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Yahoo
4 days ago
- Business
- Yahoo
Wisconsin Senators mixed, but both pushing against, 'Big, Beautiful, Bill'
WASHINGTON, DC (WLAX/WEUX) – President Trump and Republicans call it the 'Big, Beautiful Bill.' Wisconsin's Republican Senator Ron Johnson thinks it's a bit ugly. Johnson said, 'It just misses the moment. It's not even close to adequate.' Johnson says he thinks there are enough no votes in the Senate to slow down the process. He wants cuts in the bill to go deeper. He wants a return to pre-pandemic spending levels. Johnson explained, 'It don't talk about cuts. I'm talking about using the exact same expenditures that Clinton, Obama and Trump laid out. That's not cutting, that's just returning to a reasonable spending level.' The nonpartisan Congressional Budget Office estimates the tax changes add to Federal Deficits by $3.8 trillion from 2026 through 2034. It also finds cuts of about $1 trillion to Medicaid and Food Stamps. Wisconsin's Democratic Senator Tammy Baldwin said, 'I am here to speak on behalf of the nearly 14 million Americans whose healthcare is on the chopping block right now in this bill. Republicans are advancing a plan to take away care from working families, so that the super wealthy can get richer.' The GOP-led House passed the bill. The debate will now turn to the US Senate. President Trump has been quoted as saying, 'We'll see what happens… it has a ways to go.' Republicans can only lose 3 GOP votes in the Senate and still pass this bill. They'll tweak the House bill to find those votes. If they can pass that version of the bill, then the House would have to ratify the changes. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Washington Post
20-05-2025
- Business
- Washington Post
There's nothing beautiful about this big bill
There's nothing beautiful about this big bill Republicans are haggling over the details of how much to cut Medicaid and food stamps while also trying to give bigger tax breaks to the richest Americans. Meanwhile, the rating agency Moody's has downgraded the United States' perfect economic score for the first time, because of how much this bill could run up the national debt. Dana Milbank, James Hohmann and Natasha Sarin talk about whether the Republicans can get this legislation over the finish line and why America is suffering from 'boy-who-called-wolf energy' when it comes to the federal debt.
Forbes
02-04-2025
- Health
- Forbes
Cuts in Medicaid And SNAP Spending Could Impact Economy
WASHINGTON, DC - FEBRUARY 25: Speaker of the House Mike Johnson (R-LA) departs the House chamber ... More following a vote at the U.S. Capitol on February 25, 2025, in Washington, DC. The House is working to pass its budget bill this week which includes up to $4.5 trillion in tax cuts, an increase in the debt limit and cuts to Medicaid and other social programs. (Photo by) Signs of a potential recession this year have been flashing in recent weeks. This may be partly a function of the natural business cycle. Nevertheless, mass layoffs throughout the federal government, along with the likelihood of cuts to programs such as Medicaid, could also be contributing to an economic downturn. A Commonwealth Fund study released last month suggests that large reductions in Medicaid and the Supplemental Nutrition Assistance Program (formerly known as Food Stamps) expenditures may result in one million jobs lost by 2026. By eliminating an estimated 11.8% of Medicaid funding and as well as 20.6% of SNAP benefits, this could cause a ripple effect throughout the United States economy. House Republicans passed a budget plan last month that seeks to extend tax cuts enacted in 2018 and reduce healthcare spending by $880 billion. While there are conflicting messages among Republican lawmakers as well as the Trump administration, Medicaid appears to be the biggest likely target of budget austerity measures. The House proposal is estimated to save $1.9 trillion dollars over ten years. Established in 1965, Medicaid is the joint state and federal health insurance program largely for people with low incomes. Currently, approximately 72 million people are enrolled in Medicaid. It's hard to overstate the importance of Medicaid. The program covers more than 40% of all births in the country, and nearly two-thirds of nursing home stays. Around 27 million children receive Medicaid benefits. And in the 41 states that expanded the program as part of the Affordable Care Act, it also insures millions of Americans with incomes just above the federally defined poverty line. SNAP is the nation's largest nutrition support program, providing approximately 42 million low-income individuals and families with resources to purchase food. Given how critical Medicaid and SNAP are to all kinds of providers of healthcare services and technologies as well as entities in the food supply chain, the knock-on effects stemming from cutbacks could be significant, as a Commonwealth Fund and George Washington University Milken Institute School of Public Health study explains. Hospitals, nursing homes and healthcare providers would face lost revenues, leading to reductions in jobs and services. The food industry would be negatively affected, too. In turn, this may impact the overall economy, given the decreases in consumer spending. As a result, state and local governments could experience a substantial drop in tax dollars which further lessens their ability to offer essential services. The ACA expanded Medicaid eligibility in 2014 to include nearly all adults with incomes up to 138% of the federal poverty level. And since 2020, states that implemented Medicaid expansion receive a 90% federal match rate. For every dollar a state spends on Medicaid services, it now gets between $1 and $3 of federal support. Wealthier states are closer to $1; poorer states, $3. But Republican legislators are considering slashing federal support to save money. In effect, this would rescind Medicaid expansion. Moreover, it may replace the funding system with block grants in which states would be either granted a capped yearly lump sum of money or an annual upper limit on federal payments per Medicaid enrollee. KFF posted an analysis which found that between 15 and 20 million people could become uninsured if the federal match rate of 90% reverted to the pre-ACA rates that range between 50% and 83%. All parts of the economy are interconnected through demand for goods and services by consumers and governments alike. as the famous economist John Maynard Keynes taught us. Keynes demonstrated that government spending on investments and remittances for those lacking resources can stimulate the economy through what is called a multiplier effect. According to Keynes, the net gain is greater than the dollar amount spent. The reverse can be true, too, meaning that cuts in government spending can put a damper on the economy. The Commonwealth Fund study warns of 'severe economic consequences' nationwide if the proposed cuts go ahead, leading to one million jobs lost, a $113 billion decline in states' gross domestic products and $8.8 billion in lost state and local tax revenue in 2026 alone. While the details of the proposed cuts still must be finalized, the House of Representatives' budget resolution currently calls for reducing federal funding by $880 billion over the next decade for programs under the jurisdiction of the House Energy and Commerce Committee, and $230 billion for programs under the House Agriculture Committee. Medicaid and SNAP are likely the main targets for budget reductions. The impact would be particularly severe for healthcare and food-related industries, leading to widespread job losses and pressure on state budgets.
