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With President Donald Trump’s multitrillion-dollar tax breaks package at risk of stalling, House Speaker Mike Johnson and conservative Republican holdouts are heading Wednesday to the White House for the last-ditch talks to salvage the “big, beautiful bill.” Johnson, R-La., had hoped to vote as soon as Wednesday on the 1,000-page plus bill after grinding through an all-night committee hearing, a final step in the process. But debate dragged into midday. Democrats, without the votes to stop Trump’s package, are using all available tools to press their opposition and capitalize on the GOP disarray. We believe its one big, ugly bill thats going to hurt the American people, said House Democratic leader Hakeem Jeffries of New York as he and his team testified before the committee. Hurt children, hurt families, hurt veterans, hurt seniors, cut health care, cut nutritional assistance, explode the debt, he said. Trump had instructed the Republican majority to quit arguing and get it done, putting his own political influence on the line. But the Republican president failed to move many skeptics during his Capitol Hill visit this week and GOP leaders struggled through the the night on crafting last-minute deals. But for every faction of the slim House majority that Johnson appeases, he is losing others. A tentative deal with GOP lawmakers from New York and other high-tax states to boost deductions for local taxes to $40,000 alarmed the most conservative Republicans, worried it will add to the nations $36 trillion debt. Rep. Andy Harris, R-Md., the chairman of the hard-right House Freedom Caucus, said he did not believe the package could pass in a House vote, but there is a pathway forward that we can see. We want to deliver the presidents agenda, he said. It’s a make-or-break moment for the president and his party in Congress. They have invested much of their political capital during the crucial first few months of Trump’s return to the White House on this legislation. If the House Republicans fall in line with the president, overcoming unified Democratic objections, the measure would next go to the Senate. Were doing very well. Its very close Trump said at the White House. A fresh analysis from the Congressional Budget Office said the tax provisions would increase federal deficits by $3.8 trillion over the decade, while the changes to Medicaid, food stamps and other services would tally $1 trillion in reduced spending. The lowest-income households in the U.S. would see their resources drop, while the highest ones would see a boost, the CBO said. Republicans convened the House Rules Committee hearing shortly after midnight, but Johnsons Memorial Day deadline for House passage was slipping as lawmakers prepared to depart for the holiday. At its core, the package is centered on extending the tax breaks approved during Trump’s first term in 2017, while adding new ones he campaigned on during his 2024 campaign. To make up for some of the lost revenue, the Republicans are focused on spending cuts to federal safety net programs and a massive rollback of green energy tax breaks from the Biden-era Inflation Reduction Act. Additionally, the package tacks on $350 billion in new spending, with about $150 billion going to the Pentagon, including for the president’s new Golden Dome defense shield, and the rest for Trumps mass deportation and border security agenda. The package title carries Trump’s own words, the One Big Beautiful Bill Act.” As Trump promised voters on the tax front, the package proposes there would be no taxes on tips for certain workers, including those in some service industries; automobile loan interest; or some overtime pay. There would be an increase to the standard income tax deduction, to $32,000 for joint filers, and a boost to the child tax credit to $2,500. There would be an enhanced deduction, of $4,000, for older adults of certain income levels, to help defray taxes on Social Security income. To cut spending, the package would impose new work requirements for many people who receive health care through Medicaid. Able-bodied adults without dependents would need to fulfill 80 hours a month on a job or in other community activities. Similarly, those who receive food stamps through the Supplemental Nutritional Assistance Program, known as SNAP, would also face new work requirements. Older Americans up to age 64, rather than 54, who are able-bodied and without dependents would need to work or engage in the community programs for 80 hours a month. Additionally, some parents of children older than 7 years old would need to fulfill the work requirements; under current law, the requirement comes after children are 18. Republicans said they want to root out waste, fraud and abuse in the federal programs. The Congressional Budget Office has estimated 8.6 million fewer people would have health insurance with the various changes to Medicaid and the Affordable Care Act. It also said 3 million fewer people each month would have SNAP benefits. Conservatives are insisting on quicker, steeper cuts to federal programs to offset the costs of the trillions of dollars in lost tax revenue. GOP leaders have sped up the start date of the Medicaid work requirements from 2029 to 2027. At the same time, more moderate and centrist lawmakers are wary of the changes to Medicaid that could result in lost health care for their constituents. Others are worried the phaseout of the renewable energy tax breaks will impede businesses using them to invest in green energy projects in many states. Plus, those lawmakers from New York, California and other high-tax states want a bigger state and local tax deduction, called SALT, for their voters back home. As it stands, the bill would triple whats currently a $10,000 cap on the state and local tax deduction, increasing it to $30,000 for joint filers with incomes up to $400,00 a year. But advocates wanted more. Under the emerging deal, the cap would increase the deduction to $40,000 with an income limit of $500,000, according to a person granted anonymity to discuss the private talks. The cap would phase down for incomes above that level. The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, estimates that the House bill is shaping up to add roughly $3.3 trillion to the debt over the next decade. Lisa Mascaro, Kevin Freking, Leah Askarinam, and Joey Cappelletti, Associated Press Associated Press writer Chris Megerian contributed to this report.
