Latest news with #Republican-drafted
Yahoo
22-05-2025
- Business
- Yahoo
NC House passes $65 billion GOP-drafted budget proposal
RALEIGH, N.C. (WNCN) — Thursday, the North Carolina House of Representatives passed the 65 billion-dollar 2025 Appropriations Act. The third and final vote amongst the House was 86-20 in favor of the budget proposal at a packed General Assembly in downtown Raleigh. The House has debated this bill all week, with Democrats attempting to make dozens of amendments to the Republican-drafted budget. Governor Josh Stein said in a statement Wednesday that the budget is not perfect. 'Importantly, the House budget cuts taxes for working families while recognizing that North Carolina is a growing state and reduces personal income tax rates after this year only when the economy is growing.' One attempt that failed was to lower the corporate tax rate if and when the personal income tax rate is lowered. Another rejected attempt was an amendment to keep money in a fund for Medicaid recipients in lieu of any potential federal cuts to the medical assistant program. Now, the 2025 Appropriations Act will move on to the Senate for its vote of approval. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-05-2025
- Business
- Yahoo
North Carolina representatives debate $65B+ budget
RALEIGH, N.C. (WNCN) — On Wednesday, debate continues in the General Assembly over how to spend more than $65 billion in your tax money. Democrats attempted to make dozens of amendments to the Republican-drafted budget, including a failed amendment to only lower the corporate tax rate if and when the personal income rate is lower. 'Under this budget, the corporate rate continues to raise unbridled toward zero, and that is just fundamentally unfair,' Representative Deb Butler said. Republicans, who hold a majority in the House and Senate, also rejected an amendment to keep money in a fund for Medicaid recipients, something Democrats pushed to do because of uncertainty about what the federal government will do with Medicaid. 'We'll deal with them once we know what those federal issues are,' Representative Donny Lambeth said. In a statement, Governor Josh Stein says the budget isn't perfect, but, 'Importantly, the House budget cuts taxes for working families while recognizing that North Carolina is a growing state and reduces personal income tax rates after this year only when the economy is growing.' After being passed, the budget will head back to the Senate and then go into conference meetings to draft a final version for the Governor. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-05-2025
- Business
- Yahoo
Trump stablecoin battle intensifies among Senate Democrats
A battle has erupted within the Senate Democratic Conference over a bipartisan bill that would pave the way for broader commercial acceptance of cryptocurrency assets known as stablecoins, which Sen. Elizabeth Warren (D-Mass.) and other progressives warn would greatly enrich President Trump and his family. Sixteen Senate Democrats voted Monday evening to begin debate over the Genius Act, putting it on a path to pass the Senate next month, despite the strenuous objection of Warren and other liberal colleagues. They argue the legislation fails to impose safeguards to keep Trump and his family from benefiting handsomely from a new regulatory regime that would make stablecoins more useful and accepted in the domestic and global economies. 'The elephant in the room, of course, is how the president is launching his own stablecoin and making hundreds of millions of dollars, reportedly, and the bill does nothing to make it clear that we oppose that kind of profiteering in the president's office,' Sen. Tina Smith (D-Minn.) said. 'That's why I voted no.' Supporters of the legislation argue stablecoins are a growing asset class and it's long past time for Congress to put together a regulatory framework to guide the marketplace. They also note they began work on the bill long before Trump launched his crypto investments. 'My perspective is this is an entirely unregulated industry right now, and it is a growing industry. It's already worth $230 billion of U.S. dollar-backed stablecoins. That's projected to grow exponentially in years to come. I think we need common sense regulation now,' said Sen. Kirsten Gillibrand (D-N.Y.), who has worked on the bill for years. While the Senate Democrats say they want to offer amendments, once more than 60 senators agree to get on a bill, it usually passes. Democrats voting to advance the bill Monday included Sen. Mark Warner (D-Va.), who has negotiated changes to the legislation, and Sen. Jon Ossoff (D-Ga.). Both Democrats are up for reelection next year and know the crypto industry spent heavily last year to defeat Sen. Sherrod Brown (D-Ohio), the former chair of the Senate Banking Committee, who was viewed as a crypto skeptic. Other Democrats who voted for the bill included Sens. John Fetterman (D-Pa.), Alex Padilla (D-Calif.), Jacky Rosen (D-Nev.) and Elissa Slotkin (D-Mich.). Senate Democratic Leader Chuck Schumer (N.Y.), who was viewed by some colleagues