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Microsoft said Wednesday that it will lay off about 9,000 employees. The move will affect less than 4% of its global workforce across different teams, geographies and levels of experience, a person familiar with the matter told CNBC.

The announcement comes on the second day of Microsoft’s 2026 fiscal year. Executives at the Redmond, Washington-based company typically unveil reorganizations at the time of the new fiscal year.

“We continue to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace,” a Microsoft spokesperson said in an email.

Microsoft has held several rounds of layoffs already this calendar year. In January, it cut less than 1% of headcount based on performance. The 50-year-old software company slashed more than 6,000 jobs in May and then at least 300 more in June. As of June 2024 it employed 228,000 people. In 2023, it laid off 10,000.

Perhaps the largest culling of Microsoft workers came in 2014, when the company eliminated 18,000 after acquiring Nokia’s devices and services business.

As was the case with the May layoffs, Microsoft is looking to reduce the number of layers of managers that stand between individual contributors and top executives, said the person who asked not to be named while discussing internal matters.

“To position Gaming for enduring success and allow us to focus on strategic growth areas, we will end or decrease work in certain areas of the business and follow Microsoft’s lead in removing layers of management to increase agility and effectiveness,” Phil Spencer, Microsoft’s CEO of gaming, wrote in a Wednesday memo to employees in that division.

Microsoft reported nearly $26 billion in net income on $70 billion in revenue for the March quarter. The numbers were well ahead of Wall Street’s consensus, keeping Microsoft ranked as one of the most profitable companies in the S&P 500 index, according to data compiled by FactSet.

Executives called for about 14% year-over-year revenue growth in the June quarter, thanks to expected expansion in Azure cloud services and corporate productivity software subscriptions

Microsoft stock closed at a record high of $497.45 per share on June 26. At the start of Wednesday’s trading session, the shares were down about 0.6%, while the S&P 500 was roughly flat.

Autodesk, Chegg and CrowdStrike are among the other software providers that have slimmed down in 2025. Earlier on Wednesday, payroll processing company ADP said the U.S. private sector lost 33,000 jobs in June. Economists polled by Dow Jones had predicted an increase of 100,000.

This post appeared first on NBC NEWS

Constellation Brands on Tuesday reported quarterly earnings and revenue that missed analysts’ estimates as beer demand slid and tariffs on aluminum weighed on its profitability.

Still, the brewer reiterated its forecast for fiscal 2026, showing confidence that it can hit its financial targets despite the weaker-than-expected quarterly performance and higher duties.

Shares of the company fell less than 1% in extended trading on Tuesday evening but rose 3% during morning trading on Wednesday after the company’s conference call.

The stock has shed more than 20% of its value this year, fueled by concerns about how the higher duties imposed by President Donald Trump would affect demand for its beer.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

The report, which covers the three months ended May 31, includes the start of Trump’s tariffs on canned beer imports in early April. He also hiked trade duties on aluminum to 25% in mid-March and to 50% in early June.

Both imported beer and aluminum are crucial to Constellation’s beer business, which accounts for roughly 80% of the company’s overall revenue. Constellation’s beer portfolio only includes Mexican imports, like Corona, Pacifico and Modelo Especial, which overtook Bud Light as the top-selling beer brand in the U.S. two years ago.

Constellation reported fiscal first-quarter net income of $516.1 million, or $2.90 per share, down from $877 million, or $4.78 per share, a year earlier. Constellation’s operating margin fell 150 basis points, or 1.5%, in the quarter, in part driven by higher aluminum costs.

Excluding items, the brewer earned $3.22 per share.

Net sales dropped 5.8% to $2.52 billion, fueled by weaker demand for its beer and the company’s divestiture of Svedka vodka.

Constellation is still facing softer consumer demand, CEO Bill Newlands said in a statement. He attributed the weaker sales to “non-structural socioeconomic factors.” Constellation’s beer business saw shipment volumes fall 3.3%, caused by weaker consumer demand.

Last quarter, Newlands said Hispanic consumers were buying less of the company’s beer because of fears over Trump’s immigration policy. Roughly half of Constellation’s beer sales come from Hispanic consumers, according to the company.

