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Axios
16 minutes ago
- Axios
SNAP, Medicaid and tax deductions on the line in Senate bill
A Trump-backed spending plan could end health insurance coverage for millions of Americans and drastically cut funding for the Supplemental Nutrition Assistance Program, known as SNAP. Why it matters: President Trump has called the legislation a " big, beautiful bill" but Feeding Texas, which represents 20 food banks in the state, says the bill would enact the "most sweeping rollback" of SNAP in U.S. history. The big picture: The latest version of the bill, which narrowly passed the Senate this week, would slash food and health benefits for the poorest Americans, while giving tax cuts to higher earners. "It's a great bill. There is something for everyone," Trump said Tuesday. The upshot: The bill would temporarily increase the cap on state and local tax deductions for federal tax returns to roughly $40,000 annually. Around 12% of Texas properties are taxed over $10,000, the current deduction limit. Yes, but: The bill would also reduce nutrition funding, which includes SNAP, by $186 billion between 2025 and 2034. Nearly 12 million people are projected to lose health insurance under the bill's proposed Medicaid changes. The bill would also cut funding for energy and natural resources while allocating $175 billion for border security and $150 billion for defense. Zoom in: Texas may have to pay an additional $806 million annually on administrative costs and food benefits if the cuts are enacted, per Feeding Texas. "The consequences would be profound and devastating," Feeding Texas CEO Celia Cole said in a statement. Friction point: The bill has received intense opposition across party lines. What's next: The House and the Senate will need to agree on a unified bill to send to the president.
The Hill
20 minutes ago
- The Hill
Beshear blasts Trump tariffs: ‘It is chaos. It is increasing costs'
Kentucky Governor Andy Beshear (D) sharply criticized the administration's sweeping tariffs, saying the policy approach amounts to 'chaos' and is bad for the U.S. economy. 'No, not at all,' Beshear said in an interview on NBC News's 'Meet the Press,' when asked whether the people of Kentucky voted for this tariff agenda. 'This is, what was it, first across the board, then reciprocal, then industry-specific. I think there was a company-specific tariff proposed. Now, we have tariffs on countries if he doesn't like who that country is prosecuting,' Beshear continued, referring to the president's varying policies on tariffs. 'It is chaos. It is increasing costs. You know, the people of Kentucky, many of them, voted for Donald Trump because they thought he'd make paying the bills a little bit easier at the end of the week. And he's just making it harder. Beshear said he's seeing small businesses in his state lay people off because of the tariffs on raw materials, which Americans often import and then assemble on U.S. soil. 'And when a small business is laying somebody off, it's somebody they go to church with. It's somebody who their kids play soccer with. This is going to impact the economy in such negative ways,' he said. Trump on April 2 announced 'reciprocal' tariffs on dozens of other countries, using trade deficits to help calculate the tariff rate. But a week later, he lowered those rates to 10 percent for 90 days as markets reacted negatively, giving time for negotiations. That 90-day deadline had been set to expire this past week, but Trump has issued letters to numerous U.S. trade partners informing them of their new 'reciprocal' rates slated to take effect Aug. 1. Trump has sent mixed signals about whether there is still wiggle room to negotiates those rates.
Miami Herald
29 minutes ago
- Miami Herald
Wall Street pro drops bold price target on Circle stock
Circle Internet Group (CRCL) has arguably been the hottest stock this year, lighting up the market with one of the more talked-about IPOs. As the backbone behind stablecoin USDC, Circle stock is at the core of the digital payments revolution, which continues to gain momentum. Don't miss the move: Subscribe to TheStreet's free daily newsletter With billions flowing into programmable finance and institutional money piling in, Circle's moment could just be beginning. And now, a major Wall Street endorsement is fueling the idea that Circle's rally is far from over. Image source: Bloomberg/Getty Images Circle stock didn't just go public; it came out swinging. On June 4, the fintech upstart behind the popular USDC stablecoin priced its hotly anticipated IPO at $31 a share, raising north of $1.05 billion. The massive upsized offering of 34 million shares pushed Circle's initial valuation to $8 billion, one of the biggest crypto-focused debuts since Coinbase went public in 2021. Heavy-hitting underwriters, including the likes of J.P. Morgan, Citi, and Goldman Sachs, helped cook up that massive demand. Related: Wall Street giant shares bold message on S&P 500's Magnificent 7 On its first day of trading under the ticker, Circle stock blasted out of the gate, closing at $83.23, an eye-popping 168% jump from its IPO price. And the momentum didn't stop there. By June 23, less than three weeks later, Circle stock was trading just shy of $299, a staggering 250% jump in under a month. Despite the inevitable pullback, the stock remained red-hot, trading around the $187 mark as of July 11. That's still up a massive 500% from its IPO level. From these astounding stats, it's clear that investors are buying the long-term vision. Circle's core business doesn't just stop at issuing stablecoins. The fintech player aims to power digital finance infrastructure, facilitating cash flows globally using blockchain rails, managing crypto-based treasuries, and tapping into programmable payments. Dollars fully backs its flagship USDC token, U.S. Treasuries, and cash equivalents, which gives it immense credibility with regulators and institutions. Also, it recently rolled out EURC, a euro-pegged stablecoin, in pushing to meet the commercial demand for trusted digital currency options. More Tech Stock News: TikTok's next move has Google and Meta sweating bulletsCathie Wood shells out $13.9 million for one high-stakes biotech stockApple's quiet shake-up could redefine its future Moreover, its CEO, Jeremy Allaire, has been a vocal proponent of stablecoin regulation, and his stance recently got a major boost. The Senate passed the GENIUS Act last month, a bipartisan bill that lays down clear guidelines for reserve requirements, audits, and disclosures. Consequently, Circle stock popped over 20% on the news. It appears investors are betting that Circle's unique combo of explosive growth, regulatory alignment, and first-mover advantage will position it ahead of its peers. Citi just joined the Circle stock bandwagon. The firm initiated coverage of Circle stock with a Buy rating and a $243 price target. That's roughly a 30% upside from its most recent price. Citi analysts believe stablecoins are about to go mainstream, and Circle stock is leading the charge. Citi analysts pointed to Circle's impeccable positioning in the growing stablecoin space, highlighting its incredible potential to become the primary platform for programmable payments. Related: Nvidia-backed stock sends a quiet shockwave through the AI world Though stablecoins already improve speed, cost, and transparency, Citi sees programmability as the game-changer. Think of payments that initiate automatically, settle instantly, and could integrate directly with smart contracts. The bull case didn't stop there. The firm noted legislative momentum in the U.S. with the GENIUS Act, which will likely boost early birds like Circle while boosting its value proposition in the process. On top of that, there's also Wall Street's seal of approval. BlackRock now owns roughly 10% of Circle, signaling deep institutional interest in USDC and the business behind it. The numbers back it up: The world's stablecoin market crossed $250 billion in circulation, with monthly trading volumes rising to $700 billion. So if Circle scales its fee revenue from transactions and grows yield income on reserves, analysts expect double-digit compound annual sales growth for the foreseeable future. Related: Veteran analyst drops jaw-dropping price target on AppLovin stock The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
