logo
Senate ekes out late-night win on Trump's "big, beautiful bill"

Senate ekes out late-night win on Trump's "big, beautiful bill"

Axiosa day ago

Senate Republicans voted 51-49 late Saturday to move forward with President Trump's " big, beautiful bill" — clearing a significant hurdle and setting up a lengthy weekend to pass the legislation.
Why it matters: After days of heated debate and complaints, Senate Majority Leader John Thune (R-S.D.) is barreling forward to get Trump's priorities on taxes, the debt ceiling, border security and military funding passed by July 4.
All Republicans but Rand Paul (R-Ky.) and Thom Tillis (R-N.C.) ultimately voted yes, making the final tally 51-49.
But GOP holdouts — notably Sens. Ron Johnson (Wisc.), Mike Lee (Utah), Rick Scott (Fla.) and Cynthia Lummis (Wyo.) — forced the vote to remain open for more than three hours while they negotiated with party leaders, including Vice President JD Vance.
Johnson told reporters on Saturday that holdouts were promised a vote on an amendment that would reduce the federal matching share for some new Medicaid enrollees. Scott has been pushing the approach.
What to watch: Democrats are forcing the entire 940-page bill to be read on the floor, a process that could take well over 10 hours.
Hours of debate, followed by a series of unlimited amendment votes, known as a vote-a-rama, will happen before final passage can take place.
Zoom in: Sen. Marsha Blackburn (R-Tenn.) plans to offer an amendment to strike a temporary pause on states passing AI regulations.
It is likely to be adopted, given that other Republicans, including Sen. Josh Hawley (R-Mo.), also are unhappy with the measure.
Lee, as the vote was ongoing, announced he would withdraw his plan to sell off public lands to private housing developers.
Several other GOP senators, including Sens. Steve Daines (R-Mont.) and Mike Crapo (R-Idaho), opposed Lee's provision.
Between the lines: Trump ramped up pressure on Republicans on Saturday morning, circulating a statement of administration policy urging the bill's passage.
"President Trump is committed to keeping his promises, and failure to pass this bill would be the ultimate betrayal," the statement read.
Senators have been receiving phone calls, lunching and golfing with the president this weekend.
The big picture: The new text would delay implementation of a reduced Medicaid provider tax in expansion states.
It includes a compromise with the House to raise the cap on the state and local tax deduction to $40,000 for five years before reverting to the current $10,000 cap.
It would create a $25 billion rural hospital fund, bumped up from $15 billion, an attempt to assuage concerns from some Republicans that bill's Medicaid cuts would devastate rural health providers.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Most Asian stocks rise as investors eye US trade talks
Most Asian stocks rise as investors eye US trade talks

Yahoo

time3 minutes ago

  • Yahoo

Most Asian stocks rise as investors eye US trade talks

Asian equities mostly rose Monday following a record-breaking day on Wall Street as investors kept tabs on countries' efforts to strike trade deals with the United States before a key deadline next week. And the dollar weakened on growing expectations for more interest rate cuts, while eyes were on Donald Trump's signature tax-cutting bill -- now inching towards a Senate vote -- that some experts warn could add trillions of dollars to the national debt. The S&P 500 and Nasdaq finished at all-time peaks Friday amid optimism governments will be able to avoid swingeing tariffs imposed by the US president in April and paused until July 9 to allow for negotiations. Officials from Japan and India have extended their stays in Washington to continue talks, raising hopes for agreements with two of the world's biggest economies. Hopes that the deadline could be extended were boosted Friday by Treasury Secretary Scott Bessent, who told Fox Business "we have countries approaching us with very good deals" but they might not all be finalised by next week. But he added: "If we can ink 10 or 12 of the important 18 -- there are another important 20 relationships -- then I think we could have trade wrapped up by Labor Day," which falls on September 1. Trump said at the weekend that he did not expect to extend the deadline, telling the "Sunday Morning Futures with Maria Bartiromo" show: "I don't think I'll need to". "I could, no big deal," he added in the interview that was taped Friday. Meanwhile, Canadian Finance Minister Francois-Philippe Champagne said Sunday that Ottawa would rescind taxes impacting US tech firms in hopes of reaching a trade agreement with Washington after Trump called off talks in retaliation for the levy. Negotiations would resume with the aim of getting a deal by July 21, Ottawa added. After Wall Street's record day, most of Asia followed suit. Tokyo extended its recent rally fuelled by tech firms, while there were also gains in Shanghai, Sydney, Seoul, Singapore, Manila and Jakarta. But Hong Kong, Wellington and Taipei fell. There was little major reaction to data showing the contraction in Chinese factory activity eased further in June after a China-US trade truce. The dollar extended losses against its peers as traders increased bets on at least two rate cuts this year following Trump's indication he could choose a successor to Federal Reserve boss Jerome Powell within months. "Markets... are already pricing not just two Fed cuts this year, but a full-blown easing cycle stretching deep into 2026," said SPI Asset Management's Stephen Innes. "Powell may still hold the gavel, but traders are betting the next Fed chair walks, talks, and cuts like a dove in MAGA red." Senators were also debating Trump's "One Big Beautiful Bill", which extends his expiring first-term tax cuts at a cost of $4.5 trillion and beefs up border security. The Republican president has ramped up pressure to get the package to his desk by July 4, and called out wavering lawmakers from his party. However, there are worries about the impact on the economy, with the nonpartisan Congressional Budget Office estimating the measure would add nearly $3.3 trillion to US deficits over a decade. - Key figures at around 0230 GMT - Tokyo - Nikkei 225: UP 1.6 percent at 40,809.82 (break) Hong Kong - Hang Seng Index: DOWN 0.4 percent at 24,183.73 Shanghai - Composite: UP 0.3 percent at 3,433.80 Euro/dollar: UP at $1.1724 from $1.1718 on Friday Pound/dollar: UP at $1.3723 from $1.3715 Dollar/yen: DOWN at 144.31 yen from 144.68 yen Euro/pound: UP at 85.45 pence from 85.43 pence West Texas Intermediate: DOWN 0.5 percent at $65.18 per barrel Brent North Sea Crude: DOWN 0.3 percent at $67.57 per barrel New York - Dow: UP 1.0 percent at 43,819.27 (close) London - FTSE 100: UP 0.7 percent at 8,798.91 (close) dan/sco 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

