Dubai Telegraph - Trump close to victory on flagship tax bill

EUR -
AED 4.343991
AFN 76.884874
ALL 96.520125
AMD 445.950658
ANG 2.117385
AOA 1084.667521
ARS 1709.12993
AUD 1.680785
AWG 2.132076
AZN 2.012595
BAM 1.955187
BBD 2.373265
BDT 144.004819
BGN 1.986433
BHD 0.445981
BIF 3491.5193
BMD 1.182844
BND 1.497836
BOB 8.142273
BRL 6.200345
BSD 1.178335
BTN 106.463047
BWP 16.275962
BYN 3.376155
BYR 23183.740137
BZD 2.369866
CAD 1.612831
CDF 2602.256407
CHF 0.917325
CLF 0.025762
CLP 1017.24551
CNY 8.206809
CNH 8.202673
COP 4293.226506
CRC 585.218862
CUC 1.182844
CUP 31.345363
CVE 110.228086
CZK 24.357154
DJF 209.835052
DKK 7.469174
DOP 74.197034
DZD 153.567459
EGP 55.523759
ERN 17.742658
ETB 182.779826
FJD 2.598594
FKP 0.866422
GBP 0.861844
GEL 3.187793
GGP 0.866422
GHS 12.908677
GIP 0.866422
GMD 86.347446
GNF 10337.80023
GTQ 9.037973
GYD 246.517445
HKD 9.242553
HNL 31.132364
HRK 7.534245
HTG 154.56216
HUF 380.742072
IDR 19852.851758
ILS 3.653385
IMP 0.866422
INR 106.767153
IQD 1543.622216
IRR 49827.298822
ISK 145.004923
JEP 0.866422
JMD 184.662843
JOD 0.838611
JPY 185.045242
KES 152.587238
KGS 103.439688
KHR 4754.528372
KMF 494.42924
KPW 1064.544412
KRW 1720.481772
KWD 0.363535
KYD 0.981996
KZT 590.767145
LAK 25346.154823
LBP 105521.038983
LKR 364.727109
LRD 219.172162
LSL 18.873558
LTL 3.49263
LVL 0.71549
LYD 7.449694
MAD 10.80868
MDL 19.954824
MGA 5222.383561
MKD 61.623582
MMK 2484.114015
MNT 4220.894517
MOP 9.482485
MRU 47.03944
MUR 54.26887
MVR 18.275306
MWK 2043.267565
MXN 20.377378
MYR 4.647984
MZN 75.406562
NAD 18.873558
NGN 1633.933387
NIO 43.366577
NOK 11.394334
NPR 170.341276
NZD 1.957045
OMR 0.454812
PAB 1.178305
PEN 3.966855
PGK 5.048437
PHP 69.781905
PKR 329.554396
PLN 4.222942
PYG 7817.580292
QAR 4.284665
RON 5.094866
RSD 117.420919
RUB 91.128863
RWF 1719.767695
SAR 4.435752
SBD 9.531476
SCR 16.575558
SDG 711.484598
SEK 10.543905
SGD 1.502436
SHP 0.887439
SLE 28.950113
SLL 24803.64397
SOS 672.291911
SRD 45.083502
STD 24482.480257
STN 24.492419
SVC 10.310809
SYP 13081.75053
SZL 18.880156
THB 37.392043
TJS 11.011599
TMT 4.151782
TND 3.407359
TOP 2.848004
TRY 51.457238
TTD 7.98153
TWD 37.324585
TZS 3059.473155
UAH 50.994616
UGX 4200.593289
USD 1.182844
UYU 45.384801
UZS 14425.474029
VES 439.59277
VND 30734.424074
VUV 141.394299
WST 3.224807
XAF 655.75403
XAG 0.013169
XAU 0.000233
XCD 3.196695
XCG 2.123643
XDR 0.815548
XOF 655.75403
XPF 119.331742
YER 281.96038
ZAR 18.886587
ZMK 10646.999568
ZMW 23.124842
ZWL 380.875248
  • RBGPF

