Latest news with #House-passed
Axios
6 days ago
- Business
- Axios
Exclusive: Emmer confident Senate will pass crypto market structure bill
House Majority Whip Tom Emmer (R-Minn.) said at an Axios News Shapers event Wednesday that he's confident the Senate will take up a sweeping market structure bill. Why it matters: Emmer has been one of the most vocal advocates in Congress for the crypto industry and has been pushing the Senate to take up House-passed crypto bills. "This is a non-partisan issue," Emmer told Axios' Hans Nichols. Catch up quick: The House passed three major cryptocurrency bills as part of "Crypto Week" earlier this month, including Emmer's Anti- CBDC bill. The Senate Banking Committee on Tuesday released its own draft version of the crypto market structure bill, the CLARITY Act, that also passed the House this month. What's next: Emmer said he leaves it up to Majority Leader John Thune (R-S.D.) on how the Senate will pass the CLARITY Act, but he sees "no reason" why the bill can't pass on it's own.
Yahoo
21-07-2025
- Health
- Yahoo
10 million more people will be uninsured because of Trump's mega-package, CBO forecasts
The sweeping tax and spending cuts package that President Donald Trump signed into law on July 4 is expected to leave 10 million more people without health insurance in 2034, according to a Congressional Budget Office estimate released Monday. The projection reflects last-minute alterations to the Senate legislation that changed the CBO's prior forecast that 11.8 million more people would be uninsured in a decade. (The Senate version of the 'big, beautiful bill' ultimately became the law.) Just before it approved its version of the bill, the Senate yanked a provision that would have reduced federal Medicaid support for states that use their own funds to provide undocumented residents and others with health insurance similar to Medicaid. The CBO's prior coverage loss estimate included 1.4 million people in such state programs. Separately, the CBO has projected that an additional 5.1 million more people would be uninsured in 2034 due to the expiration of the enhanced Affordable Care Act premium subsidies that are set to lapse at year's end, as well as a rule proposed by the Centers on Medicare and Medicaid Services governing Obamacare enrollment and eligibility. (The rule has since been changed and finalized, but CBO has yet to update that part of its estimate.) Although the CBO's latest estimate did not break down the impact of different provisions in the law, it previously provided details of the House-passed version, which has some differences. The Medicaid provisions are expected to drive the most loss in coverage by far. Some 7.8 million more people would be uninsured in 2034 due to the changes, with 4.8 million of them being affected by the addition of work requirements for many low-income adult enrollees who gained coverage under Medicaid expansion, according to the CBO's review of the House bill. (The final law extends the requirement to work, volunteer, enroll in classes or attend job training for at least 80 hours a month to parents of children ages 14 and older. The House bill exempted parents of dependent children.) Other Medicaid provisions that are expected to result in coverage loss include requiring more frequent eligibility reviews of Medicaid expansion enrollees, delaying implementation of two Biden administration enrollment and eligibility rules, and barring states from levying new or increased taxes on health care providers, according to the CBO's review of the House bill. (The final law also reduces the cap on provider taxes in expansion states.) The CBO estimate released Monday reaffirmed its earlier forecast that the mega-package is expected to increase the deficit by $3.4 trillion over the next decade when compared with current law, under which the individual income tax provisions of the 2017 tax cuts law would have expired at year's end.
