Wall Street Hangs On to Hopes for a Boom in Deals
Dealmaking is off to its best start of the year since 2022 by some measures, showing demand for corporate tie-ups has held up despite market turmoil, global conflicts and President Trump's ever-shifting tariffs.
U.S. deal value this year through June 25 is up about 10% from last year and at its highest level in three years, according to the London Stock Exchange Group.
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Associated Press
7 minutes ago
- Associated Press
Republican senate tax bill would add $3.3 trillion to the US debt load, CBO says
WASHINGTON (AP) — The changes made to President Donald Trump's big tax bill in the Senate would pile trillions onto the nation's debt load while resulting in even steeper losses in health care coverage, the nonpartisan Congressional Budget Office said in a new analysis, adding to the challenges for Republicans as they try to muscle the bill to passage. The CBO estimates the Senate bill would increase the deficit by nearly $3.3 trillion from 2025 to 2034, a nearly $1 trillion increase over the House-passed bill, which CBO has projected would add $2.4 to the debt over a decade. The analysis also found that 11.8 million more Americans would become uninsured by 2034 if the bill became law, an increase over the scoring for the House-passed version of the bill, which predicts 10.9 million more people would be without health coverage. The stark numbers are yet another obstacle for Republican leaders as they labor to pass Trump's bill by his self-imposed July 4th deadline. Even before the CBO's estimate, Republicans were at odds over the contours of the legislation, with some resisting the cost-saving proposals to reduce spending on Medicaid and food aid programs even as other Republicans say those proposals don't go far enough. Republicans are slashing the programs as a way to help cover the cost of extending some $3.8 trillion in Trump tax breaks put in place during his first term. The push-pull was on vivid display Saturday night as a routine procedural vote to take up the legislation in the Senate was held open for hours as Vice President JD Vance and Republican leaders met with several holdouts. The bill ultimately advanced in a 51-49 vote, but the path ahead is fraught, with voting on amendments still to come. Still, many Republicans are disputing the CBO estimates and the reliability of the office's work. To hoist the bill to passage, they are using a different budget baseline that assumes the Trump tax cuts expiring in December have already been extended, essentially making them cost-free in the budget. The CBO on Saturday released a separate analysis of the GOP's preferred approach that found the Senate bill would reduce deficits by about $500 billion. Democrats and economists decry the GOP's approach as 'magic math' that obscures the true costs of the GOP tax breaks. In addition, Democrats note that under the traditional scoring system, the Republican bill bill would violate the Senate's 'Byrd Rule' that forbids the legislation from increasing deficits after 10 years. In a Sunday letter to Oregon Sen. Jeff Merkley, the top Democrat on the Senate Budget Committee, CBO Director Phillip Swagel said the office estimates that the Finance Committee's portion of the bill, also known as Title VII, 'increases the deficits in years after 2034' under traditional scoring.
Washington Post
10 minutes ago
- Washington Post
Republican Sen. Thom Tillis of North Carolina won't seek reelection after opposing Trump's bill
WASHINGTON — Republican Sen. Thom Tillis of North Carolina said Sunday he will not seek reelection, 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. Tillis said he was proud of his career in public service but acknowledged the difficult political environment for those who buck their party and go it alone.
Bloomberg
11 minutes ago
- Bloomberg
Trump Says There's a Buyer for TikTok But Won't Divulge Name
By and María Paula Mijares Torres Updated on Save President Donald Trump said he has identified a buyer for the US operations of TikTok social media app owned by Chinese company ByteDance Ltd., but he won't provide details for two weeks. 'We have a buyer for Tiktok, by the way. I think I'll need probably China approval and I think President Xi will probably do it,' he said, referring to Chinese leader Xi Jinping, in an interview on Fox News's Sunday Morning Futures with Maria Bartiromo. 'It's a group of very wealthy people.' The interview, which aired Sunday, was taped on Friday.
