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Trump Tax Bill Heads for Vote, US Fiscal Worries Hit Sentiment | Bloomberg The Pulse 05/22
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May 22, 2025
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49:36Now PlayingHouse Republican leaders released a new version of President Donald Trump’s massive tax and spending bill with a higher limit on the deduction for state and local taxes and other changes in a bid to win over warring GOP factions to support the legislation. The updated legislation also would speed up cuts to Medicaid and elimination of Biden-era clean energy tax breaks, a demand of hardline conservatives. A White House official said Wednesday night that Trump was very supportive of the revised bill. Yet it wasn’t immediately clear whether the revisions would attract enough support to pass the House, where Republicans hold a slender majority and can only afford to lose a few votes. Stocks in Europe and Asia fell as souring sentiment over the US fiscal outlook triggered a broader risk-off tone across markets. US lawmakers are grappling with details of Trump’s tax bill days after a downgrade by Moody’s Ratings thrust concerns over the ballooning US deficit into the spotlight. This has shown up in government bonds, sapping sentiment after a rebound in risk assets put the S&P 500 on the cusp of a bull market.
Today's guest: Christina Minnis, Goldman Sachs, Pierre Gramegna, European Stability Mechanism Managing Director
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"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
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