Latest news with #GOPTaxBill
Bloomberg
5 days ago
- Business
- Bloomberg
Musk-Trump Breakup Leaves GOP in the Lurch
With Donald Trump in charge of the base and Elon Musk in charge of the money, the growing daylight between them had already put Republicans in a bit of a pickle. The president's one-time right-hand man spent the past week attacking the GOP's tax-cut bill just as Trump was pushing for its passage. Party members counting on the blessings of both men didn't know which way to turn. On Thursday, the conundrum got much worse. Open tweet-war broke out between the 78-year-old Republican and the 53-year-old South Africa native. They traded insults over a range of topics: the pending legislation, why Musk left the White House and how Trump may owe the fact he's there at all to Musk's millions. Things quickly escalated as Trump immediately threatened Musk's contracts and Musk threatened to kneecap a key tool of the US space program. The Tesla CEO even suggested Trump should be impeached for a third time.
Yahoo
27-05-2025
- Business
- Yahoo
Trump Adviser Says the Quiet Part Out Loud on Medicaid Cuts
Oops! White House adviser David Sacks admitted over the weekend that the GOP's tax bill will include significant cuts to Medicaid, despite claims from his boss and other MAGA loyalists that it will not. Sacks, who is President Donald Trump's AI and crypto czar, said plainly on the All-In podcast: 'This bill cuts $880 billion from Medicaid over a decade.' That statement undercuts weeks of spin from the White House and House Speaker Mike Johnson. Each has repeatedly claimed that Trump's 'One Big Beautiful Bill' will not reduce funding to Medicaid, which provides free or low-cost health coverage to 85 million Americans. Despite objections from Democrats, the GOP bill passed Thursday with a narrow 215–214 vote. The admission from Sacks came as he defended Trump for not pushing for additional spending cuts in the bill, which the entrepreneur Jason Calacanis, the podcast's co-host, said he wanted to see done. Sacks said Trump did not have the House votes needed to push through for more cuts, but Calacanis countered that the president has never been shy about bullying his way into getting what he wants. Calacanis' co-host, Canadian-American venture capitalist Chamath Palihapitiya, was also puzzled that the bill's only cuts are to Medicaid. 'The level of financial illiteracy in this bill will come back to bite America in the a--,' he said. 'Period.' Sacks' comment was first reported by Rolling Stone, which noted that Johnson parroted his Medicaid line as recently as Sunday. He told CBS News then that Republicans 'have not cut Medicaid' and instead are merely 'working on fraud, waste, and abuse.' Trump spoke similarly when asked last week if working-class Americans, especially his supporters, would lose Medicaid benefits under the House GOP bill. He responded, 'They won't lose health insurance.' The GOP bill's cuts to Medicaid stem from a work requirement that is now attached to qualify for coverage—a change expected to strip health insurance from millions of Americans. The nonpartisan Congressional Budget Office estimates that 10 million people will lose their coverage by 2034 because of the proposed change. Specifically, the bill requires able-bodied adults younger than 65 to log at least 80 hours of work, schooling, or community service per month to be eligible for Medicaid. The requirement, which has exemptions for pregnant women, caregivers, and people with disabilities, was written to go into effect Dec. 31, 2026. The bill still has to pass the U.S. Senate, where it is likely to undergo changes. The bill does not have unanimous GOP backing. In addition to House Republicans who opposed it, Sen. Josh Hawley (R-MO) has denounced the Medicaid cuts and will be a Senate hurdle for the bill. Hawley, 45, has said the bill, as it is currently written, will harm 'working people and their children.' He wrote in a New York Times op-ed that voting in favor of Medicaid cuts is 'both morally wrong and politically suicidal.'
