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Business & Economy
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Business & Economy
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Trump’s ‘big, beautiful bill’ heads for next House hurdle
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President Trump’s bill of legislative priorities advanced out of the House Budget Committee in an unusual late-night vote Sunday, but conservatives have signaled more work is needed as a key panel prepares to take up the package before it can head to the floor.
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After gaveling in after 10 p.m. EDT Sunday, the House Budget Committee voted 17-16 to advance the One Big Beautiful Bill Act, which would extend Trump’s tax cuts and boost his border funding priorities while reforming Medicaid and food assistance programs.
The four Republican holdouts who had tanked the vote Friday — Reps. Ralph Norman (S.C.), Chip Roy (Texas), Andrew Clyde (Ga.) and Josh Brecheen (Okla.) — voted present to allow the bill to go forward, with Roy revealing there was progress on moving up the start date for new Medicaid work requirements and speeding up the phaseout of green energy incentives.
The next stop is the House Rules Committee, which is set to take up the legislation later this week and make last-minute changes to the bill to reflect any compromises and demands between deficit hawks and moderates in high-tax states.
Roy said that while he voted present “out of respect for the Republican Conference and the President,” the bill “does not yet meet the moment.”
He said the revamped measure would “move Medicaid work requirements forward and reduces the availability of future subsidies under the green new scam.” But, in a statement on the social platform X, he objected to provisions around green energy tax credits and Medicaid.
The Hill’s Emily Brooks, Mike Lillis and Mychael Schnell have 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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Warren warns against stablecoin bill ahead of floor vote
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Sen. Elizabeth Warren (D-Mass.) is urging her colleagues to vote down updated stablecoin legislation, arguing it fails to sufficiently address concerns related to President Trump’s crypto ties and leaves financial markets and consumers vulnerable.
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Key Senate Democrat backing stablecoin legislation
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Sen. Mark Warner (D-Va.) backed legislation Monday establishing a regulatory framework for payment stablecoins, as Senate leadership prepares to bring the bill to the floor once again.
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Trump economic adviser on debt downgrade: ‘Moody’s can do what it wants to’
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One of President Trump’s top economic advisers on Monday brushed off news that Moody’s Ratings downgraded the U.S. creditworthiness, saying he would still give the U.S. economy the top triple-A rating.
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Senate GOP wants to break up House’s Trump bill
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Senate Republicans say the House-drafted bill to enact President Trump’s legislative agenda has “problems” and are taking a second look at breaking it up into smaller pieces in hopes of getting the president’s less controversial priorities enacted into law before the fall.
Even if Speaker Mike Johnson (R-La.) manages to squeak Trump’s agenda through the House, it faces major obstacles in the Senate, where moderate Republicans say they oppose proposed cuts to Medicaid and fiscal conservatives say it doesn’t go nearly far enough in cutting the deficit.
Trump’s “one big, beautiful bill” suffered a setback Friday when a group of fiscal hawks on the House Budget Committee voted against advancing it out of committee. That forced the Budget Committee to convene again at 10 p.m. EDT Sunday in a scramble to get the legislation moving and meet a self-imposed Memorial Day deadline for winning House approval of the legislation.
The Speaker insists the bill is still on track, but a group of Senate Republicans are growing increasingly doubtful about his plan.
Several Republican senators say the best way to jump-start the stalled bill would be to break it up into two or three pieces and pass the elements of Trump’s agenda that have the most support in Congress first.
— Alexander Bolton has more here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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Upcoming news themes and events we’re watching:
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- The House Rules Committee is set to meet Wednesday at 1 a.m. ET on President Trump’s “One Big Beautiful Bill Act” as Republicans move quickly to move the sprawling tax and spending cuts plan across the floor.
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Branch out with more stories from the day:
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Trump looks to unite Republicans with visit to Capitol before key votes on tax cut bill
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WASHINGTON (AP) — President Donald Trump will look to build momentum for his sweeping tax cut and …
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Invest In America
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 ekes out sixth winning day as investors look past U.S. credit downgrade (CNBC)
- Trump’s tariffs are dragging down an already stalled housing market (CNN)
- Trump looks to unite Republicans with visit to Capitol before key votes on tax cut bill (The Associated Press)
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Top stories on The Hill right now:
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First Trump $1,000 ‘self-deport’ flight conducted by DHS
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The Department of Homeland Security (DHS) has conducted its first charter flight for migrants who agreed to “self-deport” after starting a program to give those voluntarily leaving the country a $1,000 stipend. Read more
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Nearly 80 more Big Lots stores to reopen in June: Here’s where
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It’s been five months since Big Lots announced it was preparing to close all of its stores, after closing hundreds of others following its bankruptcy filing. Since then, more than 100 Big Lots stores have reopened under new management. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- More moms wish they could stay home — our tax policies should help them
- Replacing the income tax with tariff revenue is the new Republican fantasy
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You’re all caught up. See you tomorrow!
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