The Big Story 

The Senate version of legislation to enact President Trump’s agenda is hitting new turbulence as conservatives led by Sens. Ron Johnson (R-Wis.), Rick Scott (R-Fla.) and Mike Lee (R-Utah) are demanding deeper spending cuts to address the nation’s $2.2 trillion annual deficit.

© The Associated Press

Senate Majority Leader John Thune (R-S.D.) has focused this week on addressing the concerns of Senate GOP colleagues such as Sens. Josh Hawley (Mo.) and Lisa Murkowski (Alaska), who raised alarms about cuts to federal Medicaid spending.

But Thune has to worry about his right flank as Johnson and his allies are threatening to hold up the bill unless GOP leaders agree to deeper cuts to federal Medicaid spending and a faster rollback of the renewable energy tax credits enacted under former President Biden.

Johnson, Lee and Scott are threatening to vote as a bloc against the bill next week unless it undergoes significant changes.

Thune plans to bring the bill to the floor Wednesday or Thursday next week, but he may not have enough votes to proceed on the legislation, Republican senators say.  

The Hill’s Alex Bolton has more here.

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:

Trump: ‘Maybe I’ll have to change my mind’ about firing Powell

1 in 3 baby boomers say they’ll never sell home: Redfin

NTSB recommends quick modifications to 737 Max engines

Nearly 1,000 ships see GPS jams near Iran coast, group says

The Ticker 

Upcoming news themes and events we’re watching:

In Other News 

Branch out with more stories from the day:

Senate parliamentarian deals blow to GOP plan to gut consumer bureau in tax bill

WASHINGTON (AP) — Republicans suffered a sizable setback Friday on one key aspect of President Donald …

Good to Know 

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

What Others are Reading 

Top stories on The Hill right now:

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Supreme Court rules against FDA, EPA

12:30 Report is The Hill’s midday newsletter. Subscribe here or using the box below: Read more