The Hill
21-07-2025
- Business
- The Hill
Over half of Americans say ‘big, beautiful bill' going to raise health care costs: Poll
More than half of Americans — 57 percent — said in a new survey that they think the GOP's sweeping package extending tax cuts and slashing welfare services will increase their health-care costs. Thirteen percent in the CBS/YouGov poll released Sunday said that the 'big, beautiful bill' will lower their health-care costs and 33 percent said there will be no impact. While the Congressional Budget Office has not yet released a final estimate for the measure as enacted, it projected that 16 million people would lose their health insurance by 2034 under an earlier House-passed version of the bill. This analysis has been the basis for many Democrats' messaging around health care, and health-care advocates have still warned that the final version could be devastating to communities relying on Medicaid. The sprawling package permanently extends many of the temporary tax cuts passed by Republicans during President Trump's first term, alongside making deep spending reductions to Medicaid, the Supplemental Nutrition Assistance Program (SNAP), and other welfare programs. The measure would primarily benefit wealthy Americans, an analysis by the Yale Budget Lab found last month. Democrats have assailed the legislation as a historic transfer of wealth from the poor to the rich and are looking to message around its cuts to health care for the 2026 midterms — even if some of the package's most significant changes don't kick in until 2028. Overall, six in 10 questioned in the CBS/YouGov survey disapprove of the GOP megabill. A similar percentage said that it will help wealthy people and hurt poor people. A separate AP-NORC poll released Saturday found that nearly two-thirds of Americans think the legislation will do more to help wealthy people. In the CBS/YouGov poll, 40 percent of respondents said they thought the measure will increase their taxes. Another 32 percent said they thought their taxes will not be impacted either way. A majority — 56 percent — said that they tied issues regarding the megabill significantly to how they evaluate President Trump's second term. A plurality of Americans, 44 percent, said they had a 'general sense' of the content of the legislation alongside some specifics. Meanwhile, roughly two in 10 — 22 percent — said they had a general idea of it but lacked specifics. The CBS/YouGov poll was conducted between July 16 and July 18, with a sample of 2,343 and a margin of error of 2.5 percentage points.
Politico
20-07-2025
- Business
- Politico
How the 2017 Trump tax cuts made the ‘big, beautiful bill' so expensive
Congressional Republicans really like the 2017 Trump tax cuts. It's why the 'big, beautiful bill' costs so much. The decision to either extend those cuts or make them permanent before their year-end expiration date was the driving force behind the original, $2.4 trillion price tag of the House-passed megabill. Then the Senate GOP went even further, deepening the financial impact of the vast domestic policy package. That exacerbated the string of intraparty fights that consumed Republicans for weeks. Even as different factions squared off over issues such as slashing Medicaid — hundreds of billions here, tens of billions there — the extension of the 2017 tax cuts had already set the table. In the end, the Senate added another $1 trillion to the price tag. Detailed final estimates from Congress' scorekeeper haven't yet been released, but the overall picture is clear: The cost of President Donald Trump's signature tax and spending legislation was inflated by the desire to extend the tax cuts from his first administration. Other political fights shifted the price tag from there, but there was not much the staunchest deficit hawks could do but chip away at the margins. 'This was going to be a fiscal challenge from the start, because of how expensive it is to extend [the 2017 cuts],' said Andrew Lautz, director of tax policy for the Bipartisan Policy Center. Here's how the bill's cost ballooned, starting with its initial cost: $2.4 trillion added to the federal deficit over 10 years.
Yahoo
14-07-2025
- Business
- Yahoo
GOP leader faces showdown with Republicans on Trump-backed funding cuts
Senate Majority Leader John Thune (R-S.D.) is headed for a showdown this week with a group of Republican senators over a House-passed package that claws back $9.4 trillion in funding from the Corporation for Public Broadcasting and global public health programs. Members of the powerful Senate Appropriations Committee, including Chair Susan Collins (R-Maine), are not keen on cutting programs they have already funded through bipartisan appropriations bills. A handful of senior Republican senators are worried about ceding even more power to the Trump administration, as Congress has already done by allowing President Trump to shutter or overhaul agencies such as U.S. Agency for International Development or impose steep tariffs on many of the nation's trading partners without much pushback. 'I definitely want the PEPFAR cuts and the child and maternal health and other global health cuts removed, but I don't know how Sen. Thune's going to structure the process. He's not shared that with me,' Collins told The Hill, referring to global program that President George W. Bush launched in 2003 to combat AIDS called the President's Emergency Plan for AIDS Relief. The Maine senator said she also had strong concerns about proposed cuts to the Corporation for Public Broadcasting. 