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Boston Globe
05-05-2025
- Business
- Boston Globe
These 6 Republican ‘red lines' could complicate Trump's policy plans
Advertisement 'Some of these are clearly in conflict,' said Rohit Kumar, the coleader of PricewaterhouseCoopers' national tax office and a former aide to Senator Mitch McConnell, a Kentucky Republican. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Avoiding Medicaid cuts, for instance, would make it almost impossible to slash spending enough to return to 2019 levels, he said: 'It's hard to imagine how those happen in the same bill.' Other Republicans are more sanguine. 'It's called legislating - or sausage-making,' said Senator John Cornyn, a Texas Republican and senior member of the Finance Committee, which is playing a central role in drafting the bill. 'It's hard. I'm not surprised it's hard because there's so many competing demands.' Medicaid House Republicans have asked the Energy and Commerce Committee to find at least $880 billion in cuts as part of the bill, which the Congressional Budget Office said will be impossible without cutting Medicaid, Medicare, or the Children's Health Insurance Program. Trump and Johnson have pledged not to end benefits. Advertisement Senator Susan Collins, a Maine Republican, voted against a budget framework last month because of concerns that it would clear the way for Medicaid cuts. Senators Lisa Murkowski, a Republican from Alaska, and Josh Hawley, a Missouri Republican, have said they are open to adding work requirements to Medicaid but will not vote to cut Medicaid benefits. A dozen House Republicans warned Johnson in a letter last month that they 'cannot and will not support a final reconciliation bill that includes any reduction in Medicaid coverage for vulnerable populations.' 'There's about 25 people that have real concerns, but I know there's eight to 10 that are serious as a heart attack about this,' said Representative Jeff Van Drew, a New Jersey Republican, who signed the letter. Van Drew warned Thursday that cutting Medicaid could lead Republicans to lose the House. 'If we're not careful, we're going to ensure we lose the midterms,' he told reporters. The state and local tax deduction cap To help pay for their 2017 tax bill, Republicans limited how much Americans could deduct in state and local taxes on their federal returns. Now five House Republicans who represent suburban districts in high-tax states - Representatives Nick LaLota, Andrew R. Garbarino f, Michael Lawler, Young Kim, and Tom Kean Jr. - say they will not vote for legislation to extend the 2017 tax cuts unless the $10,000 cap is lifted. 'The levels for each of the five of us are a little bit different on what solves the day for as many middle-class families as possible, but we're going to stick together to get as much progress as possible,' LaLota told reporters. Advertisement But members of the ultraconservative House Freedom Caucus do not want to raise the cap unless the 'math adds up,' Representative Chip Roy, a Texas Republican,said. Taxes and fees The House Transportation Committee has proposed a new $250 electric vehicle registration fee and a $100 registration fee for hybrid vehicles to help pay for the bill. That's a dealbreaker for Senator Rick Scott, a Florida Republican, who said he won't vote for legislation that includes any fee increases. 'I'm not voting for tax increases,' Scott told reporters, 'I'm not voting for fee increases. Period.' A return to 2019 spending levels Senator Ron Johnson, a Wisconsin Republican, said last week he would not vote for the bill unless it reduces spending to 2019 levels - which he acknowledged was unlikely to happen. 'There's a growing group of us that are insisting on returning to a prepandemic level of spending, which is much lower than what anybody is working on in either the House or the Senate,' Johnson said. Republicans just aren't considering deep enough spending cuts right now, he said: 'As a result, I'm not going to vote for it.' The debt limit Senator Rand Paul, a Kentucky Republican, voted against the framework underlying the bill because he objected to Republicans' plan to use the bill to raise the debt limit by $5 trillion. Asked last week whether including such an increase in the bill would lead him to oppose it, Paul said, 'I'm not for raising the debt ceiling $5 trillion, so I'm not for it.' Advertisement The deficit Representative Thomas Massie, a Kentucky Republican, who also voted against the budget framework last month, said he has a different red line: He can't vote for a bill that increases the deficit. In theory, the Republican bill could meet Massie's test if he accepted the argument - which Senate Republicans have embraced - that it costs nothing to make permanent the 2017 tax cuts set to expire at the end of the year. But Massie appears to be taking the view that making the cuts permanent isn't free. 'I'm looking at what is the debt 10 years from now compared to what is it now,' Massie said. The Center for a Responsible Federal Budget has estimated that making the cuts permanent will add more than $4 trillion to the debt over the next 10 years, including interest. 'There's actually almost no chance in hell I'm going to vote for this, because there's no chance in hell they're going to be fiscally responsible,' Massie said. Representative Jason T. Smith, a Missouri Republican, who's deeply involved in writing the bill as chairman of the House Ways and Means Committee, acknowledged Sunday that House Republicans were still struggling to reach agreement on the details of the legislation. 'Will it be bumpy, Shannon?' Smith told Fox News's Shannon Bream. 'It absolutely is. This is the House of Representatives. But will we get the job done? We absolutely will.'
