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Duckworth warns Medicaid cuts will impact 60,000 people in Peoria County
Duckworth warns Medicaid cuts will impact 60,000 people in Peoria County

Yahoo

time17 hours ago

  • Health
  • Yahoo

Duckworth warns Medicaid cuts will impact 60,000 people in Peoria County

PEORIA, Ill. (WMBD) — The Senate budget bill would kick 60,000 people in Peoria County off Medicaid, Sen. Tammy Duckworth (D-Ill.) said at a Thursday press conference with local health care advocates and Medicaid recipients about the consequences of Medicaid cuts. The Senate's version of the budget bill, released Monday, includes even deeper cuts to Medicaid than the House bill. It imposes stiffer work requirements, while the House version provided some exemptions. 'We are, again, at a tipping point where the health and even the lives of millions of Americans are at risk because President Trump and his heartless Republican cronies. Make no mistake, there's no way to fund Trump's $4 trillion in tax cuts for the billionaire class without putting it on the backs of Americans who are already struggling to pay the bills,' said Duckworth. In the state of Illinois, 3.4 million people depend on Medicaid, including nearly 60,000 people in Peoria County. One of those recipients is Dallas Anne Prentice from Chillicothe, a stay-at-home mom with rare genetic disabilities that prevent her from working. Her prescriptions would cost $2,000 without Medicaid. Right now, she pays $40 a month. She said losing her Medicaid benefits would be a death sentence. 'So the consequences are quite literally, I die. I require my medication and my regular health care to be able to simply function, to get out of bed in the morning. And if I lose my health care, my children lose their mother. I am telling you with all honesty, without Medicaid, I wouldn't be alive today. That's not an exaggeration,' she said. The Senate budget bill also caps Medicaid reimbursements to states, which would then have to pick up the tab. In rural areas like Peoria County, Duckworth said Medicaid covers more than 50% of services. 'So, for states that like Illinois, for example, we were the first state in the country that extended post-natal care for a year. We would have to fund 100% of that, when that was more of a matching with the federal government. And so it's a way to push the costs onto the states, which the states can't fund without saying, oh, we're cutting post-natal care,' said Duckworth. Tracy Warner is, executive director of Illinois Critical Access Hospital Network, which represents 60 small and rural hospitals across the state. She said three in four patients at these hospitals depend on Medicaid or Medicare. 'For these hospitals, Medicaid is not a side issue; it's a lifeline. When Medicaid funding is cut, the impact is immediate and painful. More than 40% of rural hospitals in Illinois are operating at a financial loss. These hospitals are already facing low reimbursement rates, workforce shortages, and rising costs,' she said. Medicaid cuts will push these rural hospitals even further into financial distress, Warner said. Hospitals will be forced to make difficult decisions like cutting services and jobs, which will also impact people who are not on Medicaid. 'That ripple does not stop at hospital doors. When a rural hospital cuts services, local jobs are affected, small businesses lose customers, and patients are forced to travel even longer distances for basic care,' she said. 'So that compounding impact, especially on a rural communities, is very real and very significant to the extent that it will be absolutely devastating not only for health care and health care access, but our economies across the state and across the country as well,' added Duckworth. U.S. Rep. Darin LaHood (R-Ill.) sent a statement to WMBD defending Medicaid cuts in response to Duckworth's presser. 'House Republicans are focused on strengthening and investing in Medicaid for those who need it most by ensuring the program continues to provide high-quality patient care for expectant mothers, children, people with disabilities, and the elderly. To protect Medicaid for future generations, we must establish a common-sense approach to address waste, fraud, and abuse. House Republicans have taken a scalpel approach by enacting work requirements for the 4.8 million able-bodied adults without dependents who are choosing not to work and removing 1.4 million illegal immigrants from the program. I remain committed to supporting rural and underserved communities and prioritizing care for our nation's most vulnerable populations.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Senate Republicans seek tougher Medicaid cuts and lower SALT deduction in Trump's big bill
Senate Republicans seek tougher Medicaid cuts and lower SALT deduction in Trump's big bill

Yahoo

time4 days ago

  • Business
  • Yahoo

Senate Republicans seek tougher Medicaid cuts and lower SALT deduction in Trump's big bill

