Business & Economy
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Business & Economy
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Senate GOP seeks major changes to House budget |
Senate Republicans say they’re relieved the House was able to advance a budget measure, but also frustrated about tax provisions and deep cuts to Medicaid that would be required to finance it. |
Senate Republicans are staring down a major fight to overhaul the House’s budget resolution as lawmakers eye big changes.
Speaker Mike Johnson (R-La.), with the help of President Trump’s muscle, was able to get the House’s plan to enact Trump’s sweeping legislative agenda past a key hurdle Tuesday.
Now, the effort to advance Trump’s priorities enters a new stage with both sides attempting something they’ve been unable to do since late last year: Get on the same page.
“It’s complicated. It’s hard. Nothing about this is going to be easy,” Senate Majority Leader John Thune (R-S.D.) said. “There are some things that we need to work with the House package to expand upon.”
Republicans are aiming to pass large swaths of Trump’s agenda using a process called budget reconciliation, which bypasses the Senate filibuster. A budget resolution unlocks that process and sets parameters lawmakers must follow when they craft a final bill.
Earlier this month, the Senate, fed up with the House’s lack of action on its plan to advance Trump’s single “big, beautiful bill,” moved its own budget resolution for the first part of a two-pronged approach.
Read the full report at TheHill.com. |
Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue. |
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Key business and economic news with implications this week and beyond: |
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Sen. Tina Smith (D-Minn.) pressed President Trump’s nominee to lead the Consumer Financial Protection Bureau (CFPB) over who will be making key decisions at the agency Thursday, after it dismissed several lawsuits against financial firms while he appeared before Congress. |
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American Federation of Teachers President Randi Weingarten is urging top Tesla investors to review the company’s current valuation on behalf of her union’s members. |
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Commerce Secretary Howard Lutnick said Wednesday that 250,000 are waiting to get one of President Trump’s “gold cards,” which the president pitched as a replacement for the EB5 investor visa. |
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President Trump confirmed Thursday that tariffs he had threatened and then delayed against Canada and Mexico are set to go into effect next week, while China will face increased tariffs as part of a push to crack down on fentanyl. |
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year. |
Price tag for GOP spending bill could nearly double official allowance |
The cost of Republicans’ “big, beautiful bill” covering tax cuts, border security and amped fossil fuel extraction could nearly double the amount the bill lays out for deficit expansion, a new analysis has found.
The new budgetary analysis from the University of Pennsylvania forecasts the deficit expansion to be closer to $5.1 trillion than the $2.8 trillion Republicans have allowed themselves.
The $5.1 trillion in boosted deficits assumes that the tax cuts are made temporary and expire after 10 years in accordance with congressional rulemaking procedures, as they were in 2017 when they were first passed.
However, Republican senators have said that the cuts shouldn’t expire at all, but should be made permanent.
In that scenario, the 10-year primary deficits resulting from the bill would be $6 trillion, according to the Penn Wharton model.
“High-income households gain the most” from the cuts, Penn Wharton economists found, “while lower-income households gain little or even lose, depending on how the spending cuts are distributed.” — Tobias Burns |
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Upcoming news themes and events we’re watching: |
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The Conference Board will release the latest Consumer Confidence Index at 10 a.m. ET next Tuesday.
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Branch out with more stories from the day: |
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NEW YORK (AP) — The Consumer Finance Protection Bureau has dropped several enforcement actions against … |
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Business and economic news we’ve flagged from other outlets: |
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Stocks tumble, deepening February’s decline, as Trump affirms tariffs coming and Nvidia dives 8% (CNBC)
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‘This is a family issue’: Allegations are flying behind the scenes at Goya Foods (CNN)
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Top weather, climate agency NOAA the latest layoff target (Axios)
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Top stories on The Hill right now: |
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President Trump on Thursday cut off talk during a press conference with United Kingdom Prime Minister Keir Starmer about his desire to make Canada “the 51st state,” with Starmer insisting there is no daylight between the two leaders on top issues. Read more
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Tech billionaire Elon Musk is urging retired air traffic controllers to come back to the workforce amid the nationwide shortage of workers. Read more |
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You’re all caught up. See you tomorrow! |
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