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Business & Economy
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Business & Economy
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Bessent says tax bill must pass by Independence Day
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Treasury Secretary Scott Bessent said the Fourth of July is the new deadline for the lawmakers to pass President Trump’s ambitious tax agenda.
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Bessent and Kevin Hassett, the director of the National Economic Council, met Monday on Capitol Hill with Speaker Mike Johnson (R-La.), Senate Majority Leader John Thune (R-S.D.) and top tax writers.
Congress returned to Washington on Monday to kick off a key stretch to get the package, which includes broad swaths of Trump’s agenda, passed. Republicans aim to pass it with only GOP votes, but must first work out significant disagreements.
Bessent hailed the unity among Republicans in both chambers before laying out the new target date.
Trump and Republicans are set to include a potpourri of party tax goals in the single package, including potentially making the tax cuts passed in 2017 permanent and eliminating taxes on tips, overtime and Social Security.
Republicans also expect the bill to contain immigration reform, Pentagon funding, an increase in the debt ceiling and spending cuts.
Read the full report at TheHill.com.
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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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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Americans expect tariffs to push up prices, shrink revenues: Poll
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Americans are expecting the Trump administration’s tariffs to result in higher prices and believe their overall cost will be greater than their revenue increases, according to a new poll.
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West Coast dockworkers blast Trump’s ‘reckless’ tariffs
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A union representing West Coast dockworkers has sharply criticized President Trump over his “reckless” tariffs that will hurt American workers.
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Democratic senators request ethics probe into Trump meme coin dinner
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Sens. Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) asked a federal ethics watchdog Friday to investigate a dinner President Trump is set to attend next month with the top investors in his meme coin.
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Trump threatens to veto Senate resolution blocking tariffs
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President Trump on Monday threatened to veto a Senate resolution aimed at thwarting his imposition of tariffs on a host of countries.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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House Republicans dive into Trump agenda details
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House Republicans are slated to dive into the details of their sprawling bill full of President Trump’s domestic policy priorities this week, as leaders eye an ambitious timeline for moving the package through the lower chamber.
- At least five House committees are scheduled to convene to craft portions of the bill — a gathering known as a markup — as the conference kicks off the early stage of the consideration process.
- The panels will then hold a vote on whether to advance their parts of the Trump agenda bill.
The meetings come as Speaker Mike Johnson (R-La.) is looking to clear the bill by the end of May, setting the stage for a high-stakes four-week sprint on Capitol Hill.
Read more here.
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Upcoming news themes and events we’re watching:
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- As Republicans work to assemble a sweeping tax and spending cuts package, markups are slated to begin Tuesday morning for the House committees on Homeland Security, Armed Services and the Education and the Workforce.
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Stay ahead of the political trends by signing up for The Hill’s Evening Report newsletter. Click here to sign up
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Branch out with more stories from the day:
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How bugs and beet juice could play roles in the race to replace artificial dyes in food
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ST. LOUIS (AP) — As pressure grows to get artificial colors out of the U.S. food supply, the shift …
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 ekes out fifth winning day as Big Tech earnings loom (CNBC)
- Tesla is in worse shape than you think (CNN)
- Market turmoil has many afraid to check retirement savings (The Associated Press)
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Top stories on The Hill right now:
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Where Trump’s major campaign promises stand after 100 days
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President Trump’s first 100 days of his second term have seen an administration moving at breakneck speed to fundamentally alter the federal government in ways he previewed on the campaign trail. Read more
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Fired Pentagon official: Hegseth focused on ‘weird details’ after Signal scandal
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Colin Carroll, a former Pentagon official who was fired amid leaks at the Defense Department, said Defense Secretary Pete Hegseth was focused on “weird details” after the Signal group chat scandal was exposed. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- This isn’t a trade war — it’s tough love to save the future
- Dollar collapse: The crisis is no longer just theoretical
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You’re all caught up. See you tomorrow!
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