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Republicans Fight It Out on Trump’s Tax Megabill
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Good morning, CFOs. The Senate gears up for the GOP’s ‘big, beautiful bill”; private credit is in a golden age; Delta Air Lines works to recover from storms.
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The U.S. Capitol building after sunrise as clerks in the Senate were reading aloud the tax-and-spending bill. PHOTO: ELIZABETH FRANTZ/REUTERS
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The Senate geared up for an unpredictable battle Monday over final passage of the GOP’s “big, beautiful bill,” after Republicans narrowly advanced the measure in a 51-49 weekend vote.
The 940-page legislation is driving a wedge between the GOP’s two wings, just as the party is racing to pass the measure early this week. Centrists have raised concerns about cutting benefit programs and straining state budgets, while fiscal conservatives are pushing for even more cuts to rein in federal budget deficits.
Proponents maintain that the opportunity to pass President Trump’s core agenda items—and pressure from Trump on holdouts—would propel the package over the finish line in the Senate, where the GOP has a 53-47 majority.
“It’s a big, beautiful bill if you believe in cutting people’s taxes, securing the border, having a strong military and controlling government spending,” Sen. Lindsey Graham (R., S.C.) said on the Senate floor Sunday. “The bottom line is, we’re about to make history,” he said.
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Content from our sponsor: Deloitte
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U.S. Consumer Confidence Fluctuates Amid Economic Uncertainty
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Consumer confidence dipped for several months before trending back upward in May. If financial worries persist, marketers may need to rethink strategies to place greater emphasis on value. Read More
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Monday
The Institute for Supply Management releases the Chicago Business Barometer for June.
Tuesday
Earnings: Constellation
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey.
The ISM releases its Manufacturing Purchasing Managers’ Index for June.
Wednesday
ADP releases its National Employment Report for June.
Thursday
The ISM releases its Services PMI for June.
The BLS releases the jobs report for June.
Friday
Equity and fixed-income markets are closed in observance of Independence Day.
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Diners and employees are divided over Cracker Barrel’s move to declutter its restaurants. PHOTO: PAUL WEAVER/ZUMA PRESS
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Is Cracker Barrel still Cracker Barrel without all the butter churns and tchotchkes? Loyal diners aren’t so sure.
The chain won the hearts of many Americans with its old-timey country charm. Diners wolfed down pancakes and Southern fried chicken surrounded by vintage advertising signs, old bottles and mechanics’ tools—all meant to evoke the feeling of being in your grandmother’s house.
Now it’s decluttering the decor, and diners and employees are divided.
“I’m secretly wishing that maybe the changes don’t come to our restaurant,” said longtime diner Sharon Triana.
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What Else Matters to CFOs
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Alan Waxman, at his San Francisco office, runs one of the last big stand-alone private-credit specialists. PHOTOGRAPHS BY JASON HENRY FOR WSJ
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Private credit is in a golden age. The biggest firms are marching further into bank territory, raking in money from insurance companies and individual investors and setting their sights on the trillions of dollars in U.S. retirement accounts.
But one of its pioneers thinks the industry is losing track of what made it great.
Alan Waxman, CEO of investment firm Sixth Street, says publicly traded rivals such as Apollo Global Management and Blackstone have reoriented their credit businesses to take in huge sums of money from insurance companies and individual investors. That means money flows in and must be put to work quickly, whether or not the investment opportunity is ripe.
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Content From Our Sponsor: DELOITTE
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Finance’s Role in Realizing ERP Value
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Finance leaders have opportunities to further transform their organizations following technology implementations and to fully realize the value of new systems. Read more here.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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