as 'supportive' of the bill last year, voted no. Schumer came under intense scrutiny earlier this year after voting for a Republican-drafted bill to keep the government funded. It's the third time in the past several months that Democratic lawmakers find themselves deeply divided over how hard to fight back against Trump and his agenda. Senate liberals were furious earlier this year when a group of centrists and vulnerable colleagues facing election next year broke with the rest of the Democratic caucus to help Republicans pass the Laken Riley Act. Democrats also fought bitterly among themselves in March over whether to vote for a House Republican-drafted bill to fund government. That legislation, which ultimately passed, included cuts to nondefense discretionary spending and didn't put any new limits on Elon Musk's work at the Department of Government Efficiency to shutter federal agencies and lay off federal workers. One Democratic senator warned Tuesday that colleagues who vote for the Genius Act could feel a political backlash. The lawmaker, who requested anonymity to comment about internal political calculations, said 'you've got the blatant corruption of this administration and Democrats running the risk of looking like they're providing a green light to that by voting for a bill that does nothing to stop that.' But the senator conceded many younger voters, especially young men, are 'bullish' about crypto and digital assets, and Democrats need to be careful not to alienate them. Warren warned just before Monday's vote that if the bill becomes law, it could multiply the value of the Trump family's investments in cryptocurrency. 'Trump and his family have already pocketed hundreds of millions of dollars from his crypto ventures, and they stand to make hundreds of millions more [from] his stablecoin, USD1, if this bill passes,' Warren argued on the floor. She said wealthy donors are trying to gain access to Trump and curry favor by pouring money into Trump's meme coin, $TRUMP, as well as USD1, the stablecoin launched by World Liberty Financial, a company in which his family has a major financial stake. The debate comes at an awkward time for Democrats after news reports that a Trump business entity owns a 60 percent stake in World Liberty, whose stablecoin will be used by a United Arab Emirates-based firm for a $2 billion investment. In addition, Trump will hold a dinner Thursday for the top 220 holders of $Trump, which he launched in January. The value of the asset shot up after Trump invited its biggest investors to an 'intimate private diner.' 'It is fitting that we are voting on the Genius Act just a few days before President Trump hosts a, quote, private, intimate dinner and VIP White House tour for the top investors in his … coin,' Warren said, asserting that some of the biggest investors in Trump's crypto investments are foreign actors. Warren and her progressive colleagues note the pending Senate bill would not prevent Trump and his family from benefiting from the rising value of stablecoin investments and argue stablecoins are very likely to substantially increase in value if the Genius Act becomes law. Warren said that while members of Congress and senior administration officials would not be allowed to profit from stablecoin investments, the bill does not limit the Trump family's business dealings. 'Donald Trump is using crypto to sell access to the White House,' she said. 'Never in American history has there been corruption at the presidential level on a scale like this.' She said the bill would make it easier for Trump to enrich himself. 'The industry estimates that if Genius passes, within three years there will be a tenfold increase in the value of stablecoins, which means Donald Trump's efforts will be bigger, broader, more lucrative than ever,' she said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
21-05-2025
- Business
- The Hill
Trump stablecoin battle intensifies among Senate Democrats
A battle has erupted within the Senate Democratic Conference over a bipartisan bill that would pave the way for broader commercial acceptance of cryptocurrency assets known as stablecoins, which Sen. Elizabeth Warren (D-Mass.) and other progressives warn would greatly enrich President Trump and his family. Sixteen Senate Democrats voted Monday evening to begin debate over the Genius Act, putting it on a path to pass the Senate next month, despite the strenuous objection of Warren and other liberal colleagues. They argue the legislation fails to impose safeguards to keep Trump and his family from benefiting handsomely from a new regulatory regime that would make stablecoins more useful and accepted in the domestic and global economies. 'The elephant in the room, of course, is how the president is launching his own stablecoin and making hundreds of millions of dollars, reportedly, and the bill does nothing to make it clear that we oppose that kind of profiteering in the president's office,' Sen. Tina Smith (D-Minn.) said. 