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Business & Economy
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Business & Economy
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Trump’s ‘debt bomb’ shakes Senate GOP
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Some GOP senators fear that President Trump’s “big, beautiful bill” is fueling jitters in the bond market amid concerns the package fails to rein in federal spending in a substantial way over the next decade.
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They worry that if Republicans pass Trump’s bill on party-line votes in both chambers, they will get blamed for heaping trillions of dollars onto the debt and the economic consequences that may follow in the future.
“I think we’re having trouble selling our long bonds already,” warned Sen. Rick Scott (R-Fla.), who cited the rising interest rates.
Scott is one of at least four Senate Republican conservatives who are sounding the alarm over the long-term fiscal implications of the 1,100-plus page budget reconciliation bill that passed the House.
“You saw the Japanese bond market is in trouble. You saw the American bond market is in trouble. Inflation is not coming down; interest is not coming down. That means we’ve got to balance the budget,” he added.
Rep. Thomas Massie (Ky.), who was one of only two Republicans to vote “no” on the House bill, called the package a “debt bomb ticking.”
He warned it “dramatically increases deficits in the near term” while promising fiscal reforms “five years from now.”
“Where have we heard that before?” he asked.
The Hill’s Alexander Bolton has more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The director of the Federal Housing Finance Agency (FHFA) took to social media Monday to tell Federal Reserve Chair Jerome Powell that it’s time to resume the central bank’s interest rate cuts.
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There’s a new trade on Wall Street: the TACO trade, standing for “Trump Always Chickens Out.”
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Sen. Dave McCormick (R-Pa.) said Tuesday the U.S. government will have a golden share in Nippon Steel’s acquisition of U.S. Steel, giving it power over some of the decisionmaking.
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Michigan voters are increasingly taking a more pessimistic view of the economy, according to a statewide poll released Tuesday by the Detroit Regional Chamber.
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Upcoming news themes and events we’re watching:
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- Federal Reserve Board Governor Adriana Kugler on Thursday will deliver remarks at the 5th Annual Macro-Finance Workshop at 2 pm E.T.
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Branch out with more stories from the day:
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NEW YORK (AP) — Wall Street’s roller-coaster ride created by President Donald Trump’s trade policies …
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Wednesday, June 4 at 8 a.m. EDT — Washington, D.C.
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Business and economic news we’ve flagged from other outlets:
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- Dow jumps 700 points to snap four-day losing run as EU tariff delay lifts market (CNBC)
- Inside Trump’s 72-hour EU trade whiplash (CNN)
- Small businesses push for exemptions from Trump tariffs (CBS News)
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Top stories on The Hill right now:
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Sen. Tommy Tuberville (R-Ala.) on Tuesday announced he was running for governor with the launch of his campaign website, creating an open GOP primary for his Senate seat in the process. Read more
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President Trump pardoned Paul Walczak, a man who had pleaded guilty to tax crimes, one month after his mother attended a major fundraiser for the president, according to a new report from The New York Times. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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