Bloomberg Daybreak: US Edition Senate Pulls All-Nighter on Tax Bill; Trump Takes Aim at Musk
Jul 1, 2025
John Tucker, a Bloomberg reporter covering President Trump and Elon Musk, dives into the contentious Senate debate over Trump's $3.3 trillion tax bill. He discusses the GOP's struggle to secure votes amidst internal conflict and highlights Trump's criticism of Musk for profiting from electric vehicle subsidies, which has led to a dip in Tesla's stock. The conversation also touches on the wider market reactions and trade negotiation tensions between the U.S. and Japan, painting a picture of a tumultuous political and economic landscape.
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Senate Scrambles for Votes on Tax Bill
- President Trump's $3.3 trillion tax and spending bill faces an uncertain Senate vote with fiscal conservatives concerned over Medicaid and clean energy provisions.
- The bill aims to deliver the largest tax savings in American history and is pushed to meet a July 4th deadline.
Tax Bill Benefits Unequally Distributed
- Yale's Budget Lab analysis shows the tax bill disproportionately benefits the top 20% of earners while costing the bottom 20% an average of $560 yearly.
- Medicaid and food stamp cuts hit the poorest hardest, while tax cuts favor higher earners.
Trump vs. Elon Musk Tensions Rise
- President Trump accused Elon Musk of receiving excessive government subsidies for electric vehicles.
- Musk criticized Trump's tax bill cuts to EV and clean energy credits and threatened Republican lawmakers supporting it.