Bloomberg
19-05-2025
- Business
- Bloomberg
Concerned For Americans: Rep. Clyburn on Tax Bill
Representative Jim Clyburn (D) South Carolina weighs in on the GOP Tax Bill and whether or not the proposals within the bill will ultimately help the Democratic Party reclaim the House majority during the 2026 Midterm elections. He also shares his views on Moody's downgrade of the United States and the recent news of former President Biden's prostate cancer diagnosis. Rep. Clyburn speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
Time of India
19-05-2025
- Business
- Time of India
Charting the global economy: US, China forecasts improve on tariff truce
Economists marked up their forecasts for growth in the US and China after the world's two-largest economies reached a temporary agreement to reduce tariffs on each other. China's economy is now seen expanding at least 4.6 per cent this year from as low as 4 per cent previously, according to new estimates from Goldman Sachs Group Inc., JPMorgan Chase & Co., ING Groep NV and Bloomberg Economics. Projections for the US still point to a slowdown, but several economists dropped their recession calls. While tariffs are widely expected to boost inflation, that hasn't yet shown up in the data. US consumer prices rose by less than forecast, while a report on producer prices indicated businesses absorbed much of the costs from the new levies as they took effect last month. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy , markets and geopolitics: US The latest CPI report highlighted two underlying dynamics in the economy. Goods categories exposed to higher tariffs, including new cars and apparel, didn't see the kind of price increases that economists had expected by now. That suggests importers and retailers are absorbing some of the extra costs and imported products sold now had arrived before the brunt of the tariffs — namely on China — were in effect. Separately, some weakness in services categories like travel and recreation suggest consumers are cutting on leisure and other discretionary spending. For all the worry about tariffs causing pain for American consumers, shoppers have so far been mostly shielded from — or shrugged off — higher prices at the checkout aisle. Profit margins at retailers and wholesalers shrank in April by the most in almost a year. Manufacturers signaled they are paying higher prices. Yet consumer inflation remained tame, and Walmart Inc. reported solid sales as it kept prices low. GOP Tax Bill estimated to add over $3 trillion to deficit | Change to deficit over 10 years by provision The cost of Republican lawmakers' draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is likely much higher, thanks to the use of budget and political tools designed to minimize the appearance of the fiscal hit, according to independent analysts including former Republican staff members. Asia Goldman Sachs Group Inc. and other major banks boosted their forecasts for China's 2025 economic growth, citing a better outlook for exports following the tariff truce with the US. Australia's wage growth was stronger than expected in the first three months of the year, highlighting the nation's tight labor market that has been underpinned by a wave of public-sector hiring. The data did little to change market expectations for an interest-rate cut next week. The recent conflict between India and Pakistan is prompting a reassessment of Chinese weapons, challenging long-held perceptions of their inferiority to Western arms and sparking concern in places wary of Beijing. Pakistan hailed the use of its Chinese J-10Cs to shoot down five Indian fighters, including French-made Rafale aircraft, last week in response to Indian military strikes. Europe British businesses cut jobs for a third straight month in April as a £26 billion ($34 billion) tax hike took effect and US tariffs darkened the global economic outlook. The number of workers on payrolls dropped 32,532 to 30.3 million. Job vacancies fell the most in over a year in a sign of weakening demand for workers. Negotiators in the military alliance are making progress on a path to achieve 5 per cent of gross domestic product on defense and defense-related spending by 2032 ahead of a North Atlantic Treaty Organization summit in The Hague in June, according to diplomats familiar with the matter. Since his first term, Trump has hectored allies for failing to meet a long-standing 2 per cent threshold for spending. Eight of 32 allies hadn't reached 2 per cent spending as of NATO's annual report in April. Emerging Markets US President Donald Trump's hopes of securing as much as $1 trillion in investment commitments from Saudi Arabia might clash with another costly ambition - transforming the kingdom's own economy. Saudi Crown Prince Mohammed bin Salman's plans to diversify the oil-dependent country are likely to cost close to $2 trillion, according to estimates compiled by Bloomberg News. Mexico's central bank cut borrowing costs by half a percentage point Thursday after the economy narrowly avoided falling into recession and inflation remained within the target range. World Donald Trump's tariffs on China will likely remain at a level expected to severely curtail Chinese exports to the US after the 90-day truce, analysts and investors say, suggesting Beijing may have to endure further economic pain despite active talks.
