The Big Story 

President Trump’s July 4 deadline for signing the bill is slipping away as GOP senators battle one another over spending cuts and other issues in the House-passed bill.

© Greg Nash

But Thune wants to get the legislation back on track by convening small working groups to hash out key components of the bill, according to Republicans familiar with his plan.

Thune is hoping to build enough momentum in the Senate’s various committees that the components of the bill come together in a grand compromise by the end of the month.

But rank-and-file senators who have some of the strongest objections to the legislation have yet to see key pieces of text.

And Elon Musk’s scathing criticism of the bill as a “mountain of disgusting pork” is creating political headwinds for the legislation.

“Thune’s going to do the same thing he did for other things where folks have deeper issues: He’ll put small groups together. No one is going to be able to say they weren’t listened to,” the GOP senator said.

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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads 

Key business and economic news with implications this week and beyond:

Amazon to invest $20 billion in Pennsylvania data centers 

Trump touts investments for newborns in reconciliation bill

Waymo halts service in LA after robotaxis set ablaze

Tax Watch 

British ambassador to US pans ‘revenge tax’

British Ambassador to the U.S. Peter Mandelson is appealing to Congress to think again about the proposed new retaliatory tax on certain foreign investment in the U.S.

“I think that there’s something wrong in principle that you should punish a country’s businesses and individuals in America because you don’t like what their governments are doing at home,” Mandelson said of Section 899 of the House’s “big, beautiful bill” to implement Trump’s agenda.

Section 899 would create a retaliatory tax on nationals of countries that impose “unfair foreign taxes” on American businesses.

“If you’ve got an argument with their governments, then take it out on the governments. Don’t take it out on the businesses and the individuals,” he added.

Mandelson also believes this new foreign investor tax is “counterproductive” for the United States.

— Sarakshi Rai

Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip

The Ticker 

Upcoming news themes and events we’re watching:

In Other News 

Branch out with more stories from the day:

Apple unveils software redesign while reeling from AI missteps, tech upheaval and Trump’s trade war

CUPERTINO, Calif. (AP) — After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize …

Good to Know 

Business and economic news we’ve flagged from other outlets:

What Others are Reading 

Top stories on The Hill right now:

Mark Green to resign from House after final vote on ‘big, beautiful bill’

Rep. Mark Green (R-Tenn.) on Monday said he plans to resign from Congress after the House holds a final vote on the party’s “big, beautiful bill,” giving up his seat as well as his leadership post on the House Homeland Security Committee. Read more

Pam Bondi’s brother crushed in DC Bar Association election

Brad Bondi, the brother of Attorney General Pam Bondi, overwhelmingly lost his bid to lead the D.C. Bar Association in a race with record turnout, the organization announced Monday. Read more

What People Think 

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