Zürcher Nachrichten - Trump tax bill stalled by Republican rebellion in Congress

EUR -
AED 4.24119
AFN 73.895229
ALL 96.121797
AMD 435.474912
ANG 2.066857
AOA 1058.781575
ARS 1596.310642
AUD 1.675918
AWG 2.07975
AZN 1.960111
BAM 1.969704
BBD 2.324417
BDT 141.599507
BGN 1.973594
BHD 0.43586
BIF 3422.279069
BMD 1.154615
BND 1.489917
BOB 7.974288
BRL 6.006067
BSD 1.154051
BTN 109.817165
BWP 15.920377
BYN 3.431925
BYR 22630.455382
BZD 2.320983
CAD 1.608887
CDF 2638.295737
CHF 0.924067
CLF 0.027103
CLP 1070.177986
CNY 7.960731
CNH 7.957821
COP 4258.786141
CRC 536.589946
CUC 1.154615
CUP 30.597299
CVE 110.698737
CZK 24.551703
DJF 205.198458
DKK 7.471171
DOP 69.389397
DZD 153.622695
EGP 62.963126
ERN 17.319226
ETB 181.332532
FJD 2.586049
FKP 0.875243
GBP 0.871983
GEL 3.106408
GGP 0.875243
GHS 12.700953
GIP 0.875243
GMD 85.441642
GNF 10131.746943
GTQ 8.830369
GYD 241.515831
HKD 9.053296
HNL 30.718522
HRK 7.533981
HTG 151.469174
HUF 384.711992
IDR 19561.603986
ILS 3.6446
IMP 0.875243
INR 108.105439
IQD 1512.545742
IRR 1519329.105994
ISK 143.368111
JEP 0.875243
JMD 182.578767
JOD 0.818602
JPY 183.457368
KES 150.099783
KGS 100.971005
KHR 4630.006503
KMF 494.755683
KPW 1039.124319
KRW 1743.41035
KWD 0.357388
KYD 0.961688
KZT 549.841159
LAK 25343.800878
LBP 103395.779747
LKR 364.071444
LRD 212.073918
LSL 19.709295
LTL 3.409278
LVL 0.698416
LYD 7.395285
MAD 10.786992
MDL 20.438267
MGA 4823.981745
MKD 61.622462
MMK 2424.112128
MNT 4123.140655
MOP 9.318717
MRU 46.311692
MUR 54.405395
MVR 17.862002
MWK 2005.566775
MXN 20.731979
MYR 4.67505
MZN 73.837509
NAD 19.709099
NGN 1599.396069
NIO 42.409414
NOK 11.215521
NPR 175.707263
NZD 2.012736
OMR 0.443931
PAB 1.154046
PEN 4.036553
PGK 5.069058
PHP 69.790126
PKR 322.368849
PLN 4.29201
PYG 7475.769141
QAR 4.207446
RON 5.10028
RSD 117.465776
RUB 93.877539
RWF 1685.738003
SAR 4.333345
SBD 9.285457
SCR 16.140178
SDG 693.923359
SEK 10.948418
SGD 1.485995
SHP 0.86626
SLE 28.345495
SLL 24211.71322
SOS 659.875403
SRD 43.152621
STD 23898.200801
STN 25.084012
SVC 10.098325
SYP 127.648533
SZL 19.70917
THB 37.692393
TJS 11.06158
TMT 4.052699
TND 3.38287
TOP 2.780035
TRY 51.317212
TTD 7.840377
TWD 36.893992
TZS 2988.502822
UAH 50.701002
UGX 4344.686613
USD 1.154615
UYU 46.820491
UZS 14081.108519
VES 546.453738
VND 30412.560957
VUV 138.950239
WST 3.197445
XAF 660.620113
XAG 0.015389
XAU 0.000248
XCD 3.120405
XCG 2.079881
XDR 0.820876
XOF 658.695399
XPF 119.331742
YER 275.548508
ZAR 19.591197
ZMK 10392.918889
ZMW 22.059713
ZWL 371.785582
  • RBGPF

