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On day 2 of his congressional testimony sprint, Treasury Secretary Scott Bessent said the tax bill will decrease the national deficit. Several estimates have the bill increasing the deficit by more than $2 trillion. bloomberg.com/news/articles/…

NEW: Banking Chair Tim Scott wants to put the brakes on Ted Cruz’s plan to bar the Fed from paying interest to banks. Scott wants to put the idea through the regular committee vetting process including a hearing, not rush it into the Trump tax bill. FREE: bloomberg.com/news/articles/…

SALT: Senate bill has $10,000 SALT Cap as a placeholder to negotiate with House which passed a $40,000 cap

Trump is ratcheting up pressure on Republican holdouts on his multi-trillion dollar tax bill while he’s participating in the annual NATO Summit in the Netherlands this week bloomberg.com/news/articles/…

Treasury Secretary Scott Bessent said House and Senate Republicans can cut a deal on the state and local tax deduction within the next two days bloomberg.com/news/articles/…

House Republicans from high-tax states signaled they’re inching closer to a deal on the state and local tax deduction following a Wednesday meeting with Treasury Secretary Scott Bessent bloomberg.com/news/articles/…

Treasury Secretary Scott Bessent and House Speaker Mike Johnson are projecting optimism that they can soon unlock a compromise over the state and local tax deduction bloomberg.com/news/articles/…

House Minority Leader Hakeem Jeffries, when asked if he plans to use a magic minute to speak against the OBBB: "All procedural and legislative options are on the table."

The “student-worker” debate continues: Harvard is now arguing researchers paid via stipend don’t “perform services for the university in exchange for compensation.” Via Amann Mahajan Hugo Chiasson thecrimson.com/article/2025/7…

Bleak

24 hours til July 4.

NEW: Thad Heartfield needs to find his son, Aidan. Texas Equusearch volunteers came in to help search the river. It was a frustrating mission to bring a family closure after the floods took so much away. Grateful to Texas EquuSearch for allowing us to follow: wapo.st/40DsAfB

A Status Quo Rate in Trump Tax Bill Is Big Win for Corporate America Cam E. Kettles via Bloomberg bloomberg.com/news/articles/…

The cost of providing office snacks, coffee, and on-site lunches is about to go up for most American companies – unless they operate fishing boats off the coast of Alaska. Bloomberg bloomberg.com/news/articles/…

RESCISSIONS: Sen. Lisa Murkowski says she will vote against discharging the $9.4B cuts package

Trump has been diagnosed with a vein condition, the White House Says -- but what exactly is it? Explainer here for Bloomberg ⤵️ bloomberg.com/news/articles/…

The Rules Committee is now voting on an actual bill that would force the release of the Epstein documents. Every House Republican voted no. Every Democrat voted yes.

Republican Representative Anna Paulina Luna has asked the Department of Justice to consider investigating and prosecuting Fed Chair Jerome Powell for allegedly lying under oath in testimony before a congressional committee bloomberg.com/news/articles/…

TAX NEWS: Treasury Department and a downsized IRS face a ‘perfect storm’ as taxpayers and employers seek details regarding Trump’s "Big Beautiful Bill" bloomberg.com/news/articles/… with Caitlin Reilly

NEW from me: Without Elon Musk, DOGE is attempting a rebrand With Gregory Korte Read via FREE gift link: bloomberg.com/news/articles/…