Washington Post
05-05-2025
- Business
- Washington Post
These 6 Republican ‘red lines' could complicate Trump's policy plans
As Republican lawmakers hammer out a 'big, beautiful bill' to enact President Donald Trump's policy plans, they're running into a problem: their colleagues' growing list of red lines. Some House Republicans say they won't vote for a bill that cuts Medicaid. Others have refused to support the legislation unless it lets their constituents deduct more of their state and local taxes. Last week, one Senate Republican ruled out voting for any bill unless it pares back spending to the level before the pandemic — which would require massive additional cuts. The growing list of policy 'no-gos' will make it even harder for Speaker Mike Johnson (R-Louisiana) and Senate Majority Leader John Thune (R-South Dakota) to draft a bill that can pass their narrowly divided chambers. 'Some of these are clearly in conflict,' said Rohit Kumar, the co-leader of PricewaterhouseCoopers' national tax office and a former aide to Sen. Mitch McConnell (R-Kentucky). Avoiding Medicaid cuts, for instance, would make it almost impossible to slash spending enough to return to 2019 levels, he said: 'It's hard to imagine how those happen in the same bill.' Other Republicans are more sanguine. 'It's called legislating — or sausage-making,' said Sen. John Cornyn (R-Texas), a senior member of the Finance Committee, which is playing a central role in drafting the bill. 'It's hard. I'm not surprised it's hard because there's so many competing demands.' House Republicans have asked the Energy and Commerce Committee to find at least $880 billion in cuts as part of the bill, which the Congressional Budget Office said will be impossible without cutting Medicaid, Medicare or the Children's Health Insurance Program. Trump has pledged not to cut Medicare or Medicaid. Sen. Susan Collins (R-Maine) voted against a budget framework last month because of concerns that it would clear the way for Medicaid cuts. Sens. Lisa Murkowski (R-Alaska) and Josh Hawley (R-Missouri) have said they are open to adding work requirements to Medicaid but will not vote to cut Medicaid benefits. A dozen House Republicans warned Johnson in a letter last month that they 'cannot and will not support a final reconciliation bill that includes any reduction in Medicaid coverage for vulnerable populations.' 'There's about 25 people that have real concerns, but I know there's eight to 10 that are serious as a heart attack about this,' said Rep. Jeff Van Drew (R-New Jersey), who signed the letter. Van Drew warned Thursday that cutting Medicaid could lead Republicans to lose the House. 'If we're not careful, we're going to ensure we lose the midterms,' he told reporters. To help pay for their 2017 tax bill, Republicans limited how much Americans could deduct in state and local taxes on their federal returns. Now five House Republicans who represent suburban districts in high-tax states — Reps. Nick LaLota (New York), Andrew R. Garbarino (New York), Michael Lawler (New York), Young Kim (California) and Tom Kean Jr. (New Jersey) — say they won't vote for legislation to extend the 2017 tax cuts unless the $10,000 cap is lifted. 'The levels for each of the five of us are a little bit different on what solves the day for as many middle-class families as possible, but we're going to stick together to get as much progress as possible,' LaLota told reporters. But members of the ultraconservative House Freedom Caucus do not want to raise the cap unless the 'math adds up,' Rep. Chip Roy (R-Texas) said. The House Transportation Committee has proposed a new $250 electric vehicle registration fee and a $100 registration fee for hybrid vehicles to help pay for the bill. That's a dealbreaker for Sen. Rick Scott (R-Florida), who said he won't vote for legislation that includes any fee increases. 