    -13.5000

    69

    -19.57%

  • CMSD

    -0.4000

    22.1

    -1.81%

  • RYCEF

    0.7600

    15.05

    +5.05%

  • RIO

    4.4700

    93.29

    +4.79%

  • VOD

    0.3200

    15.02

    +2.13%

  • NGG

    0.9100

    84.6

    +1.08%

  • BCE

    0.0100

    25.24

    +0.04%

  • CMSC

    -0.4028

    21.9

    -1.84%

  • RELX

    0.4000

    33.15

    +1.21%

  • AZN

    3.3400

    197.22

    +1.69%

  • BCC

    0.9000

    75.85

    +1.19%

  • BTI

    0.2100

    58.47

    +0.36%

  • JRI

    0.3800

    12.3

    +3.09%

  • GSK

    0.9600

    55.19

    +1.74%

  • BP

    -0.3500

    47

    -0.74%

Trump tax bill stalled by Republican rebellion in Congress
Trump tax bill stalled by Republican rebellion in Congress / Photo: Win McNamee - POOL/AFP/File

Trump tax bill stalled by Republican rebellion in Congress

Republican leaders in the US Congress delayed a key vote for hours on Donald Trump's signature tax and spending bill Wednesday as they scrambled to win over a group of rebels threatening to torpedo the centerpiece of the president's domestic agenda.

Text size:

Trump is seeking final approval in the House of Representatives for his Senate-passed "One Big Beautiful Bill" -- but faces opposition on all sides of his fractious party over provisions set to balloon the national debt while launching a historic assault on the social safety net.

House Speaker Mike Johnson told lawmakers to return to their offices, holding open a series of afternoon procedural votes required before final approval for more than three hours after it was first called -- with no sign of the stalemate breaking.

Meanwhile his lieutenants huddled in tense meetings with holdouts behind the scenes.

"We're going to get there tonight. We're working on it and very, very positive about our progress," Johnson told reporters at the Capitol, according to Politico.

Originally approved by the House in May, the bill squeezed through the Senate on Tuesday by a solitary vote but had to return to the lower chamber Wednesday for a rubber stamp of the Senate's revisions.

"This bill is President Trump's agenda, and we are making it law," Johnson said in a determined statement, projecting confidence that Republicans were "ready to finish the job."

The package honors many of Trump's campaign promises, boosting military spending, funding a mass migrant deportation drive and committing $4.5 trillion to extend his first-term tax relief.

But it is expected to pile an extra $3.4 trillion over a decade onto the country's fast-growing deficits, while forcing through the largest cuts to the Medicaid health insurance program since its 1960s launch.

Fiscal hawks in the House, meanwhile, are chafing over spending cuts that they say fall short of what they were promised by hundreds of billions of dollars.

Johnson has to negotiate incredibly tight margins, and can likely only lose three lawmakers among more than two dozen who have declared themselves open to rejecting the bill.

- 'Abomination' -

Lawmakers were hoping to return from recess early Wednesday to begin voting straight away, although they have a cushion of two days before Trump's self-imposed July 4 deadline.

The 887-page text only passed in the Senate after a flurry of tweaks that pulled the House-passed text further to the right.

Republicans lost one conservative who was angry about adding to the country's $37 trillion debt burden and two moderates worried about almost $1 trillion in health care cuts.

Some estimates put the total number of recipients set to lose their health insurance at 17 million, while scores of rural hospitals are expected to close.

Meanwhile changes to federal nutrition assistance are set to strip millions of the poorest Americans of their access to the program.

Johnson will be banking on Trump leaning on waverers, as he has in the past to turn around contentious House votes that were headed for failure.

The president has spent weeks cajoling Republicans torn between angering welfare recipients at home and incurring his wrath.

Trump pressured House Republicans to get the bill over the line in a private White House meeting with several holdouts on Wednesday.

"Our Country will make a fortune this year, more than any of our competitors, but only if the Big, Beautiful Bill is PASSED!" he said in a Truth Social post.

House Democrats have signaled that they plan to campaign on the bill to flip the chamber in the 2026 midterm elections, pointing to analyses showing that it represents a historic redistribution of wealth from the poorest Americans to the richest.

"Shame on Senate Republicans for passing this disgusting abomination," House Minority Leader Hakeem Jeffries told reporters.

A.Wyss--NZN