Good morning! It’s Daniel de Visé with your Daily Money. Today, we dissect the “Big, Beautiful Bill.”
President Donald Trump’s domestic spending and tax cuts bill, which has cleared the Senate, would enact steep cuts to Medicaid, the nation’s health insurance program for low-income families.
Here are the details.
A tax break for the well-heeled
The Trump bill approved by the Senate also makes big changes to the contentious SALT cap, a break on state and local taxes. The Senate raised the SALT deduction cap, a move that is projected to swell the deficit and benefit mostly wealthy Americans.
Here’s the new math.
Media company settles ’60 Minutes’ lawsuit
CBS parent company Paramount has settled a lawsuit filed by President Trump over a “60 Minutes” interview broadcast in October, the latest concession by a media company to a president who has targeted outlets over what he describes as false or misleading coverage.
Paramount said it would pay $16 million to settle the suit, with the money allocated to Trump’s future presidential library. Many have questioned, however, whether the suit had any merit.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