'As I made very clear at the hearing, there's a lot of what the Corporation for Broadcasting does that I support such as the 70 percent of the money that goes to local stations, they maintain the emergency alert system, they do local programing such as in Maine there's a very popular high school quiz show,' she said. The so-called rescissions package, which the Senate and House must send to Trump's desk by July 18, would cut $8.3 billion from international aid programs and eliminate fiscal 2026 and fiscal 2027 funding for the Corporation for Public Broadcasting, which supports PBS and NPR affiliates. Collins, however, expressed more support for cutting funding for NPR, which she says has politically biased reporting. She described NPR as having a 'decidedly partisan bent' and highlighted a report written by Uri Berliner, a former senior business editor at NPR, for The Free Press last year. Sen. Mike Rounds (R-S.D.), another member of the Appropriations Committee, says he's a 'no' on the rescissions package unless GOP leaders find a way to protect tribal radio stations in his home state that would be hit by the cuts to the Corporation for Public Broadcasting. 'At this stage of the game I've already told them that I am a no unless we get this resolved one way or another,' Rounds said. Rounds said he wants to protect 'Native American radio stations that [get] caught in the crossfire.' 'Other states have got the same issue, and it's in these very, very rural areas. It's about 90 percent of their funding,' he said. He said he and other GOP colleagues are also concerned about cuts to the Bush-era PEPFAR program. 'It's one I would like to see resolved. I have not been putting the pressure on it, I think other people have,' he said, referring to the internal GOP debate over reworking the bill. The last time Trump tried to push a rescissions package through Congress was in 2018. It failed after Republicans senators balked. That year's proposal to claw back $15 billion in previously appropriated funding failed in the Republican-controlled Senate by a 48-50 vote. Collins and then-Sen. Richard Burr (N.C.) where the two Republicans who voted no. Now Thune — who was the Senate GOP conference chair in 2018 — is facing as many as five Republican holdouts on the bill, with a few more GOP colleagues declining to say publicly how they will vote on the controversial package. Some Republican senators are disgruntled about ceding more authority to the administration after the Department of Government Efficiency shuttered federal agencies, pushed federal workers into early retirement and cut congressionally appropriated funding without getting any input or authority from lawmakers on Capitol Hill. These GOP lawmakers worry that if they send the pending $9.4 billion rescissions package to Trump's desk this week, the administration will follow up with additional requests to claw back the money they've already approved. 'The bigger question is that I don't like the rescissions process at all,' a GOP senator who requested anonymity said. 'It basically gives the keys to the car to the administration to everything that we're doing on the appropriations side. 'We're not getting basic information. We're being told, 'This is what we want to do and here's how much we want for it,'' the senator added. 'We're letting them call everything and then rescissions are coming in on top of all of this?' The other major concern of Republican appropriators is that passing a partisan rescissions package could derail work on the 12 annual appropriations bills. They note that Democrats are threatening to block the fiscal 2026 spending bills if the Trump administration and its GOP allies backtrack on funding deals from previous years by clawing back funds. Senate Democratic Leader Chuck Schumer (N.Y.) warned in a 'Dear Colleague' letter last week that 'Republicans' passage of this purely partisan proposal would be an affront to the bipartisan appropriations process.' Schumer said that 'a number of Republicans know it is absurd for them to expect Democrats to act as business as usual and engage in a bipartisan appropriations process to fund the government, while they concurrently plot to pass a purely partisan rescissions bill.' Republicans hold a 53-to-47 Senate majority and Thune can only afford three defections from his conference and still pass the package of spending cuts, which needs a simple-majority vote. Sen. Lisa Murkowski (R-Alaska) shares Rounds's concerns about the impact of eliminating the Corporation for Public Broadcasting and other colleagues' concerns about cutting global health programs, according to Senate GOP sources familiar with the behind-the-scenes negotiations 'I'm going to be very interested to see what amendments might come forward,' Murkowski told reporters Thursday. 'We're working with others on the public broadcasting [issue].' Sen. Jerry Moran (R-Kan.), a member of the Appropriations panel, who threatened to vote against the One Big, Beautiful Bill Act because of steep cuts to Medicaid and rural hospitals, hasn't yet said whether he would vote for the rescissions package. 'I'm going to see what's there and how the process works,' he said, when asked how he would vote on the bill. Sen. Shelley Moore Capito ( another appropriator who balked last month at an immediate phaseout of tax credits for clean hydrogen energy production in the 'big, beautiful bill' is also taking a wait-and-see approach on the rescissions package. 'We're talking about it. I'm very supportive but we'll see what the details are,' she said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