But on Wednesday, Newlands demurred when asked about Hispanic consumer sentiment, saying that all shoppers are concerned about higher prices.

“When you see a fair amount of change, both Hispanic and non-Hispanic consumers are concerned about inflation and about cost structure,” Newlands said.

He added that consumers aren’t going out to eat as much and hosting fewer social occasions, which means they are drinking less beer. Still, he maintained that consumer interest in drinking beer hasn’t waned; while shoppers’ overall spending on beer has fallen, their relative spend on beer compared with their total grocery bill has held steady.

For fiscal 2026, Constellation continues to expect comparable earnings per share of $12.60 to $12.90. The company is projecting that organic net sales will range from declining 2% to rising 1%.

This post appeared first on NBC NEWS

The last day of trading for the first half of 2025 ended with a bang. The S&P 500 ($SPX) and Nasdaq Composite ($COMPQ) closed at record highs — an impressive finish, given the year has seen significant swings.

We saw signs of investors rotating into technology stocks last week when the Nasdaq 100 ($NDX) hit a record high. Looking at the one-week timeframe in the US Indexes tab in the Equities panel in the StockCharts Market Summary page, the $NDX has seen the largest percentage gain (+3.76%) and is trading 9.94% above its 200-day simple moving average (SMA). The Nasdaq Composite is a close second, with the same percentage gain and trading 8.92% above its 200-day SMA.

FIGURE 1. EQUITIES PANEL OF THE MARKET SUMMARY PAGE. Here, you see a snapshot of the one-week performance of the major US indexes and how far they are from key moving averages. Image source: StockCharts.com. For educational purposes.

Is the Technology Rally Stable?

With technology stocks taking the lead again, it’s worth checking to see if market breadth supports the move.

  • Bullish Percent Index. The %Bullish Percent Indexes panel shows the Nasdaq 100 at 74%, which is in favor of the bullish move in technology stocks.
  • New Highs vs. New Lows. On Monday, approximately 10% of stocks in the Nasdaq 100 hit all-time highs, while 0% of stocks hit a 52-week low. The semiconductor industry is the top-performing bellwether industry.

Armed with this data, let’s break down the Technology sector.  Looking at the MarketCarpets format, we can see that software and semiconductors occupy a significant portion of the sector. The largest cap-weighted stocks are all in the green — Microsoft Corp. (MSFT), NVIDIA Corp. (NVDA), Broadcom, Inc. (AVGO), Taiwan Semiconductor Mfg. (TSM), and Oracle Corp. (ORCL).

FIGURE 2. MARKETCARPET OF THE ONE-WEEK PERFORMANCE OF THE TECHNOLOGY SECTOR. Mega-cap stocks such as MSFT, NVDA, AVGO, TSM, and ORCL were strong performers. Image source: StockCharts.com. For educational purposes.

Three semiconductor stocks — NVDA, AVGO, and TSM — make up most of the move in the entire sector, which makes it worth looking at a chart of the semiconductor stocks.

Semis Stay Strong

The six-month daily chart of the VanEck Vectors Semiconductor ETF (SMH) below shows a clear uptrend, with the 21-day exponential moving average (EMA) sloping up and the 50-day SMA about to cross above its 200-day counterpart.

FIGURE 3. SIX-MONTH DAILY CHART OF THE VANECK VECTORS SEMICONDUCTOR ETF (SMH). The ETF has been in a steady uptrend and is close to its all-time high. The RSI is above 70, and the PPO histogram is hovering above zero. Both support the bullish move in SMH, but it’s worth keeping an eye on momentum. Chart source: StockCharts.com. For educational purposes.

The relative strength index (RSI) is above 70 while the percentage price oscillator (PPO) histogram is just above zero. Despite Monday’s relatively flat day, all the above data support a bullish trend. A slowing momentum would be the first alarm bell for a pullback, with the first support being the 21-day EMA. That would be an opportune time to monitor the industry and, if you’ve considered adding either individual semiconductor stocks or ETFs to your portfolio, it’s worth monitoring the price action. Price could either reverse after hitting a key support level or continue falling.