'That's why I voted no.' Supporters of the legislation argue stablecoins are a growing asset class and it's long past time for Congress to put together a regulatory framework to guide the marketplace. They also note they began work on the bill long before Trump launched his crypto investments. 'My perspective is this is an entirely unregulated industry right now, and it is a growing industry. It's already worth $230 billion of U.S. dollar-backed stablecoins. That's projected to grow exponentially in years to come. I think we need common sense regulation now,' said Sen. Kirsten Gillibrand (D-N.Y.), who has worked on the bill for years. While the Senate Democrats say they want to offer amendments, once more than 60 senators agree to get on a bill, it usually passes. Democrats voting to advance the bill Monday included Sen. Mark Warner (D-Va.), who has negotiated changes to the legislation, and Sen. Jon Ossoff (D-Ga.). Both Democrats are up for reelection next year and know the crypto industry spent heavily last year to defeat Sen. Sherrod Brown (D-Ohio), the former chair of the Senate Banking Committee, who was viewed as a crypto skeptic. Other Democrats who voted for the bill included Sens. John Fetterman (D-Pa.), Alex Padilla (D-Calif.), Jacky Rosen (D-Nev.) and Elissa Slotkin (D-Mich.). Senate Democratic Leader Chuck Schumer (N.Y.), who was viewed by some colleagues as 'supportive' of the bill last year, voted no. Schumer came under intense scrutiny earlier this year after voting for a Republican-drafted bill to keep the government funded. It's the third time in the past several months that Democratic lawmakers find themselves deeply divided over how hard to fight back against Trump and his agenda. Senate liberals were furious earlier this year when a group of centrists and vulnerable colleagues facing election next year broke with the rest of the Democratic caucus to help Republicans pass the Laken Riley Act. Democrats also fought bitterly among themselves in March over whether to vote for a House Republican-drafted bill to fund government. That legislation, which ultimately passed, included cuts to nondefense discretionary spending and didn't put any new limits on Elon Musk's work at the Department of Government Efficiency to shutter federal agencies and lay off federal workers. One Democratic senator warned Tuesday that colleagues who vote for the Genius Act could feel a political backlash. The lawmaker, who requested anonymity to comment about internal political calculations, said 'you've got the blatant corruption of this administration and Democrats running the risk of looking like they're providing a green light to that by voting for a bill that does nothing to stop that.' But the senator conceded many younger voters, especially young men, are 'bullish' about crypto and digital assets, and Democrats need to be careful not to alienate them. Warren warned just before Monday's vote that if the bill becomes law, it could multiply the value of the Trump family's investments in cryptocurrency. 'Trump and his family have already pocketed hundreds of millions of dollars from his crypto ventures, and they stand to make hundreds of millions more [from] his stablecoin, USD1, if this bill passes,' Warren argued on the floor. She said wealthy donors are trying to gain access to Trump and curry favor by pouring money into Trump's meme coin, $TRUMP, as well as USD1, the stablecoin launched by World Liberty Financial, a company in which his family has a major financial stake. The debate comes at an awkward time for Democrats after news reports that a Trump business entity owns a 60 percent stake in World Liberty, whose stablecoin will be used by a United Arab Emirates-based firm for a $2 billion investment. In addition, Trump will hold a dinner Thursday for the top 220 holders of $Trump, which he launched in January. The value of the asset shot up after Trump invited its biggest investors to an 'intimate private diner.' 'It is fitting that we are voting on the Genius Act just a few days before President Trump hosts a, quote, private, intimate dinner and VIP White House tour for the top investors in his … coin,' Warren said, asserting that some of the biggest investors in Trump's crypto investments are foreign actors. Warren and her progressive colleagues note the pending Senate bill would not prevent Trump and his family from benefiting from the rising value of stablecoin investments and argue stablecoins are very likely to substantially increase in value if the Genius Act becomes law. Warren said that while members of Congress and senior administration officials would not be allowed to profit from stablecoin investments, the bill does not limit the Trump family's business dealings. 'Donald Trump is using crypto to sell access to the White House,' she said. 'Never in American history has there been corruption at the presidential level on a scale like this.' She said the bill would make it easier for Trump to enrich himself. 'The industry estimates that if Genius passes, within three years there will be a tenfold increase in the value of stablecoins, which means Donald Trump's efforts will be bigger, broader, more lucrative than ever,' she said.
