Core Points - The article discusses President Trump's efforts to persuade reluctant House Republicans to pass his domestic policy bill, known as the "Big and Beautiful" tax and spending bill, which was ultimately approved by the House [1][3] - The bill is a significant part of Trump's legislative agenda following his anticipated return to the White House in early 2025, focusing on extending tax cuts for corporations and individuals [3] Group 1 - The "Big and Beautiful" bill includes key provisions such as extending corporate and individual tax cuts from Trump's first term and exempting tips and overtime pay from taxation, with a core focus on lowering corporate taxes [3] - The House version of the bill initially extended tax cuts until 2029, while the Senate version proposed making these tax cuts permanent [3] - The bill faced criticism for potentially increasing federal aid cuts, long-term debt, and benefiting the wealthy and large corporations, leading to accusations of "robbing the poor to pay the rich" [4] Group 2 - Trump's active involvement included making phone calls from early morning until late at night to rally support, demonstrating a hands-on approach to ensure the bill's passage [2][3] - The White House's strategy involved both incentives and pressure tactics to secure votes, indicating a high-stakes political maneuvering environment [3] - The bill's passage is set to be signed into law by Trump on July 4, coinciding with Independence Day, marking a significant legislative achievement for his administration [3]

Tax and Spending Bill - The core provisions aim to make permanent the Tax Cuts and Jobs Act passed by the Trump administration in December 2017, locking the corporate tax rate at 21% and permanently raising the estate tax exemption to $15 million, while maintaining a 37% individual tax rate for those earning over $500,000 [1] - The designed tax structure is presented as a means to "stimulate investment and create jobs," but evidence suggests that the wealth gap will widen, with the top 10% of households seeing a 2% increase in assets, while the bottom 10% will experience a 4% decrease due to welfare cuts [1] Food Stamp Reform - Daily benefits have been reduced from $5.90 to $4.80, leading to a 21% cut in welfare in Democratic-led states like Oregon, resulting in a 40% increase in families seeking assistance within a week of the bill's passage [2] - At least 16 states have joined in a lawsuit against the related provisions, with the Supreme Court potentially intervening [2] Tax Exemption for Tips - This provision is part of Trump's 2024 campaign promises, ostensibly benefiting 6 million service workers, but it primarily allows restaurant owners earning $400,000 annually to save an average of $27,000 in taxes, while servers gain less than $800 [3] Defense Budget Increase - The defense budget has risen to a historic high of $895 billion, with $20 billion allocated directly to the "Iron Dome" missile defense system, reflecting a trend of reallocating funds from social welfare to military spending [4] Enforcement Measures on Foreign Taxation - The bill authorizes the Treasury Secretary to impose punitive tariffs on countries implementing a "digital services tax" or "global minimum tax," viewed as a "nuclear option" or retaliatory tax by the Trump administration [5]

Group 1 - Musk criticized Trump's "Big and Beautiful" tax and spending bill, suggesting that if passed, it would lead to the formation of a new political party called "American Party" [4] - Trump's interview indicated that Musk's discontent stems from the bill's proposal to eliminate tax credits for electric vehicle consumers, impacting Tesla's interests [6] - A survey revealed that 49% of Americans oppose the bill, while only 29% support it, indicating significant public dissent [9] Group 2 - In June, U.S. private sector employment unexpectedly fell by 33,000, marking the first negative growth since March 2023, with the service sector experiencing its largest decline since the pandemic [13] - Following the employment data, traders increased bets on at least two rate cuts by the Federal Reserve before the end of 2025, with expectations for the upcoming non-farm payroll report [15] - UBS forecasts a modest increase of 100,000 in non-farm payrolls for June, while Citigroup predicts an increase of only 85,000, with concerns about a potential rise in the unemployment rate [15]

