Congress's Budget Referee Confronts Swarm of GOP Critics

WASHINGTON—Phill Swagel expected this. Well, most of it.
Swagel, a mild-mannered academic economist, runs the Congressional Budget Office, the fiscal scorekeeping agency getting blasted by Republicans as they try to push their tax-and-spending megabill through Congress by July 4. They say CBO is too pessimistic on economic growth and tilts against the GOP, unfairly fueling charges that the measure is fiscally irresponsible.

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Keller Industrial Properties to break ground on facility at Grissom Aeroplex

Keller Logistics Group announced the groundbreaking of a new 150,000-square-foot speculative warehouse at Grissom Aeroplex. Located at S. Innovation Way and West C.R. 800 South in Bunker Hill, the next-generation facility, developed in partnership with ARCO, aims to meet the surging demand for flexible, high-performance industrial space in the Peru-Bunker Hill corridor, according to a press release from ARCO. The warehouse was designed with future-proof capabilities and will feature 36-foot clear heights, multi-tenant rear-load access, and the potential to expand to 200,000 square feet. With six dock positions, three drive-in ramps, 40,000-lb airbag levelers, 800-amp power, and ESFR fire protection, it is engineered to serve a wide range of distribution, manufacturing, and logistics tenants. The ceremonial groundbreaking is set for Saturday, June 28. Completion is slated for late 2025. 'This is more than just a building—it's a long-term investment in the future of Indiana's logistics economy,' said Bryan Keller, president of Keller Industrial Properties. 'As supply chains continue shifting toward regionalized models and faster fulfillment, we're providing the infrastructure that makes those models sustainable and scalable.' The project responds directly to the trends shaping the industrial real estate market across the Midwest. According to CBRE's Q4 2024 Midwest Industrial Market Report, over 37 million square feet of industrial space was under construction across the region, with net absorption reaching 5.7 million square feet, driven by strong occupier demand and an evolving e-commerce landscape. 'The Peru-Bunker Hill corridor is one of Indiana's most compelling growth areas for logistics and manufacturing,' said Austin Brasher, vice president at ARCO. 'This project positions Keller and future tenants at the heart of that growth, offering proximity to major markets without the operational constraints of urban cores.' Local and regional leaders joined Keller and ARCO at the ceremonial groundbreaking, underscoring the project's broader economic impact. 'This development brings jobs, investment, and visibility to the region, aligning perfectly with our long-term economic goals,' said Jim Tidd, Economic Development Director with the Miami County Economic Development Authority. The project team also includes Curran Architecture of Indianapolis, which provided architectural design and renderings for the facility. The press release said the warehouse will be strategically located within a high-visibility logistics corridor, sitting near key interstates and freight corridors, enabling efficient access to regional and national markets while offering the labor force infrastructure and incentives critical to modern supply chain operations.

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21 minutes ago

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Sunrun Stock (RUN) Plummets 40% as U.S. Senate Targets Solar Credits

