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The House-passed version of President Donald Trump’s tax and spending bill would add $2.42 trillion to US budget deficits over the next decade, according to a new estimate from the nonpartisan Congressional Budget Office.

The CBO’s calculation, released Wednesday in its so-called scoring of the “One Big Beautiful Bill,” reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections. The score doesn’t account for any potential boost to the economy from the bill, which could offset some of the revenue losses.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Republican Senator Bill Hagerty of Tennessee.
• Democratic Senator Elizabeth Warren of Massachusetts.
• Bloomberg Politics Contributor Jeanne Sheehan Zaino and Lighthouse Public Affairs Founder Chapin Fay.

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President Donald Trump worked the phones Monday and took to social media to try to sway Republican holdouts on his multi-trillion dollar tax bill, encountering conflicting demands from GOP senators even as he urged them to move swiftly. 

The legislation, which last month passed the House by one vote, faces opposition from both moderates and ultra-conservatives in the Senate, where Trump can afford to lose no more than three votes. 

“With the Senate coming back to Washington today, I call on all of my Republican friends in the Senate and House to work as fast as they can to get this Bill to MY DESK before the Fourth of JULY,” Trump wrote on Truth Social.

The president gave lawmakers at odds with one another the feeling that he was on their side.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Bipartisan Policy Center Senior Vice President Bill Hoagland.
• ROKK Solutions Partner Kristen Hawn and Bluestack Strategies Founder Maura Gillespie.
• American Property Owners Alliance Executive Director Colin Allen.

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Significant changes are in store for President Donald Trump’s signature $3.9 trillion tax-cut bill as the Senate begins closed-door talks this week on legislation that squeaked through the House by a single vote. 

Senate Republican leaders are aiming to make permanent many of the temporary tax cuts in the House bill, a move that would increase the bill’s more than $2.5 trillion deficit impact. But doing so risks alienating fiscal hawks already at war with party moderates over the bill’s safety-net cuts. 

It amounts to a game of chess further complicated by the top Senate rules-keeper, who will decide whether some key provisions violate the chamber’s strict rules. Jettisoning those provisions — which include gun silencer regulations and artificial intelligence policy — could sink the bill in the House.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Republican Congresswoman Lisa McClain of Michigan, Chairwoman of the House Republican Conference.
• S-3 Group Partner Ashley Davis and Iona University Professor Jeanne Sheehan Zaino.
• Stimson Center Senior Fellow Kelly Grieco.

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Elon Musk said he will continue to advise President Donald Trump even after stepping away from the Department of Government Efficiency effort he has spearheaded.

“I expect to remain a friend and an adviser, and hopefully, if there’s anything the president wants me to do, I’m at the president’s service,” Musk, the chief executive officer of Tesla Inc. and SpaceX, said alongside Trump during a press conference Friday at the White House. “This is not the end of DOGE, but really the beginning.”

The comments raise questions over the extent of Musk’s plans to pull back from Washington and return to running his business empire. As the head of DOGE, Musk’s efforts to slash spending and cut government jobs has drawn pushback from federal workers and Democratic lawmakers as well as a consumer backlash to his business interests.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg's Joe Deaux.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• International Chamber of Commerce Secretary General John Denton.
• Co-Host of the Odd Lots podcast Joe Weisenthal.

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President Donald Trump pushed Federal Reserve Chair Jerome Powell to lower interest rates at their first in-person meeting since the president’s inauguration, the White House said.  

The president told Powell that he believes the Fed chair is making a mistake by not lowering rates, White House Press Secretary Karoline Leavitt said at a briefing Thursday. 

That “is putting us at an economic disadvantage to China and other countries, and the president’s been very vocal about that, both publicly and, now I can reveal, privately,” she added.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg's Tyler Kendall.
• Wiley Rein Partner Greta Peisch.
• Former Republican Congressman and Bloomberg Contributor Patrick McHenry.
• Bloomberg Economics Editor Stuart Paul and Bloomberg Economics US Economist Molly Smith.

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The White House will ask Congress next week to enact $9 billion of spending cuts into law — a small portion of the $175 billion in savings that Elon Musk’s Department of Government Efficiency claims to have found. 

The cuts — first floated in April but waylaid amid efforts in the House to pass President Donald Trump’s tax bill — would target funding for the Public Broadcasting Service, National Public Radio and foreign aid in the current fiscal year, according to an Office of Management and Budget spokeswoman. 

