Zürcher Nachrichten - Trump wins major victory as flagship bill passes Congress

EUR -
AED 4.335689
AFN 77.907472
ALL 96.499843
AMD 446.503942
ANG 2.113037
AOA 1082.44004
ARS 1708.938394
AUD 1.687138
AWG 2.127698
AZN 2.001594
BAM 1.953764
BBD 2.376254
BDT 144.169755
BGN 1.982353
BHD 0.444977
BIF 3482.171097
BMD 1.180415
BND 1.500936
BOB 8.152538
BRL 6.188101
BSD 1.179785
BTN 106.771187
BWP 15.536874
BYN 3.369089
BYR 23136.130958
BZD 2.372797
CAD 1.613249
CDF 2596.912637
CHF 0.917325
CLF 0.025678
CLP 1013.929255
CNY 8.189951
CNH 8.194593
COP 4285.00032
CRC 584.870665
CUC 1.180415
CUP 31.280993
CVE 110.145548
CZK 24.380403
DJF 209.78337
DKK 7.467098
DOP 74.013182
DZD 153.13546
EGP 55.354732
ERN 17.706223
ETB 182.783688
FJD 2.602402
FKP 0.861604
GBP 0.864577
GEL 3.18123
GGP 0.861604
GHS 12.954554
GIP 0.861604
GMD 86.170109
GNF 10353.771376
GTQ 9.049263
GYD 246.833811
HKD 9.221933
HNL 31.170648
HRK 7.537537
HTG 154.639499
HUF 379.775157
IDR 19830.143102
ILS 3.653154
IMP 0.861604
INR 106.745328
IQD 1545.595823
IRR 49724.975522
ISK 144.80106
JEP 0.861604
JMD 185.007197
JOD 0.836967
JPY 185.227751
KES 152.214672
KGS 103.227395
KHR 4762.05745
KMF 493.41333
KPW 1062.308599
KRW 1723.547409
KWD 0.362789
KYD 0.98318
KZT 586.097419
LAK 25377.660469
LBP 105652.243299
LKR 365.147093
LRD 219.441312
LSL 18.855012
LTL 3.485458
LVL 0.714021
LYD 7.455914
MAD 10.815762
MDL 19.962281
MGA 5226.575326
MKD 61.648648
MMK 2478.795775
MNT 4213.900016
MOP 9.494246
MRU 46.847591
MUR 54.157713
MVR 18.237541
MWK 2045.413175
MXN 20.44887
MYR 4.641383
MZN 75.251613
NAD 18.85573
NGN 1615.468857
NIO 43.415123
NOK 11.412835
NPR 170.864659
NZD 1.966199
OMR 0.453867
PAB 1.179776
PEN 3.966067
PGK 5.054561
PHP 69.581927
PKR 329.981132
PLN 4.217743
PYG 7808.597758
QAR 4.30317
RON 5.094436
RSD 117.379271
RUB 90.004751
RWF 1721.912823
SAR 4.426687
SBD 9.511903
SCR 16.188746
SDG 710.016027
SEK 10.60626
SGD 1.502485
SHP 0.885617
SLE 28.890652
SLL 24752.708222
SOS 673.101387
SRD 44.730677
STD 24432.204039
STN 24.474805
SVC 10.322805
SYP 13054.886383
SZL 18.854431
THB 37.442843
TJS 11.025357
TMT 4.143256
TND 3.412228
TOP 2.842155
TRY 51.3705
TTD 7.991874
TWD 37.367804
TZS 3045.812667
UAH 50.895254
UGX 4200.622372
USD 1.180415
UYU 45.470687
UZS 14462.438063
VES 438.69004
VND 30669.538497
VUV 141.126608
WST 3.218011
XAF 655.276887
XAG 0.013483
XAU 0.000239
XCD 3.19013
XCG 2.126293
XDR 0.813873
XOF 655.290751
XPF 119.331742
YER 281.381387
ZAR 18.966079
ZMK 10625.152197
ZMW 23.09503
ZWL 380.093098
  • SCS