The solar sector is reeling after the release of the Senate Finance Committee's proposed tax-and-spending bill, which targets renewable energy sources. Sunrun (RUN), a major player in residential solar, was particularly vulnerable to the news, shedding almost 40% of its valuation in the past week. Having traded as high as $13.20 per share in late May, the stock is now languishing at ~$6 following this week's news. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter In my view, the proposed incentive cuts pose a significant threat to Sunrun's viability, particularly given its ongoing inability to generate profits despite these benefits being in place. Without that financial support, a turnaround seems even less likely, leaving me firmly bearish on the stock. For those unfamiliar, Sunrun primarily operates under a third-party ownership (TPO) model. Instead of homeowners purchasing solar systems outright, Sunrun installs and owns the panels, allowing customers to either lease the system for a monthly fee or pay for the electricity it generates at a fixed rate. This model has gained popularity because it enables homeowners to adopt solar with little to no upfront cost. Thanks to the Inflation Reduction Act (IRA), which extended and enhanced the federal Investment Tax Credit (ITC), Sunrun, as the system owner, can claim a tax credit typically worth 30% of the system's cost. This significantly lowers installation expenses and enables Sunrun to pass those savings on to customers, making the model more financially appealing. The Senate Finance Committee has recently proposed eliminating solar tax credits in favor of supporting other energy sectors, such as geothermal, nuclear, and hydropower. If passed, this legislation would require Sunrun to absorb the full cost of its solar systems, which would inevitably be passed on to customers. The result would be a significant squeeze on margins and an acceleration of the company's ongoing cash burn. Senate Republicans are reportedly aiming to pass the bill before the July 4th holiday. Upon closer examination, this appears to mark a broader shift in U.S. energy policy away from residential solar and wind. The market has already begun to react, with notable declines in Sunrun's peers, including Enphase Energy (ENPH) and SolarEdge Technologies (SEDG), underscoring the potential sector-wide impact. There's still hope for solar advocates. The proposed bill faces strong resistance from Democrats, particularly from the original architects of the clean energy tax credits included in the Inflation Reduction Act. The clean energy industry is also mounting an aggressive lobbying effort, warning of potential job losses and higher energy costs. And while the bill is led by the GOP, not all Republicans are aligned in support. The legislation still has a long way to go. It narrowly passed the House in May with a 215–214 vote, and the Senate draft was just introduced on June 16. While the Senate version includes more extended phase-out periods for some clean energy incentives, it still calls for the elimination of Section 48E credits, which are key to residential solar leases. A Senate vote is expected soon, and if proponents can secure a simple majority, the bill could advance to President Trump's desk. For context, the current Senate makeup is 53 Republicans, 45 Democrats, and two Independents. In the near term, Sunrun could experience a temporary boost in demand as customers rush to take advantage of tax credits before they're phased out. However, expectations for 2026 and beyond point to a sharp and sustained decline in demand. A closer look at Sunrun's financials reveals troubling signs. The company has consistently reported negative operating cash flow, with a loss of over $100 million in Q1 2025 and nearly $800 million in total for 2024, highlighting the financial pressure it faces even before potential incentive cuts take effect. Meanwhile, Sunrun, in its pursuit of growth opportunities, is becoming increasingly leveraged, increasing its risk profile should things take a turn for the worse. Moving forward, ongoing tariff pressures and the disappearance of incentive credits spell long-term trouble for solar installers. Analyst sentiment on Sunrun (RUN) stock is mixed. The stock carries a consensus Hold rating, based on seven Buy, six Hold, and four Sell ratings over the past three months. Despite the cautious stance, RUN's average price target of $10.44 suggests significant upside potential—about 70% from current levels. Mizuho analyst Maheep Mandloi has a Buy (Outperform) rating on RUN with a price target of $16. He notes that the House's 'One Big Beautiful Bill' won't derail grandfathered credits until 2028. He also believes that demand for renewable energy will remain high without government incentives because it is 'still the cheapest option.' However, not everyone shares Mandloi's bullish outlook. Jefferies analyst Julien Dumoulin Smith downgraded RUN to Sell (Underperform) with a price target of $5. Due to the same legislation, Smith notes that Sunrun is exposed to 'both near- and long-term headwinds.' He believes that the market is underestimating 'how consequential the 'One Big Beautiful Bill Act' is uniquely on residential solar.' The so-called 'One Big Beautiful Bill' poses a major threat to solar companies like Sunrun. The company's growth has heavily relied on tax credits tied to third-party ownership (TPO) systems. Even with those incentives, Sunrun has struggled to achieve consistent profitability. Without them, serious doubts emerge about its ability to maintain its current business model. If the bill passes, Sunrun—and others in the space—will likely be forced to pivot toward new strategies or market segments. That said, the bill could still fail, or be amended in ways that lessen the impact on Sunrun. Additionally, the proposed phase-out period provides a window for the company to adjust. From my perspective, I'd prefer to stay on the sidelines until there is more regulatory clarity. Disclaimer & DisclosureReport an Issue Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

CNN

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Vance refers to Democratic Sen. Alex Padilla as ‘José' while defending Trump's use of National Guard in LA

Vice President JD Vance on Friday took a swipe at Democratic Sen. Alex Padilla, whom he incorrectly called 'José Padilla,' and defended the Trump administration's controversial use of the California National Guard in Los Angeles. 'I was hoping José Padilla would be here to ask a question, but unfortunately, guess he decided not to show up because there wasn't the theater, and that's all it is,' Vance told reporters, speaking from an FBI mobile command center that Immigration and Customs Enforcement is currently using in Los Angeles. Vance dismissed Padilla's appearance last week at Homeland Security Secretary Kristi Noem's press conference as 'pure political theater.' Padilla was forcefully removed, ordered to the ground by law enforcement and placed in handcuffs after attempting to ask Noem a question. Padilla, California's first Latino elected to the US Senate, had interrupted Noem as she was giving remarks in the Los Angeles FBI headquarters on the Trump administration's response to protests in that city against Noem's department and its immigration-enforcement efforts. When asked about the vice president calling the senator by the wrong first name, Vance's spokesperson Taylor Van Kirk brushed it off, telling CNN, 'He must have mixed up two people who have broken the law.' Padilla's communications director Tess Oswald wrote on X, 'As a former colleague of Senator Padilla, the Vice President knows better. He should be more focused on demilitarizing our city than taking cheap shots. Another unserious comment from an unserious administration.' California Democratic Gov. Gavin Newsom also called Vance out on X, saying it was 'not an accident.' On Friday, Vance also reacted to a federal appeals court allowing President Donald Trump to maintain control over thousands of California National Guardsmen. 'That determination was legitimate, and the president's going to do it again if he has to, but hopefully it won't be necessary,' Vance said. The 9th US Circuit Court of Appeals late Thursday granted a request from Trump to lift, for now, a lower-court ruling that had required the president to relinquish control of roughly 4,000 guardsmen from the Golden State that he had federalized to beef up security in Los Angeles amid unrest over immigration enforcement. 'And I think what the Ninth Circuit said very clearly is when the president makes a determination, you've got to send in certain federal officials to protect people,' Vance said, while lashing out at California's Democratic leadership for their handling of the unrest. The vice president also defended the administration's immigration policy, saying Trump wants to prioritize deportations of violent offenders or 'really bad guys,' but that no one who's undocumented should feel immune from enforcement. When asked whether the administration's deportation tactics had gone too far, Vance argued that he didn't think 'we've been too aggressive.' 'Anytime we make a mistake we correct that very quickly,' Vance said.