GOP can raise student loan bills to pay for Trump’s tax cuts
Millions of student loan borrowers may be making more payments as GOP lawmakers are considering end plans to fund Trump’s tax cuts.
Straight Arrow News
Inventory futures refer to a lower open as President Donald Trump once again raises tariff concerns and investors continue to travel through Congress as the Treasury gives way to tax laws.
Trump said in a social media post that Apple must pay 25% tariffs if no phones are made for sale in the US. Apple’s stock fell 3.2% in pre-market trading.
The president also recommended a 50% tariff on the European Union, which began on June 1. He wrote in a social media post that the EU is “very difficult to deal with,” Trump wrote. “Our discussion with them won’t go anywhere!”
Meanwhile, it is now the Senate turn to look into proposed tax bills after the House voted for one vote and then passed remarkably in one big beautiful bill.
Investors are worried that the bill, which has more than 1,000 pages, will lead to a very wide deficit. To pay the expenditure, the government must issue more debt. The debt price moves in the opposite direction of the yield.
Treasury bond yields in 2010 reached a high of 5.161%, the highest level since October 2023. The 10-year Ministry of Finance’s bills for 1 point violated 4.6%. Both yields fell from highs, but they continue to put pressure on stocks and remained rising.
At 7:54am (ET), Blue Chip Dow-bound futures slipped 0.64%, Broad S&P 500 futures fell 0.72%, and tech-powered NASDAQ futures fell 1.05%.
Corporate News
- Deckers Outdoor issued a lower forecast than expected for the current quarter.
- Ross stores have withdrawn their full-year outlook, saying they expect to put pressure on profitability if tariffs remain at high levels.
- Intuit cited a more stable outlook and raised forecasts for annual revenues that exceed full-year estimates.
- Autodesk issued a higher than expected second quarter outlook.
Cryptocurrency
Major US banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other companies jointly owned by large commercial banks, are exploring joint stubcoins to compete with the Crypto industry.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
