Latest news with #OneBigBeautifulBill
Yahoo
34 minutes ago
- Business
- Yahoo
US May Exhaust Debt-Ceiling Measures in Mid-August, CBO Says
(Bloomberg) — The US government could run out of enough funds to meet its financial obligations in a timely manner between mid-August and the end of September, the Congressional Budget Office said Monday. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. NYC Mayoral Candidates All Agree on Building More Housing. But Where? US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The updated estimate from the nonpartisan CBO pushes back the so-called X date by at least two weeks from what it previously projected in March. That potentially gives Congress additional runway to negotiate a deal to increase federal borrowing authority as part of President Donald Trump's tax-cut package. The debt limit kicked back in at the start of the year, since when the Treasury has been using special accounting maneuvers to keep from breaching the ceiling and still make good on federal obligations on time. Republicans attached a measure that would give the Treasury trillions of dollars more in additional borrowing authority to Trump's 'One Big Beautiful Bill.' That legislation is now being hashed over in the Senate. 'CBO now estimates that if the debt limit remains unchanged, the government's ability to borrow using extraordinary measures would probably be exhausted between mid-August and the end of September 2025,' the agency wrote in its Monthly Budget Review released Monday. Data on revenue and spending over the past three months, 'which were consistent with expectations, reduced the potential for those measures to be exhausted early in August,' the CBO said. Treasury Secretary Scott Bessent has urged Republicans to pass the measure boosting the $36.1 trillion debt ceiling by mid-July. The Treasury Department released its own estimate last month, warning the US could run out of capacity to pay its bills on time in August. Earlier: Bessent Warns Debt Limit Measures Could Run Out in August New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
an hour ago
- Business
- Axios
President promotes "Trump accounts" for newborns as part of "big beautiful bill"
Infants may soon be the newest stock market investors if President Trump gets his way. Why it matters: The president Monday gathered a roomful of high-profile CEOs to tout his proposal to place $1,000 into an investment account for every U.S. baby. The program would deliver a one-time $1,000 government contribution for every U.S. citizen born between Jan. 1, 2024, and Dec. 31, 2028. The accounts would be privately held, tax deferred, and set up to track a U.S. stock index fund. They would be open to additional private contributions from sources including families, employers and religious institutions. The big picture: The so-called "Trump accounts" proposal is part of the president's " One Big Beautiful Bill." The White House says it would help newborns start their lives on the right track. "This is a pro-family initiative that will help millions of Americans harness the strength of our economy, to lift up the next generation and they'll really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers," Trump said at the roundtable. Inside the room: Supporters in attendance at the White House roundtable Monday included Goldman Sachs CEO David Solomon, Dell CEO Michael Dell, Uber CEO Dara Khosrowshahi. By the numbers: The power of compounding interest varies considerably based on when you started invested. For example, $1,000 invested in the S&P 500 five decades ago would be worth nearly $350,000 today, according to Bespoke Investment Group. But $1,000 invested in August 2000 after the Dot Com bubble burst would be worth only $6,200 today.