WASHINGTON (AP) — Senate Republicans on Monday proposed deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making President Donald Trump's tax breaks more permanent in draft legislation unveiled for his 'big, beautiful bill.' The proposals from Republicans keep in place the current $10,000 deduction of state and local taxes, called SALT, drawing quick blowback from GOP lawmakers from New York and other high-tax states, who fought for a $40,000 cap in the House-passed bill. Senators insisted negotiations continue. The Senate draft also enhances Trump's proposed new tax break for seniors, with a bigger $6,000 deduction for low- to moderate-income senior households earning no more than $75,000 a year for singles, $150,000 for couples. All told, the text unveiled by the Senate Finance Committee Republicans provides the most comprehensive look yet at changes the GOP senators want to make to the 1,000-page package approved by House Republicans last month. GOP leaders are pushing to fast-track the bill for a vote by Trump's Fourth of July deadline. Sen. Mike Crapo, R-Idaho, the chairman, said the proposal would prevent a tax hike and achieve 'significant savings' by slashing green energy funds 'and targeting waste, fraud and abuse." It comes as Americans broadly support levels of funding for popular safety net programs, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Many Americans see Medicaid and food assistance programs as underfunded. What's in the big bill, so far Trump's big bill is the centerpiece of his domestic policy agenda, a hodgepodge of GOP priorities all rolled into what he calls the 'beautiful bill' that Republicans are trying to swiftly pass over unified opposition from Democrats — a tall order for the slow-moving Senate. Fundamental to the package is the extension of some $4.5 trillion in tax breaks approved during his first term, in 2017, that are expiring this year if Congress fails to act. There are also new ones, including no taxes on tips, as well as more than $1 trillion in program cuts. After the House passed its version, the nonpartisan Congressional Budget Office estimated the bill would add $2.4 trillion to the nation's deficits over the decade, and leave 10.9 fewer people without health insurance, due largely to the proposed new work requirements and other changes. The biggest tax breaks, some $12,000 a year, would go to the wealthiest households, CBO said, while the poorest would see a tax hike of roughly $1,600. Middle-income households would see tax breaks of $500 to $1,000 a year, CBO said. Both the House and Senate packages are eyeing a massive $350 billion buildup of Homeland Security and Pentagon funds, including some $175 billion for Trump's mass deportation efforts, such as the hiring of 10,000 more officers for Immigration and Customs Enforcement, or ICE. This comes as protests over deporting migrants have erupted nationwide — including the stunning handcuffing of Sen. Alex Padilla last week in Los Angeles — and as deficit hawks such as Kentucky Sen. Rand Paul are questioning the vast spending on Homeland Security. Senate Democratic Leader Chuck Schumer warned that the Senate GOP's draft 'cuts to Medicaid are deeper and more devastating than even the Republican House's disaster of a bill.' Tradeoffs in bill risk GOP support As the package now moves to the Senate, the changes to Medicaid, SALT and green energy programs are part of a series of tradeoffs GOP leaders are making as they try to push the package to passage with their slim majorities, with almost no votes to spare. But criticism of the Senate's version came quickly after House Speaker Mike Johnson warned senators off making substantial changes. 