The renewed interest in the rescissions comes as Musk has criticized the “One Big Beautiful Bill” that Trump favored — and which passed the House last week — because it would increase federal deficits.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.

On this edition, Joe and Kailey speak with:

• Republican Congressman Byron Donalds of Florida.
• Bloomberg Intelligence Financials Analyst Ben Elliot.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Atlanta Mayor Andre Dickens

 

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New sanctions against Russia are “absolutely” under consideration, President Donald Trump told reporters after Moscow launched its largest drone barrage in the war against Ukraine during a third night of strikes.

Trump has grown visibly frustrated with Russian President Vladimir Putin and the state of talks meant to deliver a ceasefire in Ukraine. The US president has repeatedly threatened new sanctions in the past without following through.

“I’m not happy with what Putin is doing,” Trump said Sunday before Moscow’s latest barrage. “He’s killing a lot of people, and I don’t know what the hell happened to Putin. I’ve known him a long time — always gotten along with him — but he’s sending rockets into cities and killing people, and I don’t like it at all.” In a Truth Social post later on Sunday, Trump said that Putin “has gone absolutely CRAZY!”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg's Kate Sullivan.
• Center for Strategic and International Studies Senior Fellow for the Defense and Security Department Benjamin Jensen.
• FIL Inc. CEO Frank Luntz.
• Stonecourt Capital Partner Rick Davis and Third Way Executive Vice President for Policy Jim Kessler.

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President Donald Trump dug in on his threat to impose a 50% tariff on the European Union and said a potential 25% charge on imported Apple Inc. smartphones would also apply to Samsung Corp. devices if they do not move production to the US. 

Trump said Friday in a social media post that the higher charge on the EU would start on June 1 because “our discussions with them are going nowhere,” adding that he saw the bloc as “very difficult to deal with.” 

The president later downplayed the EU’s ability to broker a lower rate, complaining about its trade practices and negotiating tactics and stating “I’m not looking for a deal. I mean, we’ve set the deal. It’s at 50%.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg's Tyler Kendall.
• US Fleet Forces Commander Admiral Daryl Caudle.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• Former House Financial Services Committee Chairman and Bloomberg Contributor Patrick McHenry.

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President Donald Trump’s signature tax bill narrowly passed the House Thursday morning, advancing a sprawling multi-trillion dollar package that would avert a year-end tax increase at the expense of adding to the US debt burden.

The bill now heads to the Senate, where groups of Republicans are pressing for extensive change. Lawmakers plan to vote on approval by August. The bill includes a $4 trillion increase in the US debt ceiling, which the Treasury Department forecasts could otherwise force a default as soon as August or September, adding urgency to the timeline.

The 215-214 House vote, with one abstention, was met with cheers from Republicans in the chamber. It followed a furious offensive by Trump, who visited the Capitol to rally Republicans, worked lawmakers by phone late into the night and summoned holdouts to the Oval Office. His budget office released a statement branding any GOP lawmaker who failed to support the package guilty of the “ultimate betrayal.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Republican Congressman Chuck Edwards of North Carolina.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
• US Ambassador to NATO Matthew Whitaker.
• Bloomberg's Liz Capo McCormick.
• Republican Main Street Partnership President and CEO Sarah Chamberlain.

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The White House amped up the pressure on Republicans on Wednesday urging lawmakers to quickly approve President Donald Trump’s signature tax bill, adding that a failure to do so would be the “ultimate betrayal.”

“The House of Representatives should immediately pass this bill to show the American people that they are serious about ‘promises made, promises kept.’ President Trump is committed to keeping his promises,” the White House’s Office of Management and Budget wrote in a memo endorsing the legislation.

Republicans made some headway in advancing Trump’s bill on Wednesday. House Speaker Mike Johnson announced that he had an agreement with lawmakers from high-tax states to increase the limit on the state and local tax deduction to $40,000, winning over a key faction of members who had threatened to block the legislation. 

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Republican Congressman Mike Lawler of New York.
• Republican Congressman Kevin Hern of Oklahoma.
• ROKK Solutions Partner Kristen Hawn and Former RNC Communications Director Lisa Camooso Miller.
• Former US Ambassador to South Africa Patrick Gaspard.

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