'I'm not voting for tax increases,' Scott told reporters, 'I'm not voting for fee increases. Period.' Sen. Ron Johnson (R-Wisconsin) said last week he would not vote for the bill unless it reduces spending to 2019 levels — which he acknowledged was unlikely to happen. 'There's a growing group of us that are insisting on returning to a pre-pandemic level of spending, which is much lower than what anybody is working on in either the House or the Senate,' Johnson said. Republicans just aren't considering deep enough spending cuts right now, he said: 'As a result, I'm not going to vote for it.' Sen. Rand Paul (R-Kentucky) voted against the framework underlying the bill because he objected to Republicans' plan to use the bill to raise the debt limit by $5 trillion. Asked last week whether including such an increase in the bill would lead him to oppose it, Paul said, 'I'm not for raising the debt ceiling $5 trillion, so I'm not for it.' Rep. Thomas Massie (R-Kentucky), who also voted against the budget framework last month, said he has a different red line: He can't vote for a bill that increases the deficit. In theory, the Republican bill could meet Massie's test if he accepted the argument — which Senate Republicans have embraced — that it costs nothing to make permanent the 2017 tax cuts set to expire at the end of the year. But Massie appears to be taking the view that making the cuts permanent isn't free. 'I'm looking at what is the debt 10 years from now compared to what is it now,' Massie said. The Center for a Responsible Federal Budget has estimated that making the cuts permanent will add more than $4 trillion to the debt over the next 10 years, including interest. 'There's actually almost no chance in hell I'm going to vote for this, because there's no chance in hell they're going to be fiscally responsible,' Massie said. Liz Goodwin and Jacob Bogage contributed to this report.
Daily Tribune
15-04-2025
- Business
- Daily Tribune
Bahrain Strengthens Investment Landscape with Launch of PwC Regional Center
His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, emphasized Bahrain's unwavering commitment to strengthening its investment climate and creating high-value opportunities that support the Kingdom's economic development journey. These efforts are aimed at driving further progress and prosperity for both the nation and its citizens, in line with the comprehensive development goals led by His Majesty King Hamad bin Isa Al Khalifa and closely followed up by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. Speaking at the inauguration of PricewaterhouseCoopers' (PwC) new Regional Center of Excellence in Bahrain, His Excellency highlighted the Kingdom's dynamic and innovation-friendly investment environment. He noted that Bahrain is home to highly skilled national talent, making it an attractive destination for leading global companies—particularly in the financial and economic sectors—as it aligns with the nation's forward-looking vision and development objectives. The opening ceremony was attended by Her Excellency Noor bint Ali Al Khulaif, Minister of Sustainable Development and CEO of the Bahrain Economic Development Board; His Excellency Shaikh Salman bin Ahmed Al Khalifa, Head of the Crown Prince's Court; and Ms. Maha Mofeez, CEO of Tamkeen, along with several other senior officials. Shaikh Salman bin Khalifa noted that the expansion of international firms in Bahrain is a clear indicator of growing confidence in the Kingdom's investment ecosystem. He added that such expansions play a crucial role in generating quality job opportunities for Bahraini nationals, supporting local talent, and advancing skill development in line with labor market needs—all of which contribute to sustainable economic growth. He further underlined the importance of the professional services sector, alongside other key economic sectors, in bolstering comprehensive development and diversifying income sources. This, he said, further solidifies Bahrain's position as a leading regional and global financial hub.