'We have been crystal clear that the SALT deal we negotiated in good faith with the Speaker and the White House must remain in the final bill,' the co-chairs of the House SALT caucus, Reps. Young Kim, R-Calif., and Andrew Garbarino, R-N.Y., said in a joint statement Monday. Republican Rep. Nicole Malliotakis of New York posted on X that the $10,000 cap in the Senate bill was not only insulting, but a 'slap in the face to the Republican districts that delivered our majority and trifecta' with the White House. Medicaid and green energy cuts Some of the largest cost savings in the package come from the GOP plan to impose new work requirements on able-bodied single adults, ages 18 to 64 and without dependents, who receive Medicaid, the health care program used by 80 million Americans. While the House first proposed the new Medicaid work requirement, it exempted parents with dependents. The Senate's version broadens the requirement to include parents of children older than 14, as part of their effort to combat waste in the program and push personal responsibility. Already, the Republicans had proposed expanding work requirements in the Supplemental Nutritional Assistance Program, known as SNAP, to include older Americans up to age 64 and parents of school-age children older than 10. The House had imposed the requirement on parents of children older than 7. People would need to work 80 hours a month or be engaged in a community service program to qualify. One Republican, Missouri Sen. Josh Hawley, has joined a few others pushing to save Medicaid from steep cuts — including to the so-called provider tax that almost all states levy on hospitals as a way to help fund their programs. The Senate plan proposes phasing down that provider tax, which is now up to 6%. Starting in 2027, the Senate looks to gradually lower that threshold until it reaches 3.5% in 2031, with exceptions for nursing homes and intermediate care facilities. Hawley slammed the Senate bill's changes on the provider tax. 'This needs a lot of work. It's really concerning and I'm really surprised by it,' he said. 'Rural hospitals are going to be in bad shape." The Senate also keeps in place the House's proposed new $35-per-service co-pay imposed on some Medicaid patients who earn more than the poverty line, which is about $32,000 a year for a family of four, with exceptions for some primary, prenatal, pediatric and emergency room care. And Senate Republicans are seeking a slower phase-out of some Biden-era green energy tax breaks to allow continued develop of wind, solar and other projects that the most conservative Republicans in Congress want to end more quickly. Tax breaks for electric vehicles would be immediately eliminated. Conservative Republicans say the cuts overall don't go far enough, and they oppose the bill's provision to raise the national debt limit by $5 trillion to allow more borrowing to pay the bills. "We've got a ways to go on this one,' said Sen. Ron Johnson, R-Wis. __ Associated Press writers Mary Clare Jalonick and Matthew Daly contributed to this report.

