Trump Tax Bill Passes Senate as Republicans Notch Major Win
Watch Bloombreg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.Donald Trump’s $3.3 trillion tax and spending cut bill passed the Senate Tuesday after a furious push by Republican leaders to persuade holdouts to back the legislation and hand the president a political win.Senators voted 51-50 to pass the bill, with three Republicans — Susan Collins of Maine, Thom Tillis of North Carolina and Rand Paul of Kentucky, defying Trump to oppose the legislation. Vice President JD Vance cast the tie-breaking vote. The package, which now goes to the House, combines $4.5 trillion in tax cuts with $1.2 trillion in spending cuts. “This was a team effort,” Senate Majority Leader John Thune told reporters immediately following the vote on Tuesday. “In the end, we got the job done.”The Bloomberg Dollar Spot Index climbed to a session high after the bill passed the Senate. It was falling for six months through the end of June.The package — informally known as the “One Big Beautiful Bill” — includes the entirety of the president’s legislative agenda in a single package. Trump personally lobbied lawmakers to quickly move the legislation through Congress.“It’s a great bill. There is something for everyone,” Trump told reporters on Tuesday. “And I think it’s going to go very nicely in the House. Actually, I think it will be easier in the House than it was in the Senate.”Republicans say passing the bill will help them maintain their congressional majorities in the midterms. But polling suggests the bill is not particularly popular. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren’t sure what to think.The House is expected to vote on the bill this week, but success is not guaranteed. Only a few Republicans can vote “no” in the House for the bill to pass in the face of united Democratic opposition. Speaker Mike Johnson said the House “will work quickly” to pass the bill by July 4.Today's show features: Terry Haines, Founder of Pangea Policy on the Senate passing a $3.3 trillion tax and spending cut bill Bloomberg Technology Co-Host Ed Ludlow and Bloomberg News Team Leader for the Capitol Influence Team Mike Dorning on Elon Musk’s renewed tensions with President Donald Trump, whether Musk still holds sway in Washington and what it means for Tesla Olaolu Aganga, US Chief Investment Officer for Mercer on businesses adjusting to pending legislation and the economic outlook Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management on diversified return streams for investor See omnystudio.com/listener for privacy information.
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ICYMI: Fixing the Golden State
Stephen J. Cloobeck, a self-proclaimed “fiscally conservative and socially responsible Democrat,” is running as a Democratic candidate for Governor of California in 2026. Touted by the likes of former President Bill Clinton, Robert Shapiro and Senator Cory Booker, Cloobeck says he is eager to be the navigator of change for what he refers to as the “broken” state.Cloobeck is also the founder and former CEO of Diamond Resorts International, and believes his significant business experience well help him guide California's economy, which on its own would stand as the fifth largest in the world.See omnystudio.com/listener for privacy information.
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Apple Weighs Using Outside AI to Power Siri in Major Shift
Watch Bloomberg Businessweek Daily every day on YouTube: http://bit.ly/3vTiACF.Apple Inc. is considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri, sidelining its own in-house models in a potentially blockbuster move aimed at turning around its flailing AI effort.The iPhone maker has talked with both companies about using their large language models for Siri, according to people familiar with the discussions. It has asked them to train versions of their models that could run on Apple’s cloud infrastructure for testing, said the people, who asked not to be identified discussing private deliberations.If Apple ultimately moves forward, it would represent a monumental reversal. The company currently powers most of its AI features with homegrown technology that it calls Apple Foundation Models and had been planning a new version of its voice assistant that runs on that technology for 2026. A switch to Anthropic’s Claude or OpenAI’s ChatGPT models for Siri would be an acknowledgment that the company is struggling to compete in generative AI — the most important new technology in decades. Apple already allows ChatGPT to answer web-based search queries in Siri, but the assistant itself is powered by Apple.Today's show features: Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman on Apple considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri Ed Price, Senior Non-Resident Fellow at New York University and former British trade official on the latest from Ukraine and expectations for ongoing US trade negotiations Trish Damkroger, Chief Product Officer, SVP & General Manger of High Performance Computing and AI of HPE Bloomberg News Congressional Reporter Erik Wasson on the latest tax bill negotiations within the US Senate See omnystudio.com/listener for privacy information.
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ICYMI: A New Era for IPOs
Roaring returns for US IPOs are driving fresh optimism that activity will pick up steam later this year and into 2026, even as worries over geopolitics and President Donald Trump’s tariffs hang over the market. Led by triple-digit-percent increases for Circle Internet Group Inc. and CoreWeave Inc. — two of the year’s five largest initial public offerings on US exchanges — this year’s class of debutantes are trading up by a weighted average of about 53%, data compiled by Bloomberg show. That’s left investors hungry for more, particularly in a year where the S&P 500 Index has struggled to remain in the black. Michael Harris, vice chairman and global head of markets at NYSE examines the health of the IPO market as well as his company's position of strength within the hierarchy of global trading platforms.See omnystudio.com/listener for privacy information.
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Bloomberg Businessweek Weekend - June 28th, 2025
Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."Hosted by Carol Massar and Tim StenovecHear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.
Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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