Paychex CEO John Gibson: Small businesses are 'a little frozen' right now
Paychex CEO John Gibson joins 'Squawk Box' to discuss the latest data from Paychex's Small Business Jobs Index.
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Senate Majority Leader John Thune said Monday that lawmakers in his chamber will remain in Washington, D.C., until they pass President Donald Trump's "big, beautiful bill." "Senators return to Washington today and we will remain here until this bill is passed," he wrote in an op-ed on Fox News. The comments are a sign of the increasing pressure Thune faces to win over Republican holdouts who still oppose the megabill, ahead of a self-imposed July 4 deadline. Thune wrote that he is "confident" that the Senate will get the bill "across the finish line." Congress was set to be on recess the week of July 4, meaning this week was effectively the deadline for lawmakers to pass the package and get it to Trump's desk. But as the deadline nears, Thune is still drawing pushback from his conference, including a group of fiscal hawks who are concerned the package will explode the national debt. For instance, Sen. Ron Johnson, R-Wisc., has repeatedly criticized the bill, warning it would add trillions of dollars to national deficits. "What we should be doing is bending the curve of deficits down, in this reconciliation process, we're not even coming close," Johnson said on CNBC's "Squawk Box" earlier this month. Despite the blowback from some GOP lawmakers, Thune has repeatedly signaled that he intends to stick to the deadline. Thune said last week that he was hopeful that his chamber would take up the bill by the middle of this week, POLITICO reported. The White House has also repeatedly stood by the July 4 deadline. "It's imperative the Senate returns this historic piece of legislation on July 4th!" White House press secretary Karoline Leavitt wrote last week on X.
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NEC Director Kevin Hassett: 'Highly confident' we'll pass Pres. Trump's tax bill by July 4
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Jeremy Siegel says investors are viewing the U.S. bombings as 'a success to neutralize Iran'
The market's muted reaction to the U.S.' attacks at Iranian sites showed investors view the action as "a success to neutralize Iran," according to Jeremy Siegel, Wharton School professor of finance and Wisdom Tree chief economist. "I think most people agree they are farther away from producing a bomb than they were on Friday, and that's positive for the eventual settlement in the Middle East," Siegel said Monday on CNBC's " Squawk Box ." "So that's sort of offsetting the fear." Stock futures were little changed even after the United States entered Israel's war against Iran over the weekend by striking three nuclear sites. President Donald Trump said air attacks "obliterated" those sites, and threatened more military action if the country didn't make peace. "This is a success to neutralize Iran – that's positive – against the risks of retaliation, which is negative," Siegel said. "The positives and the potential negatives have sort of both gone up at the same time, and the middle has shrunk on that." Traders are hopeful that Iran would not use an option that could risk a broader conflict and the removal of the regime there. Iran could target U.S. personnel in nearby bases or close the Strait of Hormuz , which would majorly disrupt global oil flows. .SPX YTD mountain S & P 500 Barring no big retaliation by Iran, Siegel said the stock market could see a new record high over the next few weeks. "I would not at all be surprised to see in the next couple of weeks, assuming no big action by Iran... new all time highs in the S & P 500 are certainly attainable over the next several weeks," he said. The broader market hasn't wavered since Israel's initial assault on Iran this month. The S & P 500 is up about 1% in June, only about 3% below its all-time high from February.