    -2.1000

    82.1

    -2.56%

  • RYCEF

    0.2600

    16.93

    +1.54%

  • CMSC

    -0.0900

    23.66

    -0.38%

  • GSK

    0.8700

    53.34

    +1.63%

  • BTI

    0.8800

    61.87

    +1.42%

  • NGG

    1.6200

    86.23

    +1.88%

  • AZN

    -4.0900

    184.32

    -2.22%

  • RELX

    -5.0200

    30.51

    -16.45%

  • RIO

    3.8500

    96.37

    +4%

  • BP

    1.1200

    38.82

    +2.89%

  • SCS

    0.0200

    16.14

    +0.12%

  • VOD

    0.3400

    15.25

    +2.23%

  • CMSD

    -0.1400

    23.94

    -0.58%

  • BCE

    0.2700

    26.1

    +1.03%

  • JRI

    -0.0300

    13.12

    -0.23%

  • BCC

    3.1800

    84.93

    +3.74%

Trump close to victory on flagship tax bill
Trump close to victory on flagship tax bill / Photo: Win McNamee - POOL/AFP/File

Trump close to victory on flagship tax bill

US lawmakers teed up a final vote on Donald Trump's marquee tax and spending bill for Thursday morning after bruising Republican infighting nearly derailed the centerpiece of the president's domestic agenda.

Text size:

Almost 24 hours after debate began, Trump appeared close to victory as Congress edged towards passing his "One Big Beautiful Bill," despite misgivings in his party over a text that would balloon the national debt while launching a historic assault on the social safety net.

The bill would be a major landmark in Trump's political life, sealing his vision of US domestic policy into law -- and coming after he scored recent wins including in the Supreme Court and with US strikes that led to a ceasefire between Israel and Iran.

Speaker Mike Johnson struggled through the night to corral his rank-and-file Republican members after the package scraped through a series of "test" votes in the House of Representatives that laid bare deep divisions in the party.

It was on course for a final vote that would put it on Trump's desk to be signed into law after passing its last procedural hurdle in the early hours of Thursday.

"We feel very good about where we are and we're moving forward," an upbeat Johnson told reporters at the Capitol.

"So we're going to deliver the Big, Beautiful Bill -- the president's 'America First' agenda -- and we're going to do right by the American people."

- Funds for mass deportation -

The timetable could slip however as Democratic minority leader Hakeem Jeffries continued a long speech opposing the bill that delayed proceedings by several hours.

Originally approved by the House in May, Trump's sprawling legislation squeezed through the Senate on Tuesday but had to return to the lower chamber for a rubber stamp of the senators' revisions.

The package honors many of Trump's campaign promises, boosting military spending, funding a mass migrant deportation drive and committing $4.5 trillion to extend his first-term tax relief.

But it is expected to pile an extra $3.4 trillion over a decade onto the country's fast-growing deficits, while shrinking the federal food stamps program and forcing through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch.

While Republican moderates in the House are anxious that the cuts will damage their prospects of reelection, fiscal hawks chafed over savings that they say fall far short of what was promised.

Johnson has to negotiate tight margins, and can likely only lose three lawmakers in the final vote, among more than two dozen who had declared themselves open to rejecting Trump's bill.

- 'Abomination' -

The 869-page text only passed in the Senate after a flurry of tweaks that pulled the House-passed version further to the right.

It offsets its tax relief with around $1 trillion in health care cuts, and some estimates put the total number of recipients set to lose their insurance coverage under the bill at 17 million. Scores of rural hospitals are expected to close.

Johnson had been clear that he was banking on Trump leaning on waverers, as the president has in the past to turn around contentious House votes that were headed for failure.

The Republican leader has spent weeks hitting the phones and hosting White House meetings to cajole lawmakers torn between angering welfare recipients at home and incurring his wrath.

"FOR REPUBLICANS, THIS SHOULD BE AN EASY YES VOTE. RIDICULOUS!!!" Trump, 79, thundered in one of multiple posts to his Truth Social platform as Wednesday's marathon voting session spilled into Thursday.

The bill would underline Trump's total dominance of the Republican Party in his second term, and comes as he relishes a major Supreme Court victory last week that curbed lone judges from blocking his radical policies.

But House Democrats have signaled that they plan to campaign on the bill to flip the chamber in the 2026 midterm elections, pointing to data showing that it represents a historic redistribution of wealth from the poorest Americans to the richest.

Jeffries held the floor for his Democrats for more than four hours ahead of the final vote, as he told the stories of everyday Americans whom he argued would be harmed by Trump's legislation.

"This bill, this one big, ugly bill -- this reckless Republican budget, this disgusting abomination -- is not about improving the quality of life of the American people," he said.

H.Sasidharan--DT