Bloomberg Daybreak: US Edition Senate Republicans Race to Finish Tax Cut Bill; Stocks at All-Time Highs
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Jun 30, 2025 Senate Republicans are racing against time to finalize a massive tax cut legislation, facing pushback from some members. Meanwhile, the stock market is soaring, hitting record highs thanks to positive trade negotiation news. Canada has rolled back its digital services tax to revitalize trade talks with the U.S. The discussions also touch on concerns regarding future corporate earnings due to ongoing trade tensions and AI risks, illustrating a complex interplay between politics and the economy.
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Senate Tax Bill Deadline Pressure
- Senate Majority Leader John Thune is rushing to meet Trump's July 4 deadline for the tax and spending bill.
- Roughly eight Republican senators oppose parts of it, complicating swift passage.
Controversy Over Bill's Medicaid Cuts
- Senators have mixed opinions on Medicaid cuts in the bill, some fearing loss of coverage.
- Elon Musk opposes cuts to electric vehicle and clean energy tax credits as harmful.
Markets Rally Despite Trade Concerns
- Stocks are at all-time highs following progress in trade talks and a recovery from tariff fears.
- U.S. equities have absorbed $164 billion inflow already this year, a very large scale.