Update 876 – Reconciliation vs. Clock:GOP Struggles to Meet Trump Deadline Hill Republicans are currently racing to pass a massive reconciliation bill – coined the “One Big Beautiful Bill Act” (OBBB) – comprising much of Trump’s economic agenda for his second term. The problem? Trump’s relentless pressure to get the measure to his desk by …
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Update 877 – Rulings and OBBB Process,Mamdani Win, Prices, Entitlement Reports The Senate parliamentarian continued her review of the GOP’s reconciliation bill (OBBB) this week, shooting down Medicaid cuts crucial to the fiscal balance of the bill. This straw may have broken the camel’s back, as calls to overrule or dismiss the Senate’s referee following …
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Update 875 – OBBB Senate Obstacles,Fed Freeze, Genius Act Vote Lead Week With the Senate Finance Committee’s text for the GOP One Big Beautiful Bill (OBBB) released this week, we now have a full picture of the Senate’s approach to reconciliation. Though expected to be a more moderate version of the House bill that passed …
Update 874 – Tariff Rate Date MoveMay CPI, Rescissions Bill Lead Week On Tuesday, President Trump announced that the United States had completed a framework for a trade deal with China, calling for both countries to loosen export controls and bring tariff rates back down to levels agreed to in the Geneva “truce.” The next …
Update 874: Round-Up on Trade, Prices, Recissions Read More »
Update 872– The Trump-Musk Meltdown:Elon Attacks OBBB… But to Any Effect? Yesterday, President Trump and Elon Musk’s disagreement over the projected deficit impact of Trump’s reconciliation package erupted into public view on social media. While the dust seems to have settled somewhat as of today, this split raises questions about Musk’s political influence going forward. …
Update 871 – Tariffs’ Court Battles;Musk Mission Ends in Fiscal Failure Trump’s trade agenda hit a major but tentative roadblock this week as two courts halted many of his tariffs, ruling his use of emergency powers “unlawful.” As the appeals process unfolds, the administration is able to maintain its tariff rates, but its long-term survival …
Update 870 – House OKs Trump OBBB:On to the Senate for Tweak or Overhaul? The House passed the One Big Beautiful Bill Act (OBBB) yesterday in a 215-214 vote after a week of seemingly fraught negotiations. The bill, which consists of trillions of dollars in tax cuts that are skewed towards the ultra-wealthy and paid …
Update 869 – Treasuries Downgraded:Causes, Costs of Moody’s Rating Cut The United States’ debt rating was downgraded from Aaa to Aa1 by Moody’s Ratings on Friday. The move makes Moody’s the final of the three major credit rating agencies to move the nation’s credit rating down from triple A to one notch below perfect. Moody’s …
Update 868 – Reconciliation Halted:House Budget Stops Massive Tax Bill In a somewhat surprising turn of events today, the House Budget Committee rejected the GOP reconciliation blueprint, with four Republicans joining Democrats in opposition. The Republican defectors cited concerns over the proposal’s overall deficit impact, as well as delays in implementing cost-reduction measures like Medicaid …
Update 867 – House Marathon Mark-ups:Reconciliation Tax, Spending Cuts OK’ed This week, the House Ways and Means, Energy and Commerce, and Agriculture Committees approved their portions of the GOP’s reconciliation bill following grueling, multiday markups. The harmful committee proposals pair $3.8 trillion in net tax cuts over ten years – a fourth of which would …