Yahoo
11-04-2025
- Business
- Yahoo
House budget, trailer bills survive; school budget cap killed
After a long, suspense-filled and sometimes emotional day of debate, the New Hampshire House adopted a two-year, $16.3 billion state budget that made significant cuts to higher education, human services, corrections and the courts. The cuts were prompted by much more pessimistic revenue forecasts than the ones Gov. Kelly Ayotte had offered in her budget proposal. The final plan spends $5.7 billion from state taxes and fees (36%), $5.2 billion from federal grants (32%) with the rest from dedicated funds, lottery and such things as investments on state balances. The House proposal now goes to the state Senate for consideration. Thursday's six-hour-plus debate came with some hiccups for the rock-ribbed Republican majority. Rank-and-file House members bucked their leadership to strip from the proposed budget a cap on local school spending, a $14 million cut to tourism advertising and the idea of replacing the state Board of Land and Tax Appeals with a superior court judge. At one point the House even tabled the budget trailer bill, 198-167, after conservatives with the Republican Liberty Alliance rebelled because the House had stripped a provision for new state employees to have pensions that come from an IRA-like investment account (defined contribution) rather than the existing fixed pension amount (defined benefit). After the tabling, House Speaker Sherman Packard, R-Londonderry, called for a 30-minute private caucus of House Republicans after which they reversed themselves, 193-170, and returned to deal with 30 amendments to the trailer bill. The final trailer bill vote was 185-175. Key test votes early on Thursday prompted a sigh of relief for House Majority Leader Jason Osborne, R-Auburn, whose forces hosted three different private caucuses with GOP members, trying to get enough of them to embrace a plan. Osborne was determined not to repeat 2017 when a House GOP majority failed to pass a budget. In that year a lame-duck speaker defaulted to have the budget entirely written by the state Senate. 'This is only the first step of negotiating outside of this body. If I want our positions to have a place at that negotiating table, we must first vote for this,' Osborne said at one point Thursday. Rep. Karen Ebel, D-New London, argued the Republican-drafted budget hacks away at what's special about New Hampshire, noting a $50 million cut to the University System of New Hampshire, $31 million in cuts meant to avoid a waitlist for adults with developmental disabilities and nearly $40 million in reductions to mental health programs. 'I look at this budget and see (that) too much of what is working is being cut,' Ebel said. In those key tests, the House narrowly passed the budget (HB 1), 192-183, and passed the trailer bill (HB 2), which makes all changes in state law necessary to implement the budget, by a little more comfortable margin, 200-175. Fifteen House Republicans opposed the spending plan. Individual wish lists Moments later there was a window into how Osborne had put this delicate majority together, partly through private negotiation with individual members with their own wish lists. With little debate, the House tacked on two amendments conservative Republicans wanted. Rep. Lisa Mazur, R-Goffstown, got her provision to make New Hampshire the only state in the country not to require children be immunized against chicken pox. The language of that proposal also would transfer the power to write rules on immunization to the Legislature from the Department of Health and Human Services. Rep. James Spillane, R-Deerfield, got his bill tucked in to legalize the possession of brass knuckles and blackjacks along with making all guns manufactured in New Hampshire for in-state use exempt from the National Firearm Act (HB 383). Early on, House Republicans stuck together, beating back, 206-166, a 'better budget' amendment from House Democrats that sought to restore most of the major cuts. House Democrats would have paid for some of their add-backs by raising the tax charity casino operators would pay in profits from slot machine gambling and by doing away with the proposed expansion of Education Freedom Accounts for families with wealthier incomes. 'We realize voting for this amendment requires some bravery on the part of some members,' said Rep. Jerry Stringham, D-Woodstock. 'Being a coward is only cute in 'The Wizard of Oz.'' Rep. Dan McGuire, R-Epsom, mocked concerns over the cut to USNH, saying it represents only 2.5% of the system's entire $1 billion budget. 'That's my personal favorite cut … the University System in my mind got off very, very easily,' McGuire said. The GOP unity started to waver when Rep. Ralph Boehm, R-Litchfield, led the first overthrow, getting the House to eliminate the proposed school spending cap, a favorite of both Osborne and McGuire. 'School districts have the ability now to adopt a tax cap but now we are forcing communities to do it,' Boehm said. 'We keep screaming about local control, yet we are taking away more of it.' Osborne protested, 'The number one issue people tell us about is property taxes. We can protect them with this legislation.' The House disagreed, voting 206-165 to eliminate the school cap with 38 Republicans joining all Democrats. After that, two more restorations followed: The tourism money was restored, 198-164, and the Bureau of Tax and Land Appeals got back its two-year, $2.4 million budget (183-180). Others fall short A few other rescue attempts narrowly failed. A bid to restore the budget of the New Hampshire Council on the Arts failed by eight votes. Then a move to require the state to give notice to anyone on Medicaid that they could sign up for a child's free or reduced school lunch lost by a single vote, 183-182. Rep. Stephen Pearson, R-Derry, a lieutenant in the Manchester Fire Department, moved to strip the pension change, charging it would break the promise to all first responders that they would get a fixed pension after a career of putting their lives on the line. McGuire said the current pension system was unsustainable and giving new workers the freedom to invest their own contributions could deliver an even healthier retirement nest egg. The House again bucked the GOP leadership, striking the pension change, 183-177. That's when Rep. Michael Granger, R-Milton, convinced colleagues on an unrecorded division vote to table the bill. After the interruption, and Packard's GOP caucus, the House regrouped and wrapped up the day's work just after 7 p.m. by dispensing in rapid-fire succession with the remaining 10 amendments to the bill. klandrigan@