As we head into the second half of 2025, the performance of semiconductors and technology stocks will dictate the direction of the market.

The Bottom Line

In a market that flip-flops from one day to the next, you might need a helping hand to prevent you from getting emotionally sidetracked. The Market Summary page is your compass, if you will, that helps you make sense of the market’s twists and turns. Visiting the page should be a part of every investor’s routine.



Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

S&P 500 earnings are in for 2025 Q1, and here is our valuation analysis.

The following chart shows the normal value range of the S&P 500 Index, indicating where the S&P 500 would have to be in order to have an overvalued P/E of 20 (red line), a fairly valued P/E of 15 (blue line), or an undervalued P/E of 10 (green line). Annotations on the right side of the chart show where the range is projected to be, based upon earnings estimates through 2026 Q1.



Historically, price has usually remained below the top of the normal value range (red line); however, since about 1998, it has not been uncommon for price to exceed normal overvalue levels, sometimes by a lot. The market has been mostly overvalued since 1992, and it has not been undervalued since 1984. We could say that this is the “new normal,” except that it isn’t normal by GAAP (Generally Accepted Accounting Principles) standards.

We use GAAP earnings as the basis for our analysis. The table below shows earnings projections through March 2026. Keep in mind that the P/E estimates are calculated based upon the S&P 500 close as of June 30, 2025. They will change daily depending on where the market goes from here. It is notable that the P/E remains outside the normal range.

The following table shows where the bands are projected be, based upon earnings estimates through 2026 Q1.

This DecisionPoint chart keeps track of S&P 500 fundamentals, P/E and yield, and it is updated daily — not that you need to watch it that closely, but it is up-to-date when you need it.

CONCLUSION: The market is still very overvalued and the P/E is still well above the normal range. Earnings have ticked up and are projected to trend higher for the next four quarters. High valuation applies negative pressure on the market, but other more positive factors can keep the market in overvalued territory.


(c) Copyright 2025 DecisionPoint.com


Technical Analysis is a windsock, not a crystal ball.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Join Grayson for a solo show as he reveals his top 10 stock charts to watch this month. From breakout strategies to moving average setups, he walks through technical analysis techniques using relative strength, momentum, and trend-following indicators. As a viewer, you’ll also gain insight into key market trends and chart patterns that could directly impact your trading strategy. Whether you’re a short-term trader or a long-term investor, this breakdown will help you stay one step ahead.

This video originally premiered on July 1, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

The chairman of the House Budget Committee pushed back on Elon Musk’s claim that President Donald Trump’s $3.3 trillion ‘big, beautiful bill’ is full of ‘pork.’

It’s a claim the tech billionaire made when the House was considering the legislation the first time around, and he re-vamped those attacks again this week as the Senate wrestled with the bill.

Chairman Jodey Arrington, R-Texas, told Fox News Digital in early June that it was not possible for ‘pork barrel spending’ to be included in the legislation, called a budget reconciliation bill, because the reconciliation process was simply not the mechanism for such federal funds.

‘Reconciliation does not have anything to do with discretionary spending — earmarks, and all of that,’ Arrington said. ‘And quite frankly, the [Department of Government Efficiency] findings were, I think, almost entirely an issue for… annual appropriations.’

‘Discretionary spending’ refers to the annual dollars allocated by Congress each year through the appropriations process, also known as ‘spending bills.’ 

It’s a process that’s historically known to be rife with ‘pork barrel spending’ from both Republicans and Democrats — funding for pet projects or other specific initiatives benefiting a certain member of Congress’ district.

But reconciliation deals with the government’s ‘mandatory spending’ — largely government welfare programs that can only be amended by changing the law.

‘We’re dealing with mandatory spending programs — entitlements, health care, welfare and the tax code,’ Arrington said. 

‘We did a responsible bill. There’s no pork in it. The question, I think, for some folks and the objective of mine and my budget committee members was, whatever we’re doing on tax or security to unleash growth and to buy greater security for the American people, we wanted it to be done in a fiscally responsible way.’

Senior White House advisor Stephen Miller echoed that sentiment on X last month: ‘The reconciliation bill cuts taxes, seals the border and reforms welfare. It is not a spending bill. There is no ‘pork.’ It is the campaign agenda codified.’

