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Business & Economy
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Business & Economy
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Senate could leapfrog over House on Trump agenda
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Senate Republicans are plotting to move first on a budget resolution to advance the president’s agenda as House Republicans remain deadlocked on how to move forward.
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Senate Budget Committee Chair Lindsey Graham (R-S.C.) will brief Republican senators Wednesday on the plan to kick off work on a package focused on border security, energy and defense.
Senate Republican Whip John Barrasso (Wyo.) said that House Republicans “right now” are “not able to move at the level we’d like them to move.”
“We do have a bill ready to go here and Sen. Graham is going to be briefing the conference on that tomorrow at lunch,” Barrasso said.
Graham and other Republican senators are eager to get started on phase one of Trump’s agenda by moving a budget reconciliation package that would include about $100 billion in funding to secure the U.S.-Mexico border, reforms to expand oil and gas drilling and a substantial plus-up in defense spending.
Their plan would move legislation to extend the expiring 2017 tax cuts in a second budget reconciliation package later this year.
Speaker Mike Johnson (R-La.), however, told reporters Tuesday afternoon that the plan is still for the House, not the Senate, to move forward on a budget package that would encompass border security, energy, defense and tax legislation.
The Hill’s Alexander Bolton and Emily Brooks have more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Hawley, Sanders push for 10 percent cap on credit card interest
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Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) introduced a bill Tuesday seeking to cap credit card interest rates at 10 percent.
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Democrats call for investigation into Musk access of Treasury payment systems
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Two Senate Democrats called for an investigation Tuesday into tech billionaire Elon Musk’s access of Department of Treasury payment systems.
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Collins to back OMB nominee Russell Vought, paving way for confirmation
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Senate Appropriations Chair Susan Collins (R-Maine) told The Hill on Tuesday that she plans to vote for Russell Vought, President Trump’s pick to head the White House budget office, paving the way for Vought’s likely confirmation later this week.
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Waffle House adding surcharge for every egg ordered
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Waffle House restaurants across the nation will be adding a 50 cent surcharge to every egg ordered amid soaring prices due to inflation and the bird flu epidemic.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Musk sets off frenzy over Direct File
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Trump adviser Elon Musk said on social media Monday that he had “deleted” one of the federal agencies that helped to build the Direct File online tax filing system from the IRS, leading to confusion about whether the system was still available, The Associated Press reported.
The Direct File website was still operational as of Tuesday and newly appointed Treasury Secretary Scott Bessent said during his confirmation hearing that the free tax filing program would be available for the 2025 tax filing season.
The IRS has said the Direct File system would be made permanent following its pilot program that began in 2024.
The private tax preparation industry, some of which participates in its own public-private free filing initiative called Free File, has lobbied hard against the Direct File system, which is effectively a competitor. The industry once signed a non-compete agreement with the IRS that maintained the public agency wouldn’t try to offer similar products to its own.
“The average American spends 13 hours and $240 every year to file their taxes – that’s too much time and too much money. This is the result of corporations like Intuit sabotaging the Free File program to rake in large profits,” Sen. Elizabeth Warren (D-Mass.) wrote in 2022.
— Tobias Burns
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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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Upcoming news themes and events we’re watching:
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- ADP’s National Employment Report for January comes out Wednesday at 8:15 a.m. ET.
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Branch out with more stories from the day:
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Stock market today: Calm returns to Wall Street, and tech stocks lead US indexes higher
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NEW YORK (AP) — Calm returned to Wall Street Tuesday, and tech stocks led U.S. indexes higher following …
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Business and economic news we’ve flagged from other outlets:
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- Robinhood Yanks Super Bowl Betting Contracts After Regulator’s Pushback (The Wall Street Journal)
- These Corporations Fought Trump in His First Term and Gave Big to His 2025 Inauguration (NOTUS)
- Waffle House announces $0.50 surcharge on eggs because of bird flu (NBC News)
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Top stories on The Hill right now:
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Trump suggests permanent resettlement of Palestinians from Gaza
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President Trump on Tuesday suggested Palestinians should be permanently relocated out of Gaza, questioning why they would want to return after swaths of the territory was reduced to rubble after more than 15 months of war between Israel and Hamas. Read more
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Congress puts hold on Trump’s $1 billion arms sale to Israel
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Congress has placed a hold on a $1 billion arms sale package for Israel that was readied alongside President Trump welcoming Israeli Prime Minister Benjamin Netanyahu to Washington on Tuesday. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- A kicked DOGE hollers: Progressives’ telling response to an agency cutting spending
- Project 2025’s World Bank plan would backfire on America
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You’re all caught up. See you tomorrow!
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