Latest news with #OBBB
CNBC
2 hours ago
- Business
- CNBC
GoPro, Krispy Kreme join the meme party as Wall Street speculation ramps up
It's a new day, and meme traders have found more stocks to put on the pedestal. Reddit-obsessed retail traders targeted wearable camera firm GoPro and donut maker Krispy Kreme on Wednesday, pushing shares up 63% and 33%, respectively, in premarket trading. The cohort seemed to have already ditched their old love OpenDoor, whose shares fell another 9% following a wild speculative like OpenDoor, GoPro is also a beaten-down penny stock, trading consistently below $1 this year. Krispy Kreme is another cheap stock, selling around $4 apiece. The donut chain has 28% of its float shares sold short, while GoPro has about 10%, according to FactSet. The two stocks are heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021. "YOLO DNUT," one post on WallStreetBets reads. YOLO stands for "You Only Live Once" and is used to describe a high-risk, all-in trading strategy. The heightened speculative activity on Wall Street coincided with a record-setting rally in the broader market as investors breathed a sigh of relief amid better-than-feared tariff headlines. The S&P 500 closed at another record high Tuesday, bringing its 2025 gains to more than 7%. "We attribute the initial phase of the junk rally to removal of downside risks to U.S. GDP with passage of the OBBB bill, hopes for several Fed rate cuts between now and Y/E, stronger than expected U.S. economic data, and tariff news flow being not as bad as feared," Wolfe Research said in a note to clients.
The Hill
17 hours ago
- Business
- The Hill
Memo advises GOP to extend ACA tax credits
President Trump's 'big, beautiful bill' pays for an extension of his 2017 tax cuts in part through slashing about $1 trillion from Medicaid over the next decade. Democrats across the country are ready to make these cuts the prominent issue ahead of the midterm elections. The memo notes that all benefits from those tax cuts will be nullified because of premium increases if the subsidies are not extended. PUP Research is the sister group to PUP Advocacy, a conservative advocacy organization. 'Unfortunately, data shows that the expiration of enhanced premium tax credits on January 1, 2026, will increase health care costs to a level that will counteract the tax benefits of OBBB for over 20 million people,' the group wrote. Extra subsidies that help people afford ObamaCare premiums that were put in place during the coronavirus pandemic are set to expire at the end of the year, and there are few signs Republicans are interested in tackling the issue at all. If Congress takes no action, premiums for subsidized enrollees are projected to increase by more than 75 percent starting in January 2026, according to health research group KFF. There is broad bipartisan and public support for extending the subsidies, and the memo cited recent polling from Trump pollster Fabrizio Ward that showed Republicans losing support in the most competitive districts if the tax credits expire. But if Republicans extend them, the poll showed they can gain an advantage against Democrats in the midterms. The Republican candidate that supports extending the tax credits would lead the Democrat on the generic ballot by 6 points overall.
LeMonde
a day ago
- Business
- LeMonde
'The passage of Trump's budget bill highlights persistent political tensions within the American right'
On Independence Day, July 4, 2025, President Donald Trump signed a massive new tax and spending bill into law. Officially called the One, Big, Beautiful, Bill (OBBB), the law was a major victory for his second administration, and signaled Trump's considerable consolidation of power. That said, the passage of the bill highlighted persistent political tensions within the American right. Major cleavages persist within the Trump coalition, as highlighted by the controversy surrounding the White House's refusal to release the Epstein files, reignited by the explosive recent story published in the conservative Wall Street Journal about Trump's unsavory connections to the late, disgraced mogul, who died in 2019. Understanding these rifts is essential to assessing the future of the MAGA (Make America Great Again) movement. Trump's hold on the Grand Old Party (GOP)'s elites is also more complicated than the passing of the OBBB would indicate. Since Trump's political rise in 2016, the world of American conservative elites has undergone a dramatic reconfiguration. His first victory led to a dramatic ideological shift in the upper echelons of the American conservative movement, and the rise of a new coalition of intellectuals known as the "New Right." Whereas the old conservative establishment stood for the "fusionist" trifecta of free-market economics, social traditionalism and anti-communism, and internationalism in foreign affairs, the New Right stands for nationalist economics, social traditionalism, isolationism and a crackdown on immigration. Obvious tensions Today, the old legacy of fusionism continues to influence American conservatism, fueling schisms in the GOP and within the New Right coalition. Many tech industry figures on the New Right, for example, were frustrated with Trump and JD Vance's new tariff regime. Elon Musk was a ferocious opponent of the OBBB, and at one point threatened to back alternative candidates in the Republican primaries against any member of the party who voted in favor of the bill.