Gulf Insider
21-02-2025
- Business
- Gulf Insider
Trump Ends Federal Benefits for Illegal Aliens
President Trump signed his executive order, PRESERVING FEDERAL BENEFITS FOR AMERICAN CITIZENS, Wednesday night 'to ensure taxpayer resources are not used to incentivize or support illegal immigration.' Details of the EO are here. Wednesday afternoon, Trump delivered remarks in front of a group of billionaires at the Faena Hotel during Saudi Arabia's Public Investment Fund's FII PRIORITY Miami 2025 conference. A White House official told Melugin that Trump's executive order will direct federal agency and department heads to identify all federally funded programs that provide financial benefits to illegal aliens, and for them to 'take corrective action.' The measure is reportedly designed to ensure that any federal funds to states and localities 'will not be used to support sanctuary policies or assist illegal immigration.' While illegal aliens are not supposed to be eligible for welfare programs, the Biden-Harris regime abused loopholes to confer 'status' to millions of non citizens as a part of their catch-and-release agenda, the Economic Policy Innovation Center pointed out in its December 2024 report. According to U.S. Customs and Border Protection (CBP), there were 10.8 million encounters with illegal aliens between fiscal years 2021 and 2024. The Congressional Budget Office (CBO) estimates that the net immigration of illegal immigrants totaled 7.3 million between FY 2021 and 2024. In comparison, net migration of illegals was negative in the four years prior to this. For the past four years, illegal aliens have been receiving welfare benefits from many different public assistance programs, including: Food Stamps (the Supplemental Nutrition Assistance Program, 'SNAP') Child nutrition programs Temporary Assistance for Needy Families (TANF) Supplemental Security Income (SSI) Child Care and Development Block Grant (CCDBG) Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Obamacare Premium Tax Credit Obamacare cost sharing subsidies Medicare Medicaid Children's Health Insurance Program (CHIP) Pell Grants Student loans Head Start Public housing Coronavirus State and Local Fiscal Recovery Fund (SLFRF) The cost of welfare programs for noncitizens is estimated to be in the billions. The Federation for American Immigration Reform (FAIR) estimated that federal expenditures on illegal aliens in 2023 totaled nearly $66.5 billion, including more than $23 billion in federal medical expenditures and $11.6 billion in welfare benefits from Food Stamps, child nutrition, SSI, and other programs. In its 'Fiscal Burden of Illegal Immigration On United States Taxpayers 2023' report, FAIR estimated that the net cost of illegal immigration for the United States at the federal, state, and local levels at the start of 2023 was at least $150.7 billion. The Manhattan Institute estimated that 'every new illegal immigrant has an average net fiscal burden of about $130,000.' Click here to read more Also read: Lavrov Praises Trump for Saying NATO Led To Ukraine Invasion Source Zero Hedge
Yahoo
07-02-2025
- Yahoo
EBT card cloning in Kern County on the rise as Romanian gangs hit ATMs nationwide
BAKERSFIELD, Calif. (KGET) — EBT card cloning has been a major problem for years and more than $6.8 million in benefits were stolen 2024 alone in Kern County. Only $15 thousand were recovered. In the county, 19,374 people receive benefits from the CalWORKs program, better known as cash aid, and 69,447 get CalFresh, better known as Food Stamps. Combined, there are 88,821 recipients, but that may include some who receive benefits from both. In 2024 alone the Department of Human Services received 10,039 reports of stolen added up to $6,832,990 dollars in stolen benefits. Woman arrested after taking down US flag, raising Mexican flag at Hart Park: Kern County Sheriff's Office The thefts come as the United States is flooded with reports of organized Romanian gangs hitting ATM's from coast to coast. Human Services reported receiving about 22,000 reports of stolen benefits in 2023 and the District Attorney's office says it is prosecuting only two cases of that 22-thousand. One of those is the case of 22-year-old Fernando Stantu, a Romanian allegedly busted with that $15,702, 48 cloned cards and a skimming device. Stantu's case is similar to that of 34-year-old Norbert Karaba, also from Romania. He was arrested at a southwest Bakersfield bank while allegedly withdrawing money from an ATM. He was found with 78 cloned EBT cards and over $63,000 in cash. The cash came from ATM withdrawals using the cloned cards, one right after another, 75 withdrawals total all between 6 a.m. and 8 a.m. on Jan. 2. Both Romanian men said they're transients, but the District Attorney's office refused to confirm if the two men were working together. 'I had all the inspiration I needed right there': Kern County firefighter battling cancer touched by fellow firefighters' gesture Both men are out on bail. Those aren't the only two ATM cases involving Romanian nationals. In March 2023, two Romanians were arrested for allegedly placing a skimmer on a terminal in Arvin. They were charged with felonies, but then failed to appear in court and warrants have been issued for their arrests. Although the District Attorney's Office issued a release on January about the arrest of Karaba, the scope of the thefts was not disclosed to the public until KGET began getting calls Monday from concerned crime victims. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
