Trump Tax Bill Hits Senate as GOP Torn by Competing Demands
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- Trump Tax Bill Hits Senate as GOP Torn by Competing Demands
- Laura Davison and Erik Wasson
- Mon, June 30, 2025 at 1:30 AM PDT 5 min read278
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- (Bloomberg) — Senate Majority Leader John Thune is rushing to meet President Donald Trump’s July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it.
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- Within the next two days, he needs to find a way to appease most of them. The Senate will kick off a marathon voting session on dozens of amendments Monday morning, a process that can take 12 hours or more, and Thune will be working behind the scenes to quell their concerns.
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- The South Dakota Republican has one of the least enviable jobs in Washington in the coming hours — trying to knit a compromise between factions of his party: one side pushing for more spending cuts in the legislation and senators who are threatening to withhold their support unless there is more funding for health benefits, renewable energy subsidies and other priorities.
- Thune can afford to lose only three of his 53 members in the chamber, with Vice President JD Vance breaking the tie.
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- While markets have been more focused on the administration’s separate trade talks ahead of a July 9 deadline, the tax bill’s progress — and its estimated $3.3 trillion cost — has been closely monitored. A gauge of the dollar dipped 0.3% as negotiations continued. The Bloomberg Dollar Spot Index has posted its worst start to a year since at least 2005.
- Renewable energy stocks including Vestas Wind Systems A/S and Orsted AS dropped Monday on concerns the latest bill would phase out key tax incentives for wind and solar projects more aggressively. Vestas shares fell as much as 6.7% in early trading, the steepest decliner in the Stoxx Europe 600 index. Citigroup Inc. analyst Martin Wilkie said the latest text of the Senate bill looks “incrementally negative for wind.”
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- Trump is also closely watching the tax talks, and has been quick to issue a harsh social media broadside against anyone who criticizes his signature legislation.
- Just ask North Carolina Senator Thom Tillis, one of two Republicans who voted against a late-night Saturday procedural vote to begin debate on the legislation.Story ContinuesView Comments (278)
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