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Business & Economy
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Business & Economy
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Key takeaways after House passes ‘big’ Trump bill
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The 1,000-plus page bill, which Republican leaders changed overnight to appease moderates and hardline conservatives, lays out trillions of dollars in proposed tax cuts and well north of $1 trillion in spending cuts over the next decade.
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Bill sets up Senate battle over Medicaid: House GOP leaders made changes to the Medicaid provisions in the legislation in order to win over conservative votes. The bill moves up the start date for mandatory work requirements from Jan. 1, 2029, to Dec. 31, 2026. According to congressional scorekeepers, the original language would have saved almost $280 billion.
Climate change takes a step back: The already-strict constraints on subsidies for climate friendly energy projects became even more stringent in the last-minute updates to the bill. The low-carbon tax credits were the climate crown jewel of the Democrats’ Inflation Reduction Act — providing massive emissions reductions as they were slated to spur a significant build out of wind, solar and other energy sources.
Thune facing big challenges ahead: Senate Majority Leader John Thune (R-S.D.) is staring down similar challenges to what Johnson faced in recent weeks as his members expect to rewrite significant portions of the bill, giving him little margin for error to get the bill over the line by leadership’s self-imposed July 4 deadline goal.
Deficits expected to climb: The cost of extending Trump’s expiring 2017 tax cuts — a cornerstone of the legislative package — along with measures to nix taxes on tips and overtime pay, are estimated to add trillions of dollars to the nation’s deficits over the next decade. Republicans have sought to discredit estimates from the Congressional Budget Office about the bill’s costs. But that doesn’t mean others aren’t worried it doesn’t go far enough to reduce the nation’s deficit.
The Hill has more here.
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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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Retail giant Walmart is slashing about 1,500 corporate jobs after the company announced last week it plans to raise prices due to looming tariffs.
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President Trump is set to host a private dinner Thursday night with the top investors in his meme coin, who spent millions of dollars to secure a spot at the exclusive event, fueling Democratic accusations of corruption.
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Suddenly received a refund from Amazon, even though you haven’t returned anything in a while? You’re not alone.
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Sens. Jon Ossoff (D-Ga.) and Mark Kelly (D-Ariz.) on Thursday reintroduced their bill to prohibit members of Congress from trading individual stocks.
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Upcoming news themes and events we’re watching:
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- Federal Reserve Chair Jerome Powell is set to deliver remarks at the Princeton University Baccalaureate Ceremony, Princeton, N.J., on Sunday at 2:40 pm E.T.
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Branch out with more stories from the day:
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WASHINGTON (AP) — The Supreme Court’s conservative majority on Thursday said President Donald Trump …
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Thursday, June 5 at 8 a.m. EDT — Washington, D.C.
Join The Hill for a half-day summit featuring titans from Washington and Wall Street, focused on solutions-oriented conversations that will deliver insights into the future of the domestic and global economy, covering everything from tariffs, investing, AI, crypto, taxes and more.
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 closes little changed Thursday as investors worry about high yields hitting economy (CNBC)
- Harvard International Students Ordered to Transfer Or Leave US As Trump Escalates Battle (Newsweek)
- FTC dismisses lawsuit against PepsiCo that was filed by Biden-era FTC (The Associated Press)
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Top stories on The Hill right now:
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House Republicans approved a massive legislative package comprising the major pieces of President Trump’s domestic agenda Thursday, including tax cuts, an immigration crackdown and sharp cuts in Medicaid. Read more
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House Republicans on Thursday morning passed a sweeping bill full of President Trump’s legislative priorities, marking a major win for Speaker Mike Johnson (R-La.) but kicking off what’s expected to be a bitter battle with the Senate over achieving key parts of the White House’s policy agenda. Read more
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Opinion related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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