Latest news with #OneBigBeautifulBillAct
Time of India
30 minutes ago
- Business
- Time of India
Trump calls Elon Musk ‘terrific', joint Oval Office press conference on Friday as Musk exits DOGE role
US President Donald Trump on Thursday (8:15 pm EST) announced a joint press conference at the White House's Oval Office for 11 pm (IST) on Friday after Elon Musk stepped down from his role as a special government employee. Tired of too many ads? go ad free now Meanwhile, Trump praised the billionaire entrepreneur and said that 'Elon is terrific' and "will always be with us." 'This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific!' Trump said in a post on Truth Social, confirming Musk's departure from the Department of Government Efficiency (DOGE), where he had been leading cost-cutting efforts across federal operations. Musk's resignation comes in the wake of his sharp criticism of Trump's proposed 'One Big Beautiful Bill Act,' which he described as a 'massive spending bill' that would reverse the fiscal reforms he introduced under DOGE. His resignation also marks the end of his 130 days tenure as a special government employee. 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,' Musk posted on X. 'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government,' he added.
Economic Times
4 hours ago
- Business
- Economic Times
Elon Musk-Trump bromance over? Tesla CEO's first major public disagreement with President sparks buzz
Elon Musk steps down from Trump team after criticising 'big or beautiful' spending bill Tech mogul Elon Musk said he was "disappointed" by a big spending bill passed by House Republicans last week, which is strongly supported by US President Donald Trump. In an interview with CBS News, Musk voiced sharp criticism of the administration's latest spending proposal, dubbed the 'One Big Beautiful Bill", what could be seen as major public disagreement with President Trump. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing," Musk said, appearing to distance himself from President Trump's latest legislative push. The measure, which still awaits Senate approval, would extend Trump's 2017 tax cuts, ramp up border spending, slash clean energy credits, and enforce Medicaid work requirements. ALSO READ: Why Melania Trump's $40 million documentary deal with Amazon has sent Hollywood into a tizzy The comments of Musk appear to put him at odds with Trump, who has championed the massive spending package. The tax provisions of the package, titled the "One Big Beautiful Bill Act" after Donald Trump's name for the bill, would increase the deficit by $3.8 trillion by 2034, according to the Congressional Budget Office."I think a bill can be big or it can be beautiful," Musk told CBS News, "but I don't know if it can be both. My personal opinion." In the early months of the Trump administration, Musk maintained a near-constant presence, with his DOGE staffers rapidly moving through nearly every government agency to implement broad budget cuts. This aggressive approach sparked concern among Democrats, some Trump allies, and led to numerous legal challenges. Musk — who also serves as CEO of Tesla, SpaceX, and the social media platform X — has since stated that he plans to scale back his involvement in government affairs. ALSO READ: Is Trump targeting Harvard because the elite university rejected his youngest son Barron? What you need to know A the heart of Elon Musk's criticism is the proposed extension of Donald Trump-era tax cuts from 2017, which are set to expire this year. A May 22 report from the University of Pennsylvania estimates that the extension could widen the primary deficit by $2.8 trillion over the next decade—contradicting Donald Trump's earlier campaign promises to reduce the federal deficit. The market reacted swiftly, with long-term US bond yields hitting their highest levels since 2007, reflecting growing investor concern over the country's ballooning debt, which now exceeds $36 Musk's criticism comes amid a challenging period for his business ventures. Tesla's April sales fell to their lowest in three years, prompting Elon Musk to reduce his involvement in DOGE to refocus on his Tesla CEO has said he will step back from his role with the Trump administration's cost-cutting team known as Doge. Trump has said it has long been the plan that Musk would soon step away, but the news came as the billionaire's car business saw earnings plunge. President Donald Trump reinforced the message that the administration was preparing for Musk's departure. ALSO READ: Thousands could lose SNAP benefits under 'big, beautiful bill' in state Trump won by 1% The president also said Tesla will "be taken care of" once Musk returns and alleged that Musk was being "treated very unfairly, I guess, by some of the public". "He's a great patriot, and [that] should have never happened to him," Trump has been designated a "special government employee" (SGE) – a label that allows him to work at a paid or unpaid government job for 130 days each to a 2007 Department of Justice memo, cited in an October 2024 guidance document from the Office of Government Ethics, any day on which an SGE performs any work for the government counts as a full day towards that limit. ( Originally published on May 28, 2025 )