Musk posted on X Monday night., ‘It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people.’

The vast majority of the trillions of dollars in the bill are aimed at Trump’s tax policies — extending his 2017 Tax Cuts and Jobs Act (TCJA) while implementing new priorities like eliminating taxes on tips and overtime wages.

There’s also $5 trillion in the latest version of the bill aimed at raising the debt limit.

The legislation is also aimed at amending current laws to enable new funding for border security and Immigrations and Customs Enforcement (ICE) — projected to boost those priorities by billions of dollars.

To offset those costs, House GOP leaders are seeking stricter work requirements for Medicaid and food stamps, while shifting more of the cost burden for both programs to the states.

Republicans are also looking to roll back green energy tax subsidies in former President Joe Biden’s Inflation Reduction Act (IRA).

But Musk and other fiscal hawks’ main concern has been that the legislation does not go far enough with those spending cuts.

They have also raised concerns about the overall bill adding to the national debt, which is currently nearing $37 trillion.

As part of his social media campaign against the bill, Musk in June called for both eliminating the tax cuts and removing the debt limit increase from the final legislation.

Musk reposted another X user who wrote, ‘Drop the tax cuts, cut some pork, get the bill through.’

He’s also previously shown support on X for Sen. Rand Paul, R-Ky., and his call to strip the debt limit provision out of the bill.

Paul was one of three Republican senators to vote against the bill on Tuesday morning, alongside Sens. Thom Tillis, R-N.C., and Susan Collins, R-Maine.

It’s now set to be considered in the House on Wednesday, with a goal of sending it to Trump’s desk by Fourth of July.

This post appeared first on FOX NEWS

The House Oversight Committee is expanding its investigation into an alleged cover-up of former President Joe Biden’s mental decline and possible unauthorized executive actions, and nine former senior White House officials will testify in the coming weeks.

An Oversight Committee aide familiar with the interview schedule told Fox News Digital five more former senior White House staff members have agreed to appear voluntarily for transcribed interviews.

Ronald Klain, former chief of staff under Biden; Steve Ricchetti, former counselor to the president; Mike Donilon, former senior advisor to the president; Bruce Reed, former deputy chief of staff for policy; and Anita Dunn, former senior advisor to the president for communications will appear for transcribed interviews July 24 through Aug. 7.

According to the aide, two other former high-ranking Biden White House officials, Ashley Williams, former special assistant to the president, and Annie Tomasini, former deputy director of Oval Office operations, former assistant to the president and deputy chief of staff, are voluntarily appearing for transcribed interviews on July 11 and July 18, respectively.

Not all former Biden officials, however, have agreed to testify voluntarily.

Oversight Chairman James Comer, R-Ky., has issued subpoenas compelling Dr. Kevin O’Connor, Biden’s physician, and Anthony Bernal, a former assistant to the president and senior advisor to the first lady, to appear for depositions.

The aide said O’Connor’s deposition is scheduled for July 9, while Bernal’s is schedule for July 16.

These interviews are part of the committee’s ongoing investigation into the alleged attempted cover-up of Biden’s decline and the potentially unauthorized issuance of sweeping pardons and other executive actions by senior White House officials usurping Biden’s presidential authority.

Comer has been on the hunt for who was making decisions in Biden’s inner circle during the president’s apparent mental decline.

Last Friday, he sent letters to former Biden White House press secretary Karine Jean-Pierre, former White House chief of staff Jeff Zients, former senior deputy press secretary Andrew Bates and former special assistant to the president Ian Sams, demanding they present themselves for transcribed interviews with the oversight committee.

In his letters, Comer says the committee believes that the four top Biden staffers have ‘critical’ information on ‘who made key decisions and exercised the powers of the executive branch during the previous administration, possibly without former President Biden’s consent.’

He said that ‘if White House staff carried out a strategy lasting months or even years to hide the chief executive’s condition — or to perform his duties — Congress may need to consider a legislative response.’

Comer set interview dates for late August and early September and gave the four senior officials until July 4 to confirm they would comply with the demands voluntarily or if they will ‘require a subpoena to compel your attendance for a deposition.’