Core Viewpoint - Musk has criticized the "big and beautiful" tax and spending bill promoted by President Trump, suggesting that lawmakers supporting it should feel ashamed, and warned that if the bill passes, a "Party of America" will be formed [1] Group 1 - Musk's criticism of the "big and beautiful" bill has been reiterated multiple times [1] - Trump's comments indicate that Musk's dissatisfaction stems from the bill's proposal to eliminate tax credits for electric vehicle consumers, which directly impacts Tesla's interests as Musk is the CEO [1]

Market Performance - The U.S. stock market showed mixed performance on July 1, with the Dow Jones Industrial Average reaching a four-month high, up 0.91% to 44,494.94 points [2][3] - The S&P 500 index fell by 0.11% to 6,198.01 points, while the Nasdaq Composite index decreased by 0.82% to 20,202.89 points [3] Technology Sector - Major tech stocks mostly declined, with Tesla's stock dropping over 5%, bringing its market capitalization back below $1 trillion [3] - Other notable declines included Nvidia down nearly 3%, Meta down over 2%, and Microsoft down more than 1% [3] Banking Sector - Most bank stocks rose, with Citigroup, Bank of America, and Wells Fargo all increasing by over 1% [3] Energy Sector - Energy stocks collectively rose, with Schlumberger up over 4%, and both Occidental Petroleum and ConocoPhillips rising by more than 2% [4] Airline Sector - Most airline stocks increased, with Southwest Airlines up over 3% and American Airlines up more than 2% [5] Semiconductor Sector - The semiconductor sector saw a majority of stocks decline, with the Philadelphia Semiconductor Index down 0.7% [5] International Markets - The Nasdaq Golden Dragon China Index saw a slight increase of 0.2%, with notable gains in stocks like Huya Live up nearly 13% [5]

Core Viewpoint - The U.S. Senate narrowly passed the "Big and Beautiful" tax and spending bill, with some Democratic senators accusing the Senate version of being a "robbing the poor to pay the rich" measure [1] Group 1 - The bill was passed on July 1, local time [1] - The passage of the bill reflects ongoing partisan divisions regarding fiscal policy [1] - The term "Big and Beautiful" suggests a focus on significant financial implications for various sectors [1]

Core Viewpoint - The ongoing conflict between President Trump and Elon Musk over the "Big and Beautiful" tax and spending bill highlights significant disagreements regarding government subsidies and fiscal policy [1][3][4]. Group 1: Dispute Overview - Trump criticized Musk for receiving substantial government subsidies, suggesting that without them, Musk's companies would struggle to survive [3]. - Musk responded by calling for the elimination of all subsidies immediately, indicating a strong stance against government financial support [3]. - The conflict has escalated, with Musk labeling the "Big and Beautiful" bill as "completely insane and destructive," and urging the formation of a new political party focused on public welfare [4]. Group 2: Financial Implications - Musk's criticism of the bill has led to volatility in Tesla's stock price, with a market value loss of approximately $150 billion at one point, although it later recovered [4]. - The ongoing disputes may impact the Republican Party's chances in the 2026 midterm elections, as concerns grow over Musk's influence and the potential fallout from his disagreements with Trump [4]. Group 3: Legislative Context - The Senate began discussing amendments to the "Big and Beautiful" bill on June 30, with a series of open votes expected to lead to a final vote soon after [5]. - The White House has actively promoted the bill, indicating its significance in the current political landscape [5].

Core Viewpoint - The U.S. Senate commenced a day-long voting session on amendments to the "Big and Beautiful" tax and spending bill, which is strongly supported by President Trump, with a final vote expected to follow [1] Group 1: Legislative Process - The Senate's voting session is anticipated to last until late at night, indicating the urgency and importance of the legislation [1] - The Democratic Party is expected to propose amendments aimed at eliminating tax cuts for the wealthy and cutting Medicaid programs [1] - Prior to the final vote, the Senate will conduct a "marathon" voting session, allowing senators to propose an unlimited number of amendments for consideration [1]