WSJ What’s News Trump’s Tax and Spending Megabill Goes to House Ahead of July 4 Deadline
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Jul 1, 2025 Senate Republicans cleared a big tax and spending bill aimed at President Trump's priorities, but it's headed to the House with a tight deadline. Meanwhile, Jerome Powell from the Federal Reserve noted strong economic activity that could influence monetary policy. Snack brands are adapting by offering smaller packaging sizes, which come with both pros and cons. Plus, tensions are rising between tech giants and creative industries over AI use of copyrighted material, sparking debates about the future of copyright.
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Strategic Changes Win Senate Vote
- The Senate bill included tailored changes to sway holdouts like Lisa Murkowski, delaying nutrition assistance changes for certain states and increasing rural healthcare funds.
- These targeted modifications enabled passage while preserving key Republican priorities such as tax cuts and spending on defense and border enforcement.
House Faces Tough Bill Passage
- The House faces a tough balancing act to meet the July 4 deadline due to factions opposing the Senate's larger spending gap.
- Speaker Mike Johnson has a history of overcoming such challenges, but the bill's changes complicate swift passage.
Fed Holds on Rate Cuts
- Federal Reserve Chair Jerome Powell maintains a wait-and-see stance on rate cuts due to steady economic activity and tariff-related uncertainties.
- The Fed prioritizes evaluating tariff impacts on prices and growth before adjusting interest rates.