Latest news with #budgetbill
Washington Post
16 hours ago
- Politics
- Washington Post
Instead of defending budget bill, GOP touts one that doesn't exist
If you don't have anything nice to say, just make something up instead. That's the strategy Republican politicians have adopted in hopes of selling their regressive, unpopular budget bill to voters, as an even harsher version of the legislation now makes its way through the Senate. The One Big Beautiful Bill is already deeply underwater, voter-wise. Multiple polls now show that about twice as many Americans oppose the bill as support it. This should not be a surprise, given that this legislation is effectively a mash-up of multiple past GOP initiatives that, individually, had each been among the worst-polling major bills in recent history.
Yahoo
2 days ago
- Business
- Yahoo
SunRun Stock Plunged 40% Tuesday—Watch These Key Price Levels
SunRun shares plummeted Tuesday, leading a steep sell-off in solar energy stocks after the Senate maintained the full removal of clean-energy tax credits in the budget bill. A chart pattern that closely resembles a falling three methods has recently emerged, signaling a continuation of the stock's long-term move lower. Investors should watch key support levels on SunRun's chart around $4.75 and $4.33, while also monitoring important overhead areas near $8.50 and $ (RUN) shares plunged Tuesday, leading a steep sell-off in solar energy stocks after the Senate maintained the full removal of clean-energy tax credits in its version of the budget bill. The move comes after SunRun and other bellwether solar names tumbled last month after the House passed a tax and spending bill that would end tax credits for wind and solar projects in 2029, years earlier than a previous version of the bill. Following today's development, Citi maintained its sell rating on residential solar stocks and cautioned that it expects a 'sharp pullback' in shares of SunRun, SolarEdge Technologies (SEDG) and Enphase Energy (ENPH). SunRun shares fell 40% on Tuesday, closing the session at $5.78. The stock has lost three-quarters of its value since hitting its 52-week high last August, weighed down by uncertainty surrounding the sector caused be policy changes, a clouded regulatory outlook and reduced demand. Below, we take a closer look at SunRun's weekly chart and use technical analysis to identify key price levels worth watching out for. Since topping out in early 2021, SunRun shares have remained entrenched in a steady downtrend, with losses in the stock accelerating after the 50-week moving average (MA) crossed below the 200-week MA in September 2022 to form a death cross. More recently, a chart pattern that closely resembles a falling three methods has emerged, signaling a continuation of the stock's long-term move lower. What's more, the relative strength index has fallen back below its neutral threshold, confirming a resumption of selling momentum. It's also worth noting that trading volume has increased in recent weeks, indicating growing interest in the stock from both retail and institutional investors. Let's identify two key support levels to watch on SunRun's chart if the price keeps falling and also locate overhead areas worth monitoring during future recovery efforts in the stock. Firstly, it's worth keeping a close eye on the key $4.75 level. This area may attract strong buying interest near an established floor of support that formed on the chart between October 2016 and May 2017. A breakdown below this level could see the shares drop to around $4.33. We projected this level by taking a look what happened when the stock dropped by more than 40% in a week during the March 2020 pandemic-driven sell-off. On that occasion, the shares dropped a further 25% the following week before staging a dramatic recovery. Therefore, a decline of a similar magnitude from Tuesday's close of $5.78 projects a downside target of $4.33, assuming the stock ends this week around its current trading levels. However, keep in mind this analysis is speculative, given the stock fell by more than 40% in a week last month and has kept moving lower. During recovery efforts in the stock, investors should monitor the $8.50 area. The shares may face renewed selling pressure in this region near prominent troughs that formed on the chart in March 2020 and October 2023. Finally, buying above this level could see an upswing toward $13.25. Investors who have bought SunRun shares at lower levels may seek to lock in profits at this location near last month's high, which also closely aligns with a range of corresponding trading activity on the chart extending back to mid-2018. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia 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
Associated Press
3 days ago
- Business
- Associated Press
Trump tax bill would widen deficits by $2.8T after factoring in economic impacts, CBO says
WASHINGTON (AP) — President Donald Trump's tax and budget bill would increase deficits by $2.8 trillion over the next decade after including other economic effects, according to a more fulsome analysis of the measure released Tuesday by the Congressional Budget Office. The report, produced by the nonpartisan CBO and the Joint Committee on Taxation, factors in expected debt service costs and finds that the bill would increase interest rates and boost interest payments on the baseline projection of federal debt by $441 billion. Tuesday's report uses dynamic analysis by estimating the budgetary impact of the tax bill by considering how changes in the economy might affect revenues and spending. This is in contrast to static scoring, which presumes all other economic factors stay constant. The CBO released its static scoring analysis earlier this month, estimating that Trump's bill would unleash trillions in tax cuts and slash spending, but also increase deficits by $2.4 trillion over the decade and leave some 10.9 million more people without health insurance. Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, said Tuesday on social media that considering the new dynamic analysis, 'It's not only not paying for all of itself, it's not paying for any of itself.' The analysis comes at a crucial moment as Trump is pushing Congress, where Republicans have majority control, to send the final product to his desk to become law by the Fourth of July. Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO, saying the organization isn't giving enough credit to the economic growth the bill will create. Republicans on the Senate Finance Committee unveiled a proposal Monday for deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making Trump's tax breaks more permanent in draft legislation unveiled for his self-described big, beautiful bill. The first House proposal on the new Medicaid work requirement exempted parents with dependents. But the Senate's version broadened 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. 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. Bessent said Tuesday that the Senate Republican proposal for the tax cuts bill 'will deliver the permanence and certainty both individual taxpayers and businesses alike are looking for, driving growth and unleashing the American economy.' 'We look forward to continuing to work with the Senate and the House to further refine this bill and get it to President Trump's desk,' he said in a news release. The CBO separately released another analysis on the tax bill last week, including a look at how the measure would affect households based on income distribution. It estimates the bill would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually.
Yahoo
3 days ago
- Business
- Yahoo
The Senate Announces Nuclear Industry Support In Trump Bill And This Investor Makes Her Move
The Senate Finance Committee released recommendations for key elements of the Republican budget bill late Monday that would boost investment in nuclear energy. The news followed Monday stock market action in which Cathie Wood and Ark Invest loaded up on nuclear reactor supplier BWX Technologies, a stock hovered in a buy zone. Wood's ARK Innovation ETF on Monday purchased 215,830 shares of BWX Technologies for an estimated $30.14 million, according to Wood's ETF daily trade disclosures.
Reuters
4 days ago
- Automotive
- Reuters
Senate Republican bill would end $7,500 EV tax credit 180 days after approval
WASHINGTON, June 16 (Reuters) - Senate Republicans on Monday proposed a tax and budget bill that would end the $7,500 tax credit on new electric vehicles 180 days after the measure is signed into law, and it would end a $4,000 used-vehicle EV tax credit 90 days after the bill's approval. The House of Representatives version would allow the $7,500 new-EV tax credit to continue through the end of 2025, and through the end of 2026 for automakers that have not yet sold 200,000 EVs. The Republican Senate Finance Committee bill would exempt interest paid on auto loans from taxes for new cars made in the United States.
