No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Friday, October 24, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

Republicans look to get Trump’s big bill back on track with rare Sunday committee session

by TheAdviserMagazine
5 months ago
in Business
Reading Time: 3 mins read
A A
Republicans look to get Trump’s big bill back on track with rare Sunday committee session
Share on FacebookShare on TwitterShare on LInkedIn



Republicans will look to get their massive tax cut and border security package back on track during a rare Sunday night committee meeting after that same panel voted against advancing the measure two days earlier, a setback that Speaker Mike Johnson is looking to reverse quickly.

Deficit hawks joined with Democratic lawmakers on the House Budget Committee in voting against reporting the measure to the full House. Five Republicans voted no, one on procedural grounds, the other four voicing concerns about the bill’s impact on federal budget deficits.

Johnson expressed confidence the bill will advance out of the committee and be on the House floor by the end of the week.

“This is the vehicle through which we will deliver on the mandate that the American people gave us in the last election,” he said in a Fox News interview that aired Sunday.

The Republicans who criticized the measure noted that the bill’s new spending and the tax cuts are front-loaded in the bill, while the measures to offset the cost are back-loaded. For example, they are looking to speed up the new work requirements that Republicans want to enact for able-bodied participants in Medicaid. Those requirements would not kick in until 2029 under the current bill.

“We are writing checks we cannot cash, and our children are going to pay the price,” said Rep. Chip Roy, R-Texas, a member of the committee. “Something needs to change, or you’re not going to get my support.”

Johnson said the start date for the work requirements was designed to give states time to “retool their systems” and to “make sure that all the new laws and all the new safeguards that we’re placing can actually be enforced.”

Roy was joined in voting no by Reps. Ralph Norman of South Carolina, Josh Brecheen of Oklahoma and Rep. Andrew Clyde of Georgia. Rep. Lloyd Smucker of Pennsylvania switched his vote to no in a procedural step so it could be reconsidered later, saying after the hearing he was confident Republicans would “get this done.” Johnson said talks to deal with their concerns were continuing Sunday.

Remarkably, the vote against advancing the bill came after President Donald Trump had called on Republicans in a social media post to unite behind it.

“We don’t need ‘GRANDSTANDERS’ in the Republican Party,” Trump posted. “STOP TALKING, AND GET IT DONE!”

At its core, the sprawling package permanently extends the existing income tax cuts that were approved during Trump’s first term, in 2017, and adds temporary new ones that the president campaigned on in 2024, including no taxes on tips, overtime pay and auto loan interest payments. The measure also proposes big spending increases for border security and defense.

The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, estimates that the House bill is shaping up to add roughly $3.3 trillion to the debt over the next decade.

Democrats are overwhelmingly opposed to the measure, which Republicans have labeled “The One, Big, Beautiful Bill Act.” Rep. Pramila Jayapal, D-Wash., called it, “one big, beautiful betrayal” in Friday’s hearing.

“This spending bill is terrible, and I think the American people know that,” Rep. Jim Clyburn, D-S.C., told CNN’s “State of the Union” on Sunday. “There is nothing wrong with us bringing the government in balance. But there is a problem when that balance comes on the back of working men and women. And that’s what is happening here.”

Johnson is not just having to address the concerns of the deficit hawks in his conference. He’s also facing pressure from centrists who will be warily eyeing the proposed changes to Medicaid, food assistance programs and the rolling back of clean energy tax credits. Republican lawmakers from New York and elsewhere are also demanding a much large state and local tax deduction.

As it stands, the bill proposes tripling what’s currently a $10,000 cap on the state and local tax deduction, increasing it to $30,000 for joint filers with incomes up to $400,000 a year.

Rep. Nick LaLota, one of the New York lawmakers leading the effort to lift the cap, said they have proposed a deduction of $62,000 for single filers and $124,000 for joint filers.

If the bill passes the House this week, it would then move to the Senate, where Republican lawmakers are also eyeing changes that could make final passage in the House more difficult.

Johnson said: “The package that we send over there will be one that was very carefully negotiated and delicately balanced, and we hope that they don’t make many modifications to it because that will ensure its passage quickly.”