Yahoo
5 hours ago
- Business
- Yahoo
No taxes on overtime pay: What to know about tax break in GOP budget bill
(NEXSTAR) — The House passed the 'One Big Beautiful Bill Act' – a legislative package that combines tax breaks, spending cuts, border security funding and other priorities central to President Donald Trump's agenda – last week, sending the bill to the Senate. Among the various aspects of the bill that may impact you, should it pass in its current state, is one that targets overtime pay. It's a provision Trump campaigned on alongside tax breaks for tipping, but how will it impact you? Trump Accounts: What to know about the $1K-per-child investments According to the House Ways and Means Committee, the move removes income taxes on the overtime pay premium for over 80 million hourly workers. This isn't a permanent move, though. It's a temporary full deduction on the overtime pay you receive, Nexstar's The Hill explains. The deduction is set to end after 2027, unless it receives an extension before then. Because it's a deduction, you would not see an immediate impact on your paycheck. Instead, you would claim the overtime pay on your taxes during the following year. Combined with other aspects of the 'One Big Beautiful Bill Act,' like the boosted child tax credit, no tax on tips, and an enhanced standard deduction, Ways and Means estimates that taxpayers could benefit from hundreds to thousands of dollars in cuts. Qualifying for overtime pay does, however, vary by industry. US is ending penny production: How will you be impacted? For many, overtime may begin to accrue after 40 hours of work. For others, that threshold may be higher. Firefighters, for example, have to work 53 hours a week before qualifying for overtime, Edward Kelly, general president for the International Association of Fire Fighters, said in a statement obtained by NBC News. The Tax Foundation said last year that exempting overtime from income tax, then a campaign promise of Trump's, could encourage more employees to want to work overtime hours. It could, similarly, cause employers to 'be more aggressive to contain overtime requests as total labor costs rise.' The Congressional Budget Office warned that exempting overtime pay from income taxes could lead to $124 billion in lost tax revenue. It's too soon to say whether the overtime tax cuts will remain in the bill. Before the House passed Trump's budget bill, the Senate unanimously passed a bill to eliminate federal taxes on tips. It didn't stipulate the same treatment for overtime pay, and there is currently no bill in the Senate regarding overtime pay. Conservatives in the Senate have also expressed frustration over the 'big, beautiful bill,' saying it needs deeper cuts. The Associated Press contributed to this report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
6 hours ago
- General
- Yahoo
Sen Ron Johnson suggests he may not run for re-election in 2028
GOP Sen. Ron Johnson of Wisconsin indicated that he does not want to run for a fourth Senate term, but he isn't ruling it out. Johnson, who is serving his third six-year Senate term, said during remarks at a Wednesday event hosted by the Milwaukee Press Club and that he learned from his run for a second term that "you can't say … never." In a 2022 Wall Street Journal piece, Johnson explained his about-face on seeking another term. Us Officials Delayed Warning Public About Heart Inflammation Risk From Covid Shot: Report "During the 2016 campaign, I said it would be my last campaign and final term. That was my strong preference and my wife's. We both looked forward to a normal private life," he said. "I believe America is in peril. Much as I'd like to ease into a quiet retirement, I don't feel I should." The senator, who has been vocal in objecting to the Trump-backed One Big Beautiful Bill Act that most in the House GOP voted to pass last week, said during his remarks on Wednesday that he would like to place America on a "sustainable course" and return home. Read On The Fox News App Elon Musk Criticism Of Trump Tax Bill Frustrates Some Republicans: 'No Place In Congress' "I don't covet the position," he said. But while he's not slamming the door on the possibility of running for Senate again, he flatly ruled out the prospect of a presidential bid. Succeeding Trump: 6 Republican Potential Presidential Hopefuls To Keep Your Eyes On In 2028 "No, God, what an awful job," he said when asked whether he'd ever run for the presidency. He said he wouldn't want to make the decisions that a commander in chief must article source: Sen Ron Johnson suggests he may not run for re-election in 2028
Miami Herald
6 hours ago
- Business
- Miami Herald
Trump cuts hit flood control and food aid in Miami-Dade. Will Medicaid be next?