Forbes
3 days ago
- Business
- Forbes
Trump Shouldn't Let Big Beautiful Bill Boost China's Clean Energy Edge
President Trump signed the One Big Beautiful Bil (OBBB) into law on July 4th, significantly changing ... More the American energy landscape as it rolls back measures from the Inflation Reduction Act. (Photo by Brendan SMIALOWSKI / POOL / AFP) (Photo by BRENDAN SMIALOWSKI/POOL/AFP via Getty Images) On July Fourth, President Donald Trump signed the 'One Big, Beautiful Bill' into law, introducing significant changes that will dramatically reshape America's energy landscape. The newly minted OBBB Act leaves businesses and policymakers trying to determine its potential impact on jobs, investment, and the nation's position in the global energy race. The OBBB, especially 'Title 5-Ending Green New Deal Spending, Promoting America-first Energy, and Other Reforms,' introduces significant reductions to clean energy tax credits, and reduces the eligibility timeline for credits and accessibility to them, while extending these for fossil fuels such as the coal used in steelmaking. The Biden-era Inflation Reduction Act overemphasized renewable energy over oil and gas. Both of these are energy sources that the U.S. has a significant opportunity to leverage for growth and security. It makes sense to play to America's strengths. However, some experts warn that the OBBB risks creating an overcorrection. Zigzagging in the race for energy dominance may wind up costing the U.S. the geo-economic race against China. Charting a course that allows the country to excel on all energy fronts might work better in the medium and long term. While insisting on renewables instead of hydrocarbons, and even vilifying fossil fuels and nuclear, was questionable for a country rich in oil and gas, continued American presence in the renewable energy sector is critical to the future of the U.S. and America's ability to compete with foreign powers, especially China. What's New in the OBBB? The sweeping, nearly 1,000-page OBBB brings significant changes to IRA provisions that prioritized clean energy investments and manufacturing in the U.S. over other options. The OBBB sets a placed-in-service deadline for wind and solar projects, making any project that started a year after the IRA became law ineligible for tax unless it is placed in service before the end of 2027. This will create additional risks for projects grappling with supply chain delays and complex permitting and construction timelines. Many developers may decide to turn down new projects rather than trying to race against the regulatory clock. On the other hand, metallurgical coal, which is used in steelmaking, will now qualify for tax credits. Besides this being contradictory to the OBBB's goal of making needed budget cuts, it also works against innovation, providing credits to coal at the expense of developing a green steel industry. The U.S. was an early leader in this field, but now Europe leads globally, and China is working to catch up quickly through low-carbon policies, R&D, and incentives for innovation. China continues to pursue green measures across its economy while the OBBB puts the United States ... More behind in the field. The OBBB also tightens Foreign Entity of Concern rules with more clear and explicit designations. As we explained earlier, the IRA's rather broad treatment of this issue tended to deter investment in companies 'with even a tiny stake of Chinese ownership, or doing business in Russia' and to discourage U.S. partners in resource-rich areas such as Central Asia. The new definitions per the OBBB will limit tax credit eligibility for producers using inputs coming mainly from Chinese companies. Although this aims to reduce supply chain dependence on China and prevent Chinese companies from benefiting from subsidies, the complexity and uncertainty around how to actually apply these provisions for clean energy projects means these rules can backfire, reducing domestic clean energy production and innovation and sharpening the competitive edge of Chinese alternatives, helping Beijing to become even more dominant in the global market. Can the OBBB Help American Manufacturing? Policy uncertainty has chilling effects on investment, and as far as the OBBB, this is already happening. According to E2, since January 2025, over $14 billion in clean energy projects and more than 10,000 announced jobs had been cancelled before the Senate even passed the bill. The proposed timeline for building and operationalizing wind and solar projects is significantly affected by the new law, which creates obstacles for manufacturers in the clean energy space and, consequently, for proposed new projects, no matter how innovative. Speeding up America's slow and overly bureaucratic review process is admirable, but deadlines need to be realistic. Lawmakers were able to secure a one-year extension of existing wind and solar tax breaks. However, renewable energy industry leaders and advocates argue that this short-term extension is insufficient to encourage the kind of long-term, large-scale investments needed for projects like billion-dollar battery plants or large solar farms. For the U.S. to truly revive domestic manufacturing and lead in global energy, it must