US Senate advances Trump 'big beautiful' tax bill despite debt warning
Senate Republicans pushed forward President Donald Trump's sweeping tax cut and spending bill on Sunday in a marathon weekend session even as a nonpartisan forecaster said it would add an estimated $3.3 trillion to the nation's debt over a decade.The estimate by the Congressional Budget Office of the bill's hit to the $36.2 trillion federal debt is about $800 billion more than the version passed last month in the House of Representatives.
Show more
Show less
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
14 minutes ago
- Mint
Sterling heads for biggest quarterly jump in more than two years
June 30 (Reuters) - Sterling was on track for its biggest quarterly rise against the dollar in more than two years on Monday, aided by weakness in the dollar across the board and optimism over a trade deal between the United States and Britain. The pound has been among the top beneficiaries of the "sell America" narrative that has dominated much of market sentiment over the past six months, as investors worry that U.S. President Donald Trump's erratic style of policymaking could trigger a U.S. recession that hurt global economies. The British currency is on track for its strongest quarterly performance since October 2022, having gained about 6% against the U.S. dollar. It has appreciated more than 9% during the past six months. On Monday, the pound see-sawed between marginal gains and losses and was last down 0.1% at $1.3705, having rallied over the past two weeks. Against the euro, the currency slipped, with the euro last up 0.2% at 85.59 pence. Investors were also looking favourably upon British assets, as Britain was first among global economies to strike a trade deal with the United States. An agreement to lower U.S. tariffs on some industrial items from Britain also came into effect on Monday. "The UK was first out of the block in terms of getting a deal signed with the United States, although there is still going to be pockets of uncertainty to some sectors," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. "Even so, it has again brought more stability in terms of the relationship that the UK has with the U.S... compared to the European Union, where there (are) still no agreements." Meanwhile, data confirmed that the British economy grew at its fastest pace in a year in the first three months of 2025, though signs of softening consumer demand could potentially weigh on the economy in the months ahead. Markets are pricing in the likelihood that the Bank of England could deliver 50 basis points worth of interest rate cuts by December, with the first expected in September, according to data compiled by LSEG. Other British assets were also poised to finish the quarter on a strong note, with domestically-exposed FTSE 250 mid-cap stocks set for their best quarterly performance since October 2020. (Reporting by Johann M Cherian; Editing by Alex Richardson)
Time of India
15 minutes ago
- Time of India
India hardens stance on farm sector concessions as India-US trade talks stretch
India-US trade deal (Representative AI image) NEW DELHI: As India-US trade talks stretch into a new week with both sides chasing the July 9 deadline, government has hardened its stance on offering concessions in the farm sector. 'The Indian team may stay longer as crucial talks are continuing, but we don't just want to open up whatever is the demand (from the US) on agriculture as lives of millions of farmers are involved,' said a government source. Last week, India's chief negotiator Rajesh Agarwal and other officials had gone to the US on a two-day visit, but the talks have stretched as the US is also keen to conclude some deals before the pause on reciprocal tariffs – 26% in India's case -- ends in. In fact, on Thursday, US president Donald Trump had announced that a 'very big deal' with India is likely – the seventh time that he had announced an agreement. The Indian industry is also being prepared for dealing with reciprocal tariffs, in case the early tranche of the proposed bilateral trade deal does not work out. For India, a key concern is allowing lower duty import on agricultural products like maize, soybean and dairy products, which is being demanded by the US side. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo Privately, several industry representatives have met commerce department brass and suggested that India should agree to the demands from the Trump administration, but government is keen to ensure that it is not a one-sided deal. Officials also conveyed to exporters on Monday that the limited deal, if it works out, will cover only a limited set of products with more tranches likely in the coming months. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
15 minutes ago
- Mint
Gold Edges Up as Traders Weigh Trump Tax Bill, US Trade Talks
Gold rose slightly, supported by a dip in the dollar, as Senate negotiations continued over President Donald Trump's $4.5 trillion tax package and US trade talks progressed ahead of a July 9 deadline. Bullion rose 0.3% on Monday, following two consecutive weekly declines. Republicans are seeking to convince holdouts to support the tax bill for final passage, with a vote set to spill into Monday. The bill's cost has been a big problem for fiscal conservatives amid concerns that it will further swell the deficit. Meanwhile, with just 10 days to go until Trump's country-specific tariffs are set to resume, investors were weighing signs of potential progress following recent comments from top White House advisers that indicated the US is nearing trade agreements with several nations. There's still plenty of uncertainty over the scope of the deals currently being discussed. If Trump's only two other accords — with China and the UK — offer any indication, the pacts likely won't be fulsome deals that resolve core issues and may leave many specifics to be negotiated later. Gold is up by about a quarter this year and is trading around $210 short of April's record, supported by demand for havens as investors grappled with elevated geopolitical and trade tensions. Still, the metal is on track for its first monthly decline this year as concerns about the Middle East conflict ease, and the US economy shows an improvement in consumer sentiment and inflation expectations. Spot gold was up 0.3% to $3,284.98 an ounce as of 10:41 a.m. in London. The Bloomberg Dollar Spot Index slipped 0.2%. Silver, platinum and palladium all climbed. With assistance from Jack Ryan.