Time of India
18-05-2025
- Business
- Time of India
Charting the global economy: US, China forecasts improve on tariff truce
Economists marked up their forecasts for growth in the US and China after the world's two-largest economies reached a temporary agreement to reduce tariffs on each other. China's economy is now seen expanding at least 4.6% this year from as low as 4% previously, according to new estimates from Goldman Sachs Group Inc., JPMorgan Chase & Co., ING Groep NV and Bloomberg Economics. Projections for the US still point to a slowdown, but several economists dropped their recession calls. While tariffs are widely expected to boost inflation, that hasn't yet shown up in the data. US consumer prices rose by less than forecast, while a report on producer prices indicated businesses absorbed much of the costs from the new levies as they took effect last month. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy , markets and geopolitics: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo US Bloomberg The latest CPI report highlighted two underlying dynamics in the economy. Goods categories exposed to higher tariffs, including new cars and apparel, didn't see the kind of price increases that economists had expected by now. That suggests importers and retailers are absorbing some of the extra costs and imported products sold now had arrived before the brunt of the tariffs — namely on China — were in effect. Separately, some weakness in services categories like travel and recreation suggest consumers are cutting on leisure and other discretionary spending. Bloomberg For all the worry about tariffs causing pain for American consumers, shoppers have so far been mostly shielded from — or shrugged off — higher prices at the checkout aisle. Profit margins at retailers and wholesalers shrank in April by the most in almost a year. Manufacturers signaled they are paying higher prices. Yet consumer inflation remained tame, and Walmart Inc. reported solid sales as it kept prices low. Bloomberg GOP Tax Bill estimated to add over $3 trillion to deficit | Change to deficit over 10 years by provision Live Events The cost of Republican lawmakers' draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is likely much higher, thanks to the use of budget and political tools designed to minimize the appearance of the fiscal hit, according to independent analysts including former Republican staff members. Asia Bloomberg Goldman Sachs Group Inc. and other major banks boosted their forecasts for China's 2025 economic growth, citing a better outlook for exports following the tariff truce with the US. Bloomberg Australia's wage growth was stronger than expected in the first three months of the year, highlighting the nation's tight labor market that has been underpinned by a wave of public-sector hiring. The data did little to change market expectations for an interest-rate cut next week. Bloomberg The recent conflict between India and Pakistan is prompting a reassessment of Chinese weapons, challenging long-held perceptions of their inferiority to Western arms and sparking concern in places wary of Beijing. Pakistan hailed the use of its Chinese J-10Cs to shoot down five Indian fighters, including French-made Rafale aircraft, last week in response to Indian military strikes. Europe Bloomberg British businesses cut jobs for a third straight month in April as a £26 billion ($34 billion) tax hike took effect and US tariffs darkened the global economic outlook. The number of workers on payrolls dropped 32,532 to 30.3 million. Job vacancies fell the most in over a year in a sign of weakening demand for workers. Negotiators in the military alliance are making progress on a path to achieve 5% of gross domestic product on defense and defense-related spending by 2032 ahead of a North Atlantic Treaty Organization summit in The Hague in June, according to diplomats familiar with the matter. Since his first term, Trump has hectored allies for failing to meet a long-standing 2% threshold for spending. Eight of 32 allies hadn't reached 2% spending as of NATO's annual report in April. Emerging Markets Bloomberg US President Donald Trump's hopes of securing as much as $1 trillion in investment commitments from Saudi Arabia might clash with another costly ambition - transforming the kingdom's own economy. Saudi Crown Prince Mohammed bin Salman's plans to diversify the oil-dependent country are likely to cost close to $2 trillion, according to estimates compiled by Bloomberg News. Bloomberg Mexico's central bank cut borrowing costs by half a percentage point Thursday after the economy narrowly avoided falling into recession and inflation remained within the target range. World Bloomberg Donald Trump's tariffs on China will likely remain at a level expected to severely curtail Chinese exports to the US after the 90-day truce, analysts and investors say, suggesting Beijing may have to endure further economic pain despite active talks.