Medicaid cuts, other details from Senate committee's tax bill text
Medicaid cuts, other details from Senate committee's tax bill text

CNN

time4 days ago

  • Business
  • CNN

Medicaid cuts, other details from Senate committee's tax bill text

The GOP-led Senate Finance Committee on Monday released its proposal for President Donald Trump's agenda bill that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans. The committee would maintain many of the provisions contained in the legislation that the House narrowly approved last month, including making permanent essentially all the individual income tax cuts contained in the 2017 Tax Cuts and Jobs Act, which are set to expire at year's end, and instituting work requirements in Medicaid for the first time. But the committee is calling for some notable changes to the package, including lowering the cap on state and local tax deductions, instituting deeper cuts to Medicaid, slowing the elimination of some clean energy tax credits and making permanent several business tax breaks and a beefed-up child tax credit. Senate committees are racing to release their versions of the 'Big, Beautiful Bill' in hopes of passing their package next week so the two chambers can work out a final deal and send it to Trump by July 4. In the legislative text unveiled Monday, the Senate Finance Committee would permanently extend the current $10,000 cap on state and local tax deductions, potentially blowing up a carefully constructed deal in the House to lift the cap on state and local deductions to $40,000 for married couples. However, the committee noted in a summary of its provisions that the cap is 'the subject of continuing negotiations.' The $10,000 cap, which was instituted by the 2017 Tax Cuts and Jobs Act, was a major sticking point in the House negotiations. Speaker Mike Johnson worked out an agreement with GOP lawmakers from high-tax states to raise the cap to $40,000 for those making $500,000 or less. But Senate Republicans have expressed disdain for the deal because of its price tag and because it primarily benefits taxpayers from blue states. Rep. Mike Lawler, a New York Republican, issued a stern warning to Senate Republicans earlier on Monday: Any changes to pare back the deal, he said, would cause the bill to collapse in the House. 'After engaging in good faith negotiations, we were able to increase the cap on SALT from $10,000 to $40,000,' Lawler said in a statement. 'That is the deal, and I will not accept a penny less. If the Senate reduces the SALT number, I will vote NO, and the bill will fail in the House.' Republicans on the Senate Finance Committee are also calling for making permanent several tax breaks for businesses, including allowing companies to immediately deduct the cost of equipment and research and development in the year the expense was incurred. These are designed to enhance the economic growth potential of the package but would also increase the cost. The committee would also permanently beef up the child tax credit to $2,200, in contrast to the House, which would increase the credit to $2,500 from 2025 through 2028. And while the Senate committee would keep Trump's campaign promises to eliminate taxes on tips and overtime, it would place caps on that relief –- allowing tipped workers to deduct only up to $25,000 in tip income and limiting the deduction for overtime pay to $12,500 for a single worker. Those tax breaks would only be in place from 2025 through 2028, as in the House version. But the Senate measure would provide a more generous deduction for senior citizens than the House bill: $6,000 versus $4,000. The provision would be in effect from 2025 through 2028 in both versions of the bill. In a contentious move, the committee would cap most states' ability to levy provider taxes on certain health care providers – notably, hospitals – to 3.5% by 2031, down from the current 6% limit. However, that provision would only apply to the 40 states and the District of Columbia that have expanded Medicaid to low-income adults. States that have not expanded Medicaid, which are largely GOP-led states, would be restricted from increasing the rate of their current provider taxes, which would not have as sizable an impact. The issue of provider taxes has divided GOP lawmakers, with conservatives arguing that states use these taxes to get more federal Medicaid matching funds, while more moderate members worry that limiting such taxes could hurt hospitals, particularly those in rural areas. States use the revenue they raise from taxing providers to boost provider rates and fund health-related initiatives, among other uses. Every state except one levies at least one type of provider tax. Also, the Senate would require more parents to work, volunteer, go to school or participate in job training for at least 80 hours a month to maintain their Medicaid benefits. The committee would mandate that parents of children ages 15 and older would be subject to the work requirement, while the House version exempted parents of dependent children. The Senate's changes would likely result in even more people losing their Medicaid coverage than the House provisions, which would increase the number of uninsured Americans by 7.8 million in 2034, according to the Congressional Budget Office. The Senate Finance Committee text would kill a consumer tax credit for electric vehicles and quickly phase out tax credits helping homeowners defray the cost of energy efficient appliances and rooftop solar, ending those by next year. The Senate text differs somewhat from the House bill on energy tax credits for businesses producing electricity. Like the House bill, it hits wind and solar producers particularly hard, phasing out clean energy tax credits for those projects starting next year, with the credit ending by 2028. However, companies generating electricity with zero-emission sources like nuclear, geothermal or hydropower can claim the credit for a longer period of time. The Senate text would also terminate a tax credit for companies that make clean hydrogen, something favored by the oil and gas industry. The Senate committee would raise the debt limit by $5 trillion, compared to $4 trillion in the House version, providing more time for Trump to enact his policies without needing to negotiate a deal with Democrats to address the cap. The US hit its roughly $36 trillion debt ceiling in January. Treasury Secretary Scott Bessent has urged Congress to address the cap before its August recess to allow the agency to continue paying the nation's bills in full and on time, preventing a default that would likely have catastrophic global economic consequences.