In a statement to Fox News Digital last week, Comer said that ‘as part of our aggressive investigation into the cover-up of his cognitive decline and potentially unauthorized executive actions, we must hear from those who aided and abetted this farce.’

This post appeared first on FOX NEWS

A conservative legal group is trying to uncover whether the former Biden administration’s focus on diversity, equity and inclusion (DEI) initiatives seeped into the nation’s organ transplant system and led to prioritizing patients based on race. 

MAGA law group America First Legal is suing a number of federal health agencies to obtain documents related to the nation’s organ transplant system. 

Specifically, they’re targeting the Department of Health and Human Services, the Centers for Medicare and Medicaid Services and the Health Resources Services Administration, in an attempt to compel them to turn over documents related to the Organ Procurement and Transplantation Network (OPTN).

In April 2023, AFL filed a Freedom of Information Act (FOIA) request seeking documents relevant to the Biden administration’s efforts to infuse DEI into the organ transplant system. However, to date, AFL says it has not received any of the requested information and, as a result, decided to sue in an effort to compel the release of it.

‘The Biden Administration infected the federal government with ‘equity,’ replacing traditional principles of fairness and need with race-conscious criteria,’ said America First Legal Counsel Will Scolinos. ‘AFL is determined to uncover the complete scope of Biden-era DEI policies and will continue to take decisive action to restore colorblind healthcare.’ 

Just days after taking office in 2021, former President Joe Biden signed Executive Order 13985, directing all federal agencies to conduct ‘Equity Assessments’ to determine whether ‘underserved communities and their members’ faced systemic barriers to accessing federal programs. The order also required each agency to develop an action plan to address those barriers.

As part of this effort, in December 2021, CMS issued a request to the public for comments on how the agency could ‘Advance Equity and Reduce Disparities in Organ Transplantation.’

‘CMS is focused on identifying potential system-wide improvements that would increase organ donations, improve transplants, enhance the quality of care in dialysis facilities, increase access to dialysis services, and advance equity in organ donation and transplantation,’ the agency said at the time. 

‘Communities of color have much higher rates of high blood pressure, diabetes, obesity, and heart disease, all of which increase the risk for kidney disease. Black Americans are almost four times more likely, and Latinos are 1.3 times more likely, to have kidney failure compared to White Americans. Despite the higher risk, data shows that Black and Latino patients on dialysis are less likely to be placed on the transplant waitlist and have a lower likelihood of transplantation. Because of these stark inequities, CMS’ [Request For Information] asks the public for specific ideas on advancing equity within the organ transplantation system.’

Meanwhile, several weeks later, the HRSA announced that the ‘labeling of race and ethnicity information for organ donors’ would ‘change on a number of data reports available on the Organ Procurement and Transplantation Network (OPTN) website.’ According to the HRSA, the move made the data ‘clearer, more consistent and easier for users to interpret,’ and did not impact the manner in which data is collected. OPTN collects and manages data pertaining to the patient waiting list, organ donation, matching and transplantation in the U.S.

HRSA also announced a ‘modernization initiative’ for OPTN around the same time, which included plans to strengthen ‘equity, and performance in the organ donation and transplantation system.’

In its lawsuit, AFL chronicled a series of delays, non-responses and incomplete communications following its April 2023 FOIA request. AFL is hoping to obtain a judge’s order requiring the release of the records it is seeking, as well as an index of any withheld material and explanations for why it could not be provided. 

‘The last administration’s pervasive directives requiring consideration of immutable characteristics like race, color, and ethnicity — to make healthcare more ‘equitable’ — should concern all Americans,’ Scolinos said Tuesday. ‘AFL is determined to uncover the complete scope of Biden-era DEI policies and will continue to take decisive action to restore colorblind healthcare.’

HHS declined to comment on AFL’s lawsuit.

This post appeared first on FOX NEWS

Israel has agreed to a proposal led by the Trump administration for a 60-day ceasefire, during which time President Donald Trump said all parties will work to end the war in the Middle East.

‘My Representatives had a long and productive meeting with the Israelis today on Gaza,’ Trump