    0.0200

    16.14

    +0.12%

  • JRI

    0.0300

    13.15

    +0.23%

  • CMSD

    -0.0700

    23.87

    -0.29%

  • CMSC

    -0.1400

    23.52

    -0.6%

  • BCC

    5.3000

    90.23

    +5.87%

  • RBGPF

    0.1000

    82.5

    +0.12%

  • BCE

    0.2400

    26.34

    +0.91%

  • NGG

    1.5600

    87.79

    +1.78%

  • GSK

    3.8900

    57.23

    +6.8%

  • AZN

    3.1300

    187.45

    +1.67%

  • RYCEF

    -0.3200

    16.68

    -1.92%

  • RIO

    0.1100

    96.48

    +0.11%

  • BTI

    -0.2400

    61.63

    -0.39%

  • RELX

    -0.7300

    29.78

    -2.45%

  • VOD

    0.4600

    15.71

    +2.93%

  • BP

    0.3800

    39.2

    +0.97%

Trump wins major victory as flagship bill passes Congress
Trump wins major victory as flagship bill passes Congress / Photo: SAUL LOEB - AFP

Trump wins major victory as flagship bill passes Congress

US President Donald Trump on Thursday secured a major political victory when Congress narrowly passed his flagship tax and spending bill, cementing his radical second-term agenda and boosting funds for his anti-immigration drive.

Text size:

The bill underlined the president's dominance over the Republican Party, which had been wracked by misgivings over a text that will balloon the national debt and gut health and welfare support.

A small group of opponents in the party finally fell into line after Speaker Mike Johnson worked through the night to corral dissenters in the House of Representatives behind the "One Big Beautiful Bill."

The bill squeezed past a final vote 218-214, meaning it can be on Trump's desk to be signed into law on the July 4th Independence Day holiday.

"One of the most consequential Bills ever. The USA is the 'HOTTEST' Country in the World, by far!!!" Trump said on social media as he scented victory.

The timing of the vote slipped back as Democratic minority leader Hakeem Jeffries spoke against the bill for nearly nine hours to delay proceedings.

- Mass deportations, tax breaks -

The legislative win is the latest in a series of successes for Trump, including a Supreme Court ruling last week that curbed lone judges from blocking his policies, and US air strikes that led to a ceasefire between Israel and Iran.

His sprawling mega-bill just passed the Senate on Tuesday and had to return to the lower chamber for a rubber stamp of the senators' revisions.

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.

"Today we are laying a key cornerstone of America's new Golden Age," Johnston said.

But it is expected to pile an extra $3.4 trillion over a decade onto the country's fast-growing deficits, while shrinking the federal food assistance program and forcing through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch.

Some estimates put the total number of recipients set to lose their insurance coverage under the bill at 17 million. Scores of rural hospitals are expected to close.

While Republican moderates in the House fear the cuts will damage their prospects of reelection, fiscal hawks chafed over savings that they say fall far short of what was promised.

Johnson had to negotiate tight margins, and could only lose a handful of lawmakers in the final vote, among more than two dozen who had earlier declared themselves open to rejecting Trump's 869-page text.

Trump has spent weeks hitting the phones and hosting White House meetings to cajole lawmakers torn between angering welfare recipients at home and incurring the president's wrath.

Democrats hope public opposition to the bill will help them flip the House in the 2026 midterm election, pointing to data showing that it represents a huge redistribution of wealth from the poorest Americans to the richest.

Jeffries held the floor for his Democrats ahead of the final vote, as he told stories of everyday Americans who he argued would be harmed by Trump's legislation.

"This bill, this one big, ugly bill -- this reckless Republican budget, this disgusting abomination -- is not about improving the quality of life of the American people," he said.

Extra spending on the military and border security will be paid in part through ending clean energy and electric vehicle subsidies -- a factor triggering a bitter public feud between Trump and former supporter Elon Musk.

P.E.Steiner--NZN