Senate Republicans unveil plan for cuts to Medicaid and taxes in Trump agenda bill
Senate Republicans unveil plan for cuts to Medicaid and taxes in Trump agenda bill

CNN

time4 days ago

  • Business
  • CNN

Senate Republicans unveil plan for cuts to Medicaid and taxes in Trump agenda bill

The GOP-led Senate Finance Committee on Monday released its proposal for President Donald Trump's agenda bill that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans. The committee would maintain many of the provisions contained in the legislation that the House narrowly approved last month, including making permanent essentially all the individual income tax cuts contained in the 2017 Tax Cuts and Jobs Act, which are set to expire at year's end, and instituting work requirements in Medicaid for the first time. But the committee is calling for some notable changes to the package, including lowering the cap on state and local tax deductions, instituting deeper cuts to Medicaid, slowing the elimination of some clean energy tax credits and making permanent several business tax breaks and a beefed-up child tax credit. Senate committees are racing to release their versions of the 'Big, Beautiful Bill' in hopes of passing their package next week so the two chambers can work out a final deal and send it to Trump by July 4. In the legislative text unveiled Monday, the Senate Finance Committee would permanently extend the current $10,000 cap on state and local tax deductions, potentially blowing up a carefully constructed deal in the House to lift the cap on state and local deductions to $40,000 for married couples. However, the committee noted in a summary of its provisions that the cap is 'the subject of continuing negotiations.' The $10,000 cap, which was instituted by the 2017 Tax Cuts and Jobs Act, was a major sticking point in the House negotiations. Speaker Mike Johnson worked out an agreement with GOP lawmakers from high-tax states to raise the cap to $40,000 for those making $500,000 or less. But Senate Republicans have expressed disdain for the deal because of its price tag and because it primarily benefits taxpayers from blue states. Rep. Mike Lawler, a New York Republican, issued a stern warning to Senate Republicans earlier on Monday: Any changes to pare back the deal, he said, would cause the bill to collapse in the House. 'After engaging in good faith negotiations, we were able to increase the cap on SALT from $10,000 to $40,000,' Lawler said in a statement. 'That is the deal, and I will not accept a penny less. If the Senate reduces the SALT number, I will vote NO, and the bill will fail in the House.' Republicans on the Senate Finance Committee are also calling for making permanent several tax breaks for businesses, including allowing companies to immediately deduct the cost of equipment and research and development in the year the expense was incurred. These are designed to enhance the economic growth potential of the package but would also increase the cost. The committee would also permanently beef up the child tax credit to $2,200, in contrast to the House, which would increase the credit to $2,500 from 2025 through 2028. And while the Senate committee would keep Trump's campaign promises to eliminate taxes on tips and overtime, it would place caps on that relief –- allowing tipped workers to deduct only up to $25,000 in tip income and limiting the deduction for overtime pay to $12,500 for a single worker. Those tax breaks would only be in place from 2025 through 2028, as in the House version. But the Senate measure would provide a more generous deduction for senior citizens than the House bill: $6,000 versus $4,000. The provision would be in effect from 2025 through 2028 in both versions of the bill. In a contentious move, the committee would cap most states' ability to levy provider taxes on certain health care providers – notably, hospitals – to 3.5% by 2031, down from the current 6% limit. However, that provision would only apply to the 40 states and the District of Columbia that have expanded Medicaid to low-income adults. States that have not expanded Medicaid, which are largely GOP-led states, would be restricted from increasing the rate of their current provider taxes, which would not have as sizable an impact. The issue of provider taxes has divided GOP lawmakers, with conservatives arguing that states use these taxes to get more federal Medicaid matching funds, while more moderate members worry that limiting such taxes could hurt hospitals, particularly those in rural areas. States use the revenue they raise from taxing providers to boost provider rates and fund health-related initiatives, among other uses. Every state except one levies at least one type of provider tax. Also, the Senate would require more parents to work, volunteer, go to school or participate in job training for at least 80 hours a month to maintain their Medicaid benefits. The committee would mandate that parents of children ages 15 and older would be subject to the work requirement, while the House version exempted parents of dependent children. The Senate's changes would likely result in even more people losing their Medicaid coverage than the House provisions, which would increase the number of uninsured Americans by 7.8 million in 2034, according to the Congressional Budget Office. The Senate Finance Committee text would kill a consumer tax credit for electric vehicles and quickly phase out tax credits helping homeowners defray the cost of energy efficient appliances and rooftop solar, ending those by next year. The Senate text differs somewhat from the House bill on energy tax credits for businesses producing electricity. Like the House bill, it hits wind and solar producers particularly hard, phasing out clean energy tax credits for those projects starting next year, with the credit ending by 2028. However, companies generating electricity with zero-emission sources like nuclear, geothermal or hydropower can claim the credit for a longer period of time. The Senate text would also terminate a tax credit for companies that make clean hydrogen, something favored by the oil and gas industry. The Senate committee would raise the debt limit by $5 trillion, compared to $4 trillion in the House version, providing more time for Trump to enact his policies without needing to negotiate a deal with Democrats to address the cap. The US hit its roughly $36 trillion debt ceiling in January. Treasury Secretary Scott Bessent has urged Congress to address the cap before its August recess to allow the agency to continue paying the nation's bills in full and on time, preventing a default that would likely have catastrophic global economic consequences.

Senate Republicans unveil plan for cuts to Medicaid and taxes in Trump agenda bill
Senate Republicans unveil plan for cuts to Medicaid and taxes in Trump agenda bill

CNN

time4 days ago

  • Business
  • CNN

Senate Republicans unveil plan for cuts to Medicaid and taxes in Trump agenda bill