Canada rescinds tax on US tech firms in hopes of Trump trade deal
Canada rescinds tax on US tech firms in hopes of Trump trade deal

Yahoo

time7 minutes ago

  • Yahoo

Canada rescinds tax on US tech firms in hopes of Trump trade deal

Canada will rescind taxes impacting US tech firms that had prompted President Donald Trump to retaliate by calling off trade talks, Ottawa said Sunday, adding that negotiations with Washington would resume. The digital services tax, enacted last year, would have seen US service providers such as Alphabet and Amazon on the hook for a multi-billion-dollar payment in Canada by Monday, analysts have said. Washington has previously requested dispute settlement talks over the tax -- but on Friday Trump, who has weaponized US financial power in the form of tariffs, said he was ending trade talks with Ottawa in retaliation for the levy. He also warned that Canada would learn its new tariff rate within the week. But on Sunday, Ottawa binned the tax, which had been forecast to bring in Can$5.9 billion (US$4.2 billion) over five years. Finance Minister Francois-Philippe Champagne "announced today that Canada would rescind the Digital Services Tax (DST) in anticipation of a mutually beneficial comprehensive trade arrangement with the United States," a government statement said. It added that Trump and Canadian Prime Minister Mark Carney "have agreed that parties will resume negotiations with a view towards agreeing on a deal by July 21, 2025." There was no immediate comment from the White House or Trump. US Treasury Secretary Scott Bessent told CNBC on Friday that Washington had hoped Carney's government would halt the tax "as a sign of goodwill." Canada has been spared some of the sweeping duties Trump has imposed on other countries, but it faces a separate tariff regime. Since returning to the White House in January, Trump has also imposed steep levies on imports of steel, aluminum and autos. Canada is the largest supplier of foreign steel and aluminum to the United States. Last week, Carney said Ottawa will adjust its 25 percent counter tariffs on US steel and aluminum -- in response to a doubling of US levies on the metals to 50 percent -- if a bilateral trade deal was not reached in 30 days. "We will continue to conduct these complex negotiations in the best interest of Canadians," Carney said Friday. He had previously said a good outcome in the talks would be to "stabilize the trading relationship with the United States" and "ready access to US markets for Canadian companies" while "not having our hands tied in terms of our dealings with the rest of the world." Carney and Trump met on the sidelines of the Group of Seven summit in Canada earlier this month. Leaders at the summit pushed Trump to back away from his punishing trade war. Dozens of countries face a July 9 deadline for steeper US duties to kick in -- rising from a current 10 percent. It remains to be seen if they will successfully reach agreements before the deadline. Bessent has said Washington could wrap up its agenda for trade deals by September, indicating more agreements could be concluded, although talks were likely to extend past July. bur-st/dan Sign in to access your portfolio

Shift4 Payments, Inc. (FOUR) to Acquire Smartpay Holdings for $183 Million
Shift4 Payments, Inc. (FOUR) to Acquire Smartpay Holdings for $183 Million

Yahoo

time9 minutes ago

  • Yahoo

Shift4 Payments, Inc. (FOUR) to Acquire Smartpay Holdings for $183 Million

Shift4 Payments, Inc. (NYSE:FOUR) is among the best stocks added to the . A technician inserting a credit card into a point-of-sale machine for identity authentication. On June 24, 2025, Shift4 Payments, Inc. (NYSE:FOUR) announced a scheme implementation agreement to acquire Smartpay Holdings. The acquisition was made for $0.74 per share in cash, valuing the company at approximately $183 million, which represents a 47% premium over Smartpay's 90-day average. The agreement has the support of Smartpay's board as well as its 13.3% stakeholder, Microequities Asset Management. With this deal, Shift4 Payments, Inc. (NYSE:FOUR) is expected to expand its international footprint, particularly in Australasia's SME payments sector. Furthermore, it would support the company's broader growth strategy by integrating Smartpay's local market share and POS technology. Shift4 Payments, Inc. (NYSE:FOUR), which provides end-to-end commerce solutions, supports a vast range of sectors with its omnichannel card processing, mobile wallets, and alternative payments. It also offers cloud-based tools like SkyTab POS and Lighthouse. While we acknowledge the potential of FOUR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: 10 Best Marketing Stocks to Buy Right Now and 10 Best Cybersecurity Stocks to Invest in Under $20 Disclosure: None.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store