The Big Story 

The 1,000-plus page bill, which Republican leaders changed overnight to appease moderates and hardline conservatives, lays out trillions of dollars in proposed tax cuts and well north of $1 trillion in spending cuts over the next decade.

© The Associated Press

Bill sets up Senate battle over Medicaid: House GOP leaders made changes to the Medicaid provisions in the legislation in order to win over conservative votes. The bill moves up the start date for mandatory work requirements from Jan. 1, 2029, to Dec. 31, 2026. According to congressional scorekeepers, the original language would have saved almost $280 billion.

Climate change takes a step back: The already-strict constraints on subsidies for climate friendly energy projects became even more stringent in the last-minute updates to the bill. The low-carbon tax credits were the climate crown jewel of the Democrats’ Inflation Reduction Act — providing massive emissions reductions as they were slated to spur a significant build out of wind, solar and other energy sources.

Thune facing big challenges ahead: Senate Majority Leader John Thune (R-S.D.) is staring down similar challenges to what Johnson faced in recent weeks as his members expect to rewrite significant portions of the bill, giving him little margin for error to get the bill over the line by leadership’s self-imposed July 4 deadline goal.

Deficits expected to climb: The cost of extending Trump’s expiring 2017 tax cuts — a cornerstone of the legislative package — along with measures to nix taxes on tips and overtime pay, are estimated to add trillions of dollars to the nation’s deficits over the next decade. Republicans have sought to discredit estimates from the Congressional Budget Office about the bill’s costs. But that doesn’t mean others aren’t worried it doesn’t go far enough to reduce the nation’s deficit.

The Hill has more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — 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:

Walmart slashing 1.5K corporate jobs

Democrats rip Trump ahead of meme coin dinner: ‘Orgy of corruption’

Amazon reportedly issuing refunds for returns made years ago

Democrats reintroduce congressional stock trading ban

The Ticker 

Upcoming news themes and events we’re watching:

In Other News 

Branch out with more stories from the day:

Supreme Court declines to reinstate independent agency board members fired by President Donald Trump

WASHINGTON (AP) — The Supreme Court’s conservative majority on Thursday said President Donald Trump …

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Good to Know 

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

What Others are Reading 

Top stories on The Hill right now:

Winners and losers as House approves Trump’s ‘big, beautiful bill’ 

House Republicans approved a massive legislative package comprising the major pieces of President Trump’s domestic agenda Thursday, including tax cuts, an immigration crackdown and sharp cuts in Medicaid.  Read more

House passes Trump’s ‘big, beautiful bill’ in marathon overnight session

House Republicans on Thursday morning passed a sweeping bill full of President Trump’s legislative priorities, marking a major win for Speaker Mike Johnson (R-La.) but kicking off what’s expected to be a bitter battle with the Senate over achieving key parts of the White House’s policy agenda. Read more

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