The GOP-led Senate Finance Committee on Monday released its proposal for President Donald Trump's agenda bill that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans. The committee would maintain many of the provisions contained in the legislation that the House narrowly approved last month, including making permanent essentially all the individual income tax cuts contained in the 2017 Tax Cuts and Jobs Act, which are set to expire at year's end, and instituting work requirements in Medicaid for the first time. But the committee is calling for some notable changes to the package, including lowering the cap on state and local tax deductions, instituting deeper cuts to Medicaid, slowing the elimination of some clean energy tax credits and making permanent several business tax breaks and a beefed-up child tax credit. Senate committees are racing to release their versions of the 'Big, Beautiful Bill' in hopes of passing their package next week so the two chambers can work out a final deal and send it to Trump by July 4. In the legislative text unveiled Monday, the Senate Finance Committee would permanently extend the current $10,000 cap on state and local tax deductions, potentially blowing up a carefully constructed deal in the House to lift the cap on state and local deductions to $40,000 for married couples. However, the committee noted in a summary of its provisions that the cap is 'the subject of continuing negotiations.' The $10,000 cap, which was instituted by the 2017 Tax Cuts and Jobs Act, was a major sticking point in the House negotiations. Speaker Mike Johnson worked out an agreement with GOP lawmakers from high-tax states to raise the cap to $40,000 for those making $500,000 or less. But Senate Republicans have expressed disdain for the deal because of its price tag and because it primarily benefits taxpayers from blue states. Rep. Mike Lawler, a New York Republican, issued a stern warning to Senate Republicans earlier on Monday: Any changes to pare back the deal, he said, would cause the bill to collapse in the House. 'After engaging in good faith negotiations, we were able to increase the cap on SALT from $10,000 to $40,000,' Lawler said in a statement. 'That is the deal, and I will not accept a penny less. If the Senate reduces the SALT number, I will vote NO, and the bill will fail in the House.' Republicans on the Senate Finance Committee are also calling for making permanent several tax breaks for businesses, including allowing companies to immediately deduct the cost of equipment and research and development in the year the expense was incurred. These are designed to enhance the economic growth potential of the package but would also increase the cost. The committee would also permanently beef up the child tax credit to $2,200, in contrast to the House, which would increase the credit to $2,500 from 2025 through 2028. And while the Senate committee would keep Trump's campaign promises to eliminate taxes on tips and overtime, it would place caps on that relief –- allowing tipped workers to deduct only up to $25,000 in tip income and limiting the deduction for overtime pay to $12,500 for a single worker. Those tax breaks would only be in place from 2025 through 2028, as in the House version. But the Senate measure would provide a more generous deduction for senior citizens than the House bill: $6,000 versus $4,000. The provision would be in effect from 2025 through 2028 in both versions of the bill. In a contentious move, the committee would cap most states' ability to levy provider taxes on certain health care providers – notably, hospitals – to 3.5% by 2031, down from the current 6% limit. However, that provision would only apply to the 40 states and the District of Columbia that have expanded Medicaid to low-income adults. States that have not expanded Medicaid, which are largely GOP-led states, would be restricted from increasing the rate of their current provider taxes, which would not have as sizable an impact. The issue of provider taxes has divided GOP lawmakers, with conservatives arguing that states use these taxes to get more federal Medicaid matching funds, while more moderate members worry that limiting such taxes could hurt hospitals, particularly those in rural areas. States use the revenue they raise from taxing providers to boost provider rates and fund health-related initiatives, among other uses. Every state except one levies at least one type of provider tax. Also, the Senate would require more parents to work, volunteer, go to school or participate in job training for at least 80 hours a month to maintain their Medicaid benefits. The committee would mandate that parents of children ages 15 and older would be subject to the work requirement, while the House version exempted parents of dependent children. The Senate's changes would likely result in even more people losing their Medicaid coverage than the House provisions, which would increase the number of uninsured Americans by 7.8 million in 2034, according to the Congressional Budget Office. The Senate Finance Committee text would kill a consumer tax credit for electric vehicles and quickly phase out tax credits helping homeowners defray the cost of energy efficient appliances and rooftop solar, ending those by next year. The Senate text differs somewhat from the House bill on energy tax credits for businesses producing electricity. Like the House bill, it hits wind and solar producers particularly hard, phasing out clean energy tax credits for those projects starting next year, with the credit ending by 2028. However, companies generating electricity with zero-emission sources like nuclear, geothermal or hydropower can claim the credit for a longer period of time. The Senate text would also terminate a tax credit for companies that make clean hydrogen, something favored by the oil and gas industry. The Senate committee would raise the debt limit by $5 trillion, compared to $4 trillion in the House version, providing more time for Trump to enact his policies without needing to negotiate a deal with Democrats to address the cap. The US hit its roughly $36 trillion debt ceiling in January. Treasury Secretary Scott Bessent has urged Congress to address the cap before its August recess to allow the agency to continue paying the nation's bills in full and on time, preventing a default that would likely have catastrophic global economic consequences.

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