Cuts to federal spending yanked $10 million for flood-prevention projects in Miami, slashed USDA produce deliveries to a leading food bank and killed $17 million in grant money that Miami-Dade County hoped to secure for expanding Internet access to low-income households. But those cutbacks aren't what have county administrators worried. It's the even deeper cuts proposed by the Trump administration that they say would bring severe consequences to healthcare, housing and social services throughout Miami-Dade. The county's Democratic mayor, Daniella Levine Cava, laid out potential impacts in a recent memo to county commissioners. With more than $700 billion in Medicaid spending reductions in the One Big Beautiful Bill Act, the Republican-backed spending and policy bill that narrowly passed the U.S. House on May 22, Levine Cava's memo warns of local pain if Washington cuts back on the stream of federal healthcare dollars to the Miami area. 'Last year, in Miami-Dade, Medicaid provided services to 40,300 children (30% of the County's children) and 120,700 seniors and people with disabilities,' Levine Cava wrote in the May 19 memo. 'Any reduction in Medicaid funding would significantly impact access to care and economic security.' U.S. Rep. Carlos Gimenez, a Republican and Levine Cava's predecessor as county mayor, defended the proposed Medicaid changes that he voted for in the House, including work requirements for some recipients and stricter eligibility scrutiny to prevent 'double-dipping' by Medicaid recipients wrongly enrolled in more than one state program. 'The benefits to eligible residents have not been reduced,' he said. Federal funding accounts for about 6% of the county's $12.7 billion budget — amounting to more than $750 million annually from Washington. Among the funding concerns cited in the memo: A $65 million shortfall in funding for the federal Section 8 rental voucher program that Miami-Dade administers using dollars from Washington. The memo said more than 5,400 households could lose their housing assistance without more federal money in 2025. The potential loss of Head Start childcare dollars through a planned restructuring at the federal Department of Health and Human Services. Miami-Dade runs Head Start childcare centers funded by roughly $90 million a year from Washington. The latest grant expires Oct. 1, and Levine Cava said there's no option yet to apply for a renewal in the federal grant-making system. Cutbacks in federally funded food shipments that make their way to soup kitchens, church pantries and food banks throughout Miami-Dade. Farm Share, a main supplier of free food in the county, said the U.S. Department of Agriculture recently cut in half the number of semi-trucks packed with cans, produce, and dry goods like rice and beans that find their way to local charities and nonprofits. Farm Share's federal shipments hit about 15 million pounds between February and May last year, compared to 7 million pounds this year, said Stephen Shelley, president of the Homestead-based charity. 'It's concerning,' he said. Even so, Shelley said he's optimistic the cutbacks will be temporary as the second Trump administration retools the program and manages fallout from the shortages. 'This is a cycle that is not uncommon. We're watching, and we're hopeful.' While the memo focuses mostly on potential funding impacts, some examples represent federal money that's already lost. That includes a $16.5 million grant from the Department of Commerce that the county hoped to receive to expand Internet access countywide. One of the biggest hits to Miami-Dade's existing federal funding is a grant designed to help the county lessen current-day flooding, as well as help prepare for sea-level rise. Two of the floodiest spots in Miami-Dade County — the mouth of Little River and the Biscayne Canal — were set to receive multimillion-dollar makeovers designed to protect neighborhoods against high waters and heavy rains. But last month, the Trump administration ended FEMA's Building Resilient Infrastructures and Communities (BRIC) grant program, which launched during Trump's first term. READ MORE: Millions in South Florida flood-control projects on hold after Trump FEMA cuts Planning for the flood protection projects is on schedule to finish up this month. But there's no longer federal money to raise the height of canal walls and purchase bigger pumps to keep rainwater flowing to Biscayne Bay instead of into nearby streets. 'The cancellation of the BRIC program poses a major setback to Miami-Dade County's ability to implement long-term resilience strategies,' Levine Cava wrote. She said the two canceled grants were worth $9.2 million, with another $23 million in pending grant applications also taken off the table. Even so, she said Miami-Dade will be pursuing other federal dollars for the projects — even if they have more strings attached. Levine Cava is already warning of a nearly $400 million shortfall for the county's 2026 budget from increased local spending and slowing growth in property-tax revenues. That can make it harder to snag federal grants because county 'departments continue to face challenges identifying required match funding.'