This story was originally featured on Fortune.com



Source link

Tags: bigbillCommitteeRareRepublicanssessionSundayTrackTrumps
ShareTweetShare
Previous Post

Federal Circuit on Negative Limitations and Secondary Considerations

Next Post

An Honest Look at Effectiveness for Students

Related Posts

edit post
Goldman aims for ‘PE returns’ with new ETF

Goldman aims for ‘PE returns’ with new ETF

by TheAdviserMagazine
October 23, 2025
0

Goldman Sachs Asset Management is teaming up with MSCI Inc. to launch an exchange-traded fund that aims to deliver returns...

edit post
Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price

Tesla’s weak earnings show how the ‘Musk Magic’ Premium is inflating its share price

by TheAdviserMagazine
October 23, 2025
0

Over the past year, on the day after Tesla unveils its latest quarterly report, this writer has calculated a metric...

edit post
Former BLS chief warns Powell is “flying blind” at a pivotal time for the Fed

Former BLS chief warns Powell is “flying blind” at a pivotal time for the Fed

by TheAdviserMagazine
October 23, 2025
0

The Federal Reserve faces an unprecedented challenge as it prepares to set interest rates next week—making its decision with almost no...

edit post
With  trillion pay package on the line, Elon Musk blasts influential firms telling shareholders to reject it: ‘Those guys are corporate terrorists’

With $1 trillion pay package on the line, Elon Musk blasts influential firms telling shareholders to reject it: ‘Those guys are corporate terrorists’

by TheAdviserMagazine
October 23, 2025
0

Elon Musk stole the show in the final minutes of Tesla’s Wednesday earnings call to label the advisory firms pushing...

edit post
One Nation, One Workforce: Govt plans integrated system to ensure social-security portability for all workers

One Nation, One Workforce: Govt plans integrated system to ensure social-security portability for all workers

by TheAdviserMagazine
October 23, 2025
0

New Delhi: The ministry of labour and employment plans to build a unified One Nation Integrated Workforce Architecture that will...

edit post
NYC mayoral candidates turn on each other in final debate: ‘Zohran, your resume could fit on a cocktail napkin. And, Andrew, your failures could fill a public school library in New York City’

NYC mayoral candidates turn on each other in final debate: ‘Zohran, your resume could fit on a cocktail napkin. And, Andrew, your failures could fill a public school library in New York City’

by TheAdviserMagazine
October 23, 2025
0

 Zohran Mamdani was attacked over his thin resume, Republican Curtis Sliwa strove to prove his seriousness as a candidate and...

Next Post
edit post
An Honest Look at Effectiveness for Students

An Honest Look at Effectiveness for Students

edit post
Dow futures drop 250 points and Treasury yields jump after Moody’s downgrades U.S. debt

Dow futures drop 250 points and Treasury yields jump after Moody’s downgrades U.S. debt

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

October 9, 2025
edit post
With  trillion pay package on the line, Elon Musk blasts influential firms telling shareholders to reject it: ‘Those guys are corporate terrorists’

With $1 trillion pay package on the line, Elon Musk blasts influential firms telling shareholders to reject it: ‘Those guys are corporate terrorists’

0
edit post
An Age-Old Fear Grows More Common: ‘I’m Going to Die Alone’

An Age-Old Fear Grows More Common: ‘I’m Going to Die Alone’

0
edit post
7 Red Flags the IRS Spots Fast |

7 Red Flags the IRS Spots Fast |

0
edit post
Mobileye raises guidance, narrows loss

Mobileye raises guidance, narrows loss

0
edit post
Everyone is waiting for Friday’s big inflation report. Here’s what to expect

Everyone is waiting for Friday’s big inflation report. Here’s what to expect

0
edit post
US Dollars Go On-Chain as Uphold and Vast Bank Fuse Banking With Blockchain

US Dollars Go On-Chain as Uphold and Vast Bank Fuse Banking With Blockchain

0
edit post
US Dollars Go On-Chain as Uphold and Vast Bank Fuse Banking With Blockchain

US Dollars Go On-Chain as Uphold and Vast Bank Fuse Banking With Blockchain

October 23, 2025
edit post
Goldman aims for ‘PE returns’ with new ETF

Goldman aims for ‘PE returns’ with new ETF

October 23, 2025
edit post
How advisors are using AI without explicit SEC guidance

How advisors are using AI without explicit SEC guidance

October 23, 2025
edit post
Kraken Posts Record Revenue in Q3 Amid Expansion, IPO Buzz

Kraken Posts Record Revenue in Q3 Amid Expansion, IPO Buzz

October 23, 2025
edit post
How Some Retirees Are Finding Happiness Again After Age 60

How Some Retirees Are Finding Happiness Again After Age 60

October 23, 2025
edit post
INTC Earnings: Intel swings to profit in Q3 FY25; revenue up 3%

INTC Earnings: Intel swings to profit in Q3 FY25; revenue up 3%

October 23, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • US Dollars Go On-Chain as Uphold and Vast Bank Fuse Banking With Blockchain
  • Goldman aims for ‘PE returns’ with new ETF
  • How advisors are using AI without explicit SEC guidance
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.