 19 through April 8. The Nasdaq composite gained 0.5% to 20,273.46, its own all-time high. The Dow Jones Industrial Average rose 1% to 43,819.27. The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs. An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists' projections. Inflation remains a big concern. Trump's on-again-off-again tariff policy has made it difficult for companies to make financial forecasts and strained household budgets. A long list of businesses from carmakers to retailers have warned that higher import taxes will likely hurt their revenues and profits. The U.S. has 10% baseline tariffs on all imported goods, along with higher rates for Chinese goods and other import taxes on steel and autos and the threat of more severe tariffs continues to hang over the economy. The current pause on a round of retaliatory tariffs against a long list of nations is set to expire on July 9. Failure to negotiate deals or further postpone the tariffs could once again rattle investors and consumers. In an interview with Fox News Channel's 'Sunday Morning Futures,' Trump said his administration will notify countries that the trade penalties will take effect unless there are deals with the United States. Letters will start going out 'pretty soon' before the approaching deadline, he said. The Federal Reserve is monitoring the tariff situation with a big focus on inflation. The rate of inflation has been stubbornly sitting just above the central bank's target of 2%. In a report Friday, its preferred gauge, the personal consumption expenditures index, rose to 2.3% in May. That's up from 2.2% the previous month. The Fed cut interest rates three times in late 2024 following a historic series of rate hikes to cool inflation. The PCE was as high as 7.2% in 2022 while the more commonly used consumer price index hit 9.1%. The Fed hasn't cut rates so far in 2025 over worries that tariffs could reignite inflation and hamper the economy. Economists still expect at least two rate cuts before the end of the year. Bond yields held relatively steady. The yield on the 10-year Treasury fell to 4.25% from 4.27% late Friday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, stood at 3.73%. In other dealings early Monday, U.S. benchmark crude oil lost 31 cents to $65.21 per barrel. Brent crude, the international standard, gave up 20 cents to $66.60 per barrel. The U.S. dollar fell to 144.06 Japanese yen from 144.46 yen. The euro fell $1.1722 from $1.1725. Elaine Kurtenbach, The Associated Press