Miami Herald
3 hours ago
- Automotive
- Miami Herald
Analysts turns heads with surprise Tesla rating ahead of Robotaxi launch
You've got to know when to hold 'em and, Tesla owners, now might be the time. It's been quite a week for Elon Musk. Don't miss the move: Subscribe to TheStreet's free daily newsletter The CEO of electric-vehicle producer Tesla (TSLA) and the former head of the Department of Government Efficiency went through a social media meltdown with ex-buddy Donald Trump over the president's "One Big Beautiful Bill," which the SpaceX owner says will drive up the federal budget. Musk, who poured nearly $300 million into Trump's 2024 campaign, claimed that the Department of Justice hasn't released its files into its investigation of Jeffrey Epstein, accused of sex-trafficking minors in 2019, because the president is in them. He followed up another post, saying he would apologize to Trump "as soon as there is a full dump of the Epstein files." Both posts were later deleted. Trump, who said the world's richest man was "disrespectful to the office of the President," floated the idea of terminating Musk's substantial government contracts and subsidies. He also warned there would be "serious consequences" if Musk funded Democratic candidates to run against Republicans who vote for the GOP's sweeping budget bill. "If he does, he'll have to pay the consequences for that," Trump told NBC News in a phone interview, but he declined to specify what those consequences would be. More Tesla: Analyst sets eye-popping Tesla stock price targetFund manager has shocking Elon Musk and Tesla predictionLeaked Tesla policy should infuriate Tesla loyalists He also said he has no desire to repair his relationship with Musk. And Trump called the Epstein allegation "old news," adding that "even Epstein's lawyer said I had nothing to do with it." Meantime, Tesla sales have been falling in key markets, such as Europe and California. China's BYD (BYDDY) beat Tesla in European EV sales in April despite incurring a higher tax rate. And the Chinese EV maker outsold Tesla in the UK last month. On June 6, Milan Kovac revealed he would step down from his position as vice president of engineering at Tesla's Optimus program, the division that develops robotic humanoid technology. This is all going on while Musk's robotaxi service is scheduled to launch in Austin on June 12. Tesla shares are down 27% this year but have climbed 67.1% since 2024. Some investment firms adjusted their ratings of Tesla shares amid the ongoing controversies, including Argus. which downgraded Tesla to hold from buy with no price target, according to The Fly. The stock "appears to be currently trading on nonfundamental events," the investment firm said, expressing concern that the "war of words" between Trump and Musk, along with the expiration of tax credits for purchases of electric vehicles, could further weaken demand for new Teslas. While the firm said that AI-related projects such as the Cybercab and Optimus are positive for the company and its valuation, it believes a near-term hold rating is "prudent at this time." Related: Tesla faces new challenge as leader announces exit Meanwhile Baird downgraded Tesla to neutral from outperform with an unchanged price target of $320. The stock's strong performance following a "fundamentally poor quarter" has been partly a product of anticipation for the June launch of both a more affordable vehicle and Robotaxi service, the analyst tells investors in a research note. The firm said that Musk's comments regarding the Robotaxi ramp rate "are a bit too optimistic," and that this excitement has been priced into the shares. Baird also noted that Musk's ties to Trump "have added considerable uncertainty." The firm said that it sees Tesla as a core holding in the long term, but is stepping to the sidelines for now. Morgan Stanley analyst Adam Jonas said that while the disagreement between Musk and Trump will help Tesla demand and could potentially "alienate multiple sides of the political spectrum," the company "still holds so many valuable cards that are largely apolitical." The longer-term vectors that drive the stock's value have not changed much, including Tesla's artificial intelligence leadership, robotics, manufacturing, supply chain rearchitecture, renewable power, and critical infrastructure, the analyst said. Further, Jonas said, he does not believe the phasing out of electric vehicle tax credits in the Big Beautiful Bill is material to the long term outlook for Tesla. The analyst reiterated an overweight rating on the shares with a $410 price target. Related: Fund-management veteran skips emotion in investment strategy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
4 hours ago
- Business
- Yahoo
Mark Cuban Reacts to Elon Musk-Donald Trump Feud
The escalating public feud between Elon Musk and President Donald Trump has prompted a response from billionaire investor Mark Cuban. What Happened: Cuban's comment came during a brief exchange with TheStreet Roundtable on Friday. When asked about the Musk-Trump spat, Cuban simply replied, 'All I'll say is that I bought a bunch of popcorn.' The feud between Musk and Trump intensified this week after Musk publicly criticized Trump's administration over the 'One Big Beautiful Bill.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — In response, Trump threatened to terminate billions in government contracts with Musk's companies, including SpaceX and Tesla Inc. Musk further escalated the situation with a shocking social media post claiming that Trump is in the Epstein files. This revelation sent shockwaves across social media and markets, causing Tesla shares to drop by 14% and DJT, the stock tied to Trump's media company, to fall over 8%. Bitcoin also saw a near 4% slip. Despite the significant influence both Trump and Musk have in the crypto and tech markets, this public fallout has caught even their closest allies by It Matters: The feud between these two influential figures has the potential to impact not only their personal reputations but also the companies they represent. Musk's Tesla and SpaceX, as well as Trump's media company, are all at risk of financial repercussions due to this public spat. The significant drop in Tesla's shares and DJT stock following Musk's controversial social media post is a clear indication of the potential damage such public feuds can cause. Furthermore, the ripple effect on Bitcoin's value shows that the influence of these two figures extends beyond their respective companies and into the broader market. As the feud continues to unfold, investors and market watchers will be keeping a close eye on the potential fallout. Read Next: The average American couple has saved this much money for retirement — How do you compare? Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Image: Shutterstock/Kathy Hutchins UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Mark Cuban Reacts to Elon Musk-Donald Trump Feud originally appeared on Sign in to access your portfolio
Yahoo
4 hours ago
- Business
- Yahoo
The One Big Beautiful Bill Act delivers for America. Now the Senate Must Deliver Too.
