WSJ What’s News Republicans Triumph as House Passes Trump’s Megabill
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Jul 3, 2025 House Republicans push through a controversial tax-and-spending bill before the July 4 deadline, raising questions about its impact on consumers and the deficit. U.S. stocks hit a closing high as surprising job growth signals potential economic shifts. The podcast also dives into Harvard's financial struggles, exploring how the institution plans to adapt amid funding cuts. Additionally, it examines the intersection of sports and legal battles over transgender athletes, while rising beef prices add another layer to current economic challenges.
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Impact of Trump’s Megabill
- The bill extends Trump's 2017 tax cuts permanently and adds new tax breaks for individuals and businesses.
- It includes increased spending on border security and immigration enforcement, adding nearly $3.4 trillion to deficits through 2034.
How Bill Affects Individuals
- The bill raises the state and local tax deduction cap but cuts benefits like SNAP and Medicaid.
- Most tax changes take effect this year or next, while cuts to health and food aid programs happen later.
June Jobs Report and Fed Outlook
- The June jobs report showed a stronger-than-expected gain of 147,000 jobs and falling unemployment to 4.1%.
- Mixed employment data leave economic outlook unclear; the Fed likely to wait before any further rate cuts.