Category:
E-Commerce
Workers are stressed over job insecurity with many concerned about the possibility of an impending job loss. And that worry may be taking a toll on employees’ overall mental healthespecially for younger workers. According to the American Psychological Association’s 2025 Work in America survey, which recorded online responses from 2,017 employed adults, more than half of American workers are bogged down with worry over their job security. A whopping 54% said concerns about their workplace stability has a “significant impact” on their stress levels. Why workers are concerned The concern appears linked to recent policy changes under the Trump administration and economic uncertainty. Sixty-five percent said their company or organization has been impacted by policy changes, and two-thirds said those changes have been drastic. Most cited negative experiences as a result of the changes. Seventy-five percent of workers said they’ve experienced things like emotional exhaustion, as well as lack of interest, motivation, or energy at work,” due to shifting policies at work. Those who haven’t yet experienced big shifts seem to be mentally preparing for them. More than two in five (42%) of employed adults surveyed said they expect government policies to lead to changes in their own workplace. That view was higher among those who worked in local, state, and federal government, where 53% said they expect to see them. Among the big changes, the possibility for layoffs is top-of-mind for employees. According to the survey, 39% of workers “said they were concerned that changes in government policies may cause them to lose their job in the next 12 months.” For younger workers, the worry hits much harder. Sixty-five percent of workers ages 26 to 43 called job insecurity a “significant stressor,” and 75% of those 18 to 25. Only 46% of those ages 44 to 57 said the same, with the number dipping further for older age groups. A challenging market for job seekers Adding fuel to the fire is concern over how challenging it may be to find a new job. About two-thirds of workers who were concerned about losing their job due to changes in government policies (66%) said it would take them a significant amount of time to find a new job if they were laid off. Forty-four percent said they weren’t confident they could find a new job in their industry and would have to change fields altogether. When people feel their jobs are at risk, it creates a sense of uncertainty that can affect every aspect of their lives, said Arthur C. Evans Jr., PhD, APAs chief executive officer, in a news release. This cultural moment is threatening workers sense of stability, control and ability to meet their basic needs. And feelings of insecurity at work and poor mental health can amplify each other in a vicious cycle. The strain is impacting workers while they’re on the job. More than half said they feel tense or stressed during the workday. But they’re taking the worry home, too, with 46% saying that their work environment is causing their mental health to decline and 38% saying their personal relationships have been negatively impacted over all the work-related stress.
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E-Commerce
AI startups are the belle of the VC funding ball, and its coming at the expense of pretty much every other type of company. Thats a main takeaway from a report published by Silicon Valley Bank on Tuesday. That report found that roughly 40% of VC funding in the U.S. last year came from venture funds that list AI as a focus. Those comprise more than 15% of U.S. VC fundsa number that has doubled over the past five years. Put all together, this reflects not only the investor enthusiasm around the space, but also the funds required to properly deploy into capital-intensive hypergrowth AI startups, the report reads. And with AI companies sucking up a good percentage of overall VC funding, its left other types of companies battling it out for a smaller piece of the pieincluding firms in the infrastructure, applications, and cybersecurity segments of the enterprise software sector. Perhaps relatedly, the creation of unicorn companiesstartups that reach a valuation of at least $1 billionhas slowed in recent years. During 2021, for example, there were 138 enterprise software unicorns created. Last year, there were only nine. And none so far this year. The report also points out the rise of zombiecorns, referring to unicorn companies that have poor revenue growth and little hope of raising more money. In effect, for some of these companies, IPO hopes are low, the climate isnt ideal for acquisition, and its unclear where these companies can turn next for a lifeline. As such, theyre sort of scouring the business landscape, like zombiesnot yet dead, but with a fading pulse. Its unclear if the overarching economic conditions will improve in a way that could provide some hope to the zombiecorns out there, and other startups outside of the AI space looking to raise money. While the U.S. hasnt seen catastrophic economic numbers yetGDP, unemployment, and other such numbers have in recent months remained relatively rosyconsumer sentiment is down, and uncertainty abounds due to President Trumps tariffs and other policies. That has many investors waiting on the sidelines for an inkling of whats next. In the meantime, startups may feel the crunch as they hope to go public or raise another round of financing. Investors will likely still invest, the report notes, but theyll be much more selective given the overall environment. We may see a flight to quality where investors continue to be extremely selective in their capital deploymentpotentially making it even harder to raise the next round, the report reads. Those left in the dust will need to seek an exit.
Category:
E-Commerce
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