Editor's note: The views expressed by contributors are their own and not the view of Conchovalleyhomepage. (Concho Valley Homepage) — The House of Representatives has delivered on the American people's mandate by passing the One Big Beautiful Bill Act, the most comprehensive and consequential set of conservative reforms in our nation's history. This transformative package includes record levels of tax cuts, spending reduction, and border and national security investment. The ball is now in the Senate's court and their mission is simple: move the One Big Beautiful Bill to the president's desk as soon as possible. This legislation delivers a historic tax cut and $5,000 raise for the average American family to provide immediate relief to working households struggling after four years of economic mismanagement under the Biden administration. It permanently expands the 2017 Trump tax break for small businesses, the backbone of our economy, and enhances incentives for American companies to invest, grow and raise worker wages for decades to come. The bill's impact extends beyond the Tax Cuts and Jobs Act by providing additional relief to lower- and middle-income Americans by eliminating taxes on tips, exempting overtime pay and doubling the tax credit for seniors on a fixed income. Additionally, we support working families by increasing the child tax credit to $2,500 per family, making interest on car loans tax deductible and expanding health savings accounts. We're strengthening America's security by investing $46 billion to complete President Trump's border wall and hiring 18,000 new immigration enforcement personnel to detain and deport at least 1 million illegal immigrants annually. We're committing almost $150 billion to rebuild America's military, including $34 billion to revitalize our naval fleet and $25 billion for missile defense. Furthermore, we're unleashing American energy dominance by opening federal lands for drilling, reducing the regulatory stranglehold on conventional fuels, and eliminating hundreds of billions in green new deal subsidies that have made U.S. energy more expensive and less reliable. And we're accomplishing all of this while reducing spending by $1.6 trillion, the largest spending reform package in American history by two-fold. This isn't just fiscal responsibility; it's the beginning of a generational reset that will restore America's financial health. At every stage of this process, Democrats have resorted to fear-mongering and false claims to undermine this critical legislation. So desperate to derail the bill, they manipulated Congressional Budget Office analyses to mislead the American people about the outcomes of the One Big Beautiful Bill. They use the fact that we prohibit illegal immigrants and able-bodied adults who refuse to work from receiving taxpayer-funded welfare services to fallaciously suggest that vulnerable people are being 'ripped away' from the social safety net. Furthermore, they deliberately cherry-pick CBO data to spread the false narrative that our tax cuts only benefit the wealthy. Never mind the fact that CBO's own data confirm that American households in every tax bracket would see increased after-tax income under our legislation. The left knows they can't convince the American people on the substance of this bill, so they have resorted to fabrications. The Senate now holds America's economic future in its hands. The House spent months developing a balanced budget reconciliation bill that advances every pillar of the America First vision, including restoring our nation's fiscal health by reining in the runaway spending and reducing our debt-to-GDP ratio. While the Senate may be able to make modest improvements, they must resist the temptation to significantly alter this carefully crafted legislation. Any major changes risk upsetting the delicate balance struck in the House and derailing President Trump's America First agenda. In fact, every day the Senate delays this process is another day closer to tax hikes for working families, uncertainty for small businesses, and a military and border patrol lacking the resources they need to be successful. The American people gave President Trump and unified Republican leadership a clear mandate to reverse course on the failures of the last four years — they expect action, not endless deliberation. The House has delivered. Now it's time for the Senate to meet this moment with the urgency it demands. America's next Golden Age is within reach — but Republicans must come together in order for us to seize it. House Budget Chairman Jodey Arrington represents Texas's 19th Congressional District in the U.S. House of Representatives. He sits on the House Ways and Means Committee and the Joint Economic Committee. August Pfluger represents Texas's 11th Congressional District in the U.S. House of Representatives. He is the chairman of the Republican Study Committee and sits on the House Committee on Energy and Commerce. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