encourage the industries of the future (without breaking the bank), quickly innovate in sectors like steel, and scale up solar and battery production alongside a renewed focus on America's existing core competencies in oil, gas, and nuclear. This is not a zero-sum game. It is vital to an 'all of the above' energy strategy. The Trump Administration has already indicated an appetite for 'energy abundance', encouraging LNG exports, grid modernization, and nuclear energy development. An energy policy prioritizing abundant, affordable, cutting-edge energy must keep renewable advancements on the table, even though they are not yet suitable to fully replace other forms of generation. China is forging ahead aggressively, aiming to dominate the clean energy space of tomorrow, and seeking to push the U.S. down the global energy sector totem pole. President Trump's energy priorities surround taking advantage of the United States' advantageous ... More position in the oil and gas sectors, but renewable development is necessary to remain competitive and pursue energy dominance. While the OBBB is focused on rolling back IRA measures that put the green transition ahead of America's advantages and interests in the energy space, its provisions risk making the U.S. less competitive as China and other powers strive to advance renewables and their associated technologies. The Trump Administration is seeking to ensure a modern workforce and achieving energy dominance in the long term, so it needs to start investing in the future, which will include the energy industries the president has already prioritized, as well as those currently dominated by China. Exceling on all fronts will serve America's interests better than abandoning certain key arenas to the key geo-economic competition of the 21st century.
Time of India
3 days ago
- Business
- Time of India
One Big Beautiful Bill: A bold reset or another layer of complexity?
New student loan rules and funding changes begin under Trump's OBBB. (AI Image) The US Department of Education has announced the immediate implementation of higher education provisions within the One Big Beautiful Bill Act (OBBB). The move follows the signing of the legislation into law by President Trump, delivering wide-ranging changes aimed at federal student aid programs and student loan repayment systems. On July 18, 2025, the Department released a Dear Colleague Letter (DCL) to provide initial guidance to higher education institutions and Federal Student Aid (FSA) partners. The DCL outlines near-term regulatory changes and marks the first phase of the OBBB implementation process. Major changes to student loan repayment The OBBB introduces major updates to income-based repayment (IBR) plans, offering a more streamlined approach for borrowers. The reforms target simplification of loan repayment systems, including new repayment options for parent borrowers and revised loan limits for part-time students. The bill addresses regulations from the previous administration, including those related to borrower defence to repayment and closed school discharge policies. These changes affect how borrowers can seek relief from student loan obligations in cases of institutional misconduct or closure. Pell Grant funding and vocational training expansion One of the core provisions of the OBBB is the allocation of funds to cover a $10.5 billion shortfall in the Pell Grant programme. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 3 Casino Games in Sheffield Lounge 777 Play Game Undo This funding aims to stabilise the program, ensuring continued support for low-income students. Additionally, the bill establishes a new Workforce Pell Grant programme, intended to expand access to short-term, career-focused training. These programmes are designed to prepare students for high-demand job sectors and are expected to launch next year as part of a phased implementation. Eliminating aid to underperforming institutions The OBBB includes new accountability measures for higher education institutions. Under the new law, colleges that offer programmes leaving students worse off financially than before enrolment will lose access to federal student loan funding. This provision is intended to ensure that only institutions providing clear economic value to students will remain eligible for federal aid. The Department of Education has stated that additional guidance and regulatory updates will be issued as these measures are developed further. Next steps in implementation While several provisions take immediate effect, others—including the full rollout of the new Repayment Assistance Plan and the Workforce Pell Grant programme—will become effective in the following year. The Department of Education has indicated that further updates will be provided in future guidance documents and through formal regulatory processes. Acting Under Secretary James Bergeron described the announcement as the first step in advancing the President's vision for postsecondary education and workforce development. The Department will continue working with stakeholders as the broader implementation of the OBBB unfolds over the coming years. TOI Education is on WhatsApp now. Follow us here . Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
