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Vote-a-Rama Hour One vs. Hour Nineteen

On clean energy, Republicans' wraparound amendment struck a new excise tax on wind and solar projects relying on "material assistance" from adversarial countries. The sector's supply chains are heavily reliant on China. The Chamber of Commerce had called to remove the provision.

A win for wind and solar compared to earlier Senate draft: looks like projects already underway or starting construction within 12 months would be exempt from the more aggressive clean energy credit phaseout requiring a project to be complete and ready for use by 2028 to qualify.

Another change to the reconciliation bill the Senate passed today: it dropped a requirement that at least one parent setting up a child's "Trump account" be an U.S. citizen. However, the child must be a citizen. Senate Dems fought to remove this requirement during the Byrd bath.

News: Treasury has invited some members of the House Freedom Caucus to a Tuesday evening meeting ahead of the House taking up the reconciliation bill Wednesday, per source familiar. Treasury Sec. Bessent is expected to attend the meeting, as WH tries to lock in votes.

CBO estimates the last minute changes the Senate made to the “big, beautiful” bill before passage added another $110B to its cost. The bill is in the House now and already out of compliance with the tax cuts to spending cuts ratio fiscal hawks have insisted on.

SCOOP: Someone pretending to be the House Intelligence Committee chairman, Rick Crawford, sent messages about a project related to Melania Trump. Among those targeted: Rep. Eric Burlison & ex-congressman George Santos washingtonpost.com/politics/2025/…

BREAKING: Senate will aim to strip global AIDS funding from rescissions package says Russ Vought New package is $9 billion

TAX ALERT: Everyone should follow my amazing new Bloomberg tax reporter colleague Caitlin Reilly Caitlin Reilly who has joined us from Roll Call

Some professional news: After six years at Roll Call I've started a new job covering tax and fiscal policy issues on the Hill and beyond for Bloomberg News. Please send me your tips and add me to your press lists!

Sen. MORAN, a GOP vote we’re watching on the $9B rescissions bill, said he negotiated language to ensure a pair of programs sending food aid abroad can be administered. He declined to say how he would vote on the bill.

Additional context: funding for the two food aid programs largely comes from appropriations and wouldn’t be touched by this rescissions package. Moran’s amendment focuses on the resources needed to administer the programs.

RESCISSIONS: U.S. Senator Mitch McConnell joins Sen. Susan Collins Sen. Lisa Murkowski in voting no. U.S. Senator Bill Cassidy, M.D. is a yes

ICYMI: Senate on track to end federal funding for PBS, NPR today bloomberg.com/news/articles/…

Rep. LUNA, who was in Tuesday’s White House meeting, had this to say about Fed Chair POWELL: “Jerome, if you don't lower interest rates, you're fired." Luna wouldn’t say whether that was Trump’s message yesterday, but said he’s fielded calls from people qualified for the job.

In case you also found yourself wondering this week how the prospect of a Fed-backed digital dollar became the latest redline for House conservative hardliners, I asked around: 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

NEWS from Las Vegas: Ways & Means Chair Rep. Jason Smith told me in an interview he wants to REVERSE the gambling tax hike from the One Big Beautiful Bill SMITH said it was a "bad decision" & could "absolutely" be undone by year-end. He floated it as part of a bipartisan package

New from me on the industry push to undo the weeks-old limit on the deduction of gambling losses and its growing traction on the Hill: bloomberg.com/news/articles/…

Top executives from MGM, Wynn and Caesars met with Ways and Means members while they were in Las Vegas last week to urge tax writers to reverse the 90 percent cap on gambling loss deductions added to the "big, beautiful" bill in the Senate.