Tax and Spending Bill - The administration aims to pass the tax and spending bill, potentially leading to significant economic changes [1][2] - The Congressional Budget Office (CBO) estimates the Senate bill will increase the deficit by $33 trillion (3300 billion) from 2025 to 2034, a figure the National Economic Council Director disagrees with [3][4] - The administration projects that achieving 3% growth, instead of 18% (1.8%), would add $4 trillion to revenue, potentially making the bill a deficit reducer [4] - The administration plans to send discretionary spending cuts to the Senate, potentially amounting to $160 billion this year [5] Economic Growth and Impact - The administration believes the bill relies on the economy moving up to 3% growth, driven by factors like no tax on overtime for 90 million American hourly workers [6][7] - The Council of Economic Advisers projects the bill will increase income for the typical American family by $10000 [8] Energy Policy - The administration supports an "all of the above" approach to energy production, including coal, natural gas, oil, and nuclear, to support AI and other sectors [10][11] - The administration prioritizes grid security, suggesting that solar and wind energy must pass a market test and not compromise grid reliability [15] Trade and International Tax - The administration expects digital services taxes around the world to be removed as part of ongoing trade negotiations [20] - The G7 countries have agreed not to have the so-called pillar 2 tax (global minimum tax) [21] - The administration has double-digit trade deals with frameworks nearly agreed to, with potential tariff rate adjustments to be determined [23]

Fiscal Policy & Budget - The bill could increase the deficit by over $3 trillion over the next 10 years [1] - The bill proposes overhauling social programs such as SNAP (food stamps) and Medicaid [1] - The Senate bill would modify how states receive Medicaid funds, reducing the amount received via a special tax and creating a $25 billion fund to support rural hospitals [2] Political Dynamics & Opposition - Senator Tom Tillis initially voted against the bill, facing threats from President Trump [2] - Democrats argue the bill's growth is out of control, with strong criticism of its content [3] Specific Allocations & Provisions - The bill includes earmarks such as $85 million for moving the retired space shuttle Discovery [4] - The bill proposes creating a $1,000 Trump saving account for all newborns and requiring a $100 fee for asylum applications [4]

Joining me right now, we have Senator Chris Van Galand of Maryland. Senator, it's good to see you again, sir. So, I do want to begin with the unexpected news that we got what 30 45 minutes ago or so about Senator Tom Tillis and the fact that he will not run again for reelection next year when he would have been up.Um, was this a surprise to you. It is a surprise. It's also an indication that uh Tom Tillis knows this is a very rotten bill.It's been clear from the beginning he had deep misgivings about uh thi ...

The Senate is now considering President Trump's one big beautiful bill. The legislation passed a key procedural hurdle late on Saturday night. The A's are 51, the nays are 49.The motion is agreed to. It's a 940 page piece of tax and spending legislation that came out Friday and now they're trying to go through this process of making some final changes, some final amendments. As the Senate Republicans are trying to figure this out, they're dealing with the splits in their own group over things like Medicaid, ...

I honestly think that investors today are more rightly focused on our fiscal trajectory today than they were 10 12 years ago. I do think the the the deficit and fiscal picture is potentially much more risky is potentially at risk of crowding out investments and and consumption because of the push in interest rates higher from the types of debt and deficits that we're seeing. When I look at American history, I see examples of how our political system was able to come together and really uh change our fiscal ...

Fiscal Policy Proposals - Extend 2017 tax cuts [1] - End federal tax on tips/overtime [1] - Add a $1K (one thousand) newborn savings bonus [1] - Increase defense spending by $150B (one hundred fifty billion) [1] - Increase immigration enforcement spending by $70B (seventy billion) to $350B (three hundred fifty billion) [1] Social Welfare & Citizenship - Cut Medicaid/SNAP, potentially causing 10M+ (ten million plus) people to lose coverage [1] - End birthright citizenship [1] Deficit Impact - Increase the deficit by $2.4T+ (two point four trillion plus) [1]

President Trump's domestic agenda is now facing a new and major setback. This is on the budget and some of the things that Trump and the MAGA crowd want to ram through the budget, which is despite everything going on obviously in the world, still Donald Trump and the Republican party's greatest priority, getting this done somehow. And yet, as you're going to see in this breaking news, Republican senators are dealing with the setback in real time today.Well, I mean, as you know, it's pretty frustrating, righ ...

The Congressional Budget Office, known in your hood as the CBO, estimated that the GOP's tax bill will increase the deficit by $2.4% trillion over the next 10 years. University of Pennsylvania's Wharton budget model estimates that estimates that it could increase by as much as $4.3% trillion with the Senate and House hoping to have a finished version of the tax bill ready by July 4th. This could be the next big piece of economic data.I want to bring in Brett Ryan, Deutschbank's senior US economist. And stil ...

[Music] Now for today's power player segment. Time is running out for senators to reach a deal on President Trump's tax plan. The president wants the big beautiful bill on his desk before July 4th.As the deadline closes in, it's still not clear to markets what the bill's economic impact will be. The White House Council of Economic Adviserss estimates growth from the new tax plan could slash up to $2.3% trillion from the deficit. But the Congressional Budget Office found the mega bill would add $2.4% trillio ...

Market Outlook - CNBC's Fed survey participants show growing optimism about the outlook for markets, anticipating a bounce back in the economy and stocks in 2026 [1] - The survey projects the S&P 500 to reach 6133 by year-end, a 15% increase, and 6625 in 2026, nearly a 10% increase from yesterday's close [2] - Equity markets are near all-time highs, anticipating certainty on tariffs, extension of the 2017 tax cuts, deregulation, AI productivity, and Fed easing, potentially leading to economic reacceleration in the second half into 2026 [2][3] Interest Rates and Monetary Policy - The survey indicates no expectation for a rate cut next month, with the funds rate remaining above the long run neutral rate into 2026 [4][5] - The survey builds in two rate cuts for this year and one for next year [4][5] Fiscal Policy and Deficit - 82% of respondents believe the tax bill will increase the deficit [3] - Opinions are divided on the tax bill's impact on growth, with 29% more optimistic, 29% less optimistic, and 43% believing it doesn't matter [3][4] Inflation and Tariffs - A 43% to 32% margin believes tariffs will be one-time price increases rather than creating broader inflation [6] - 61% of respondents anticipate tariff inflation is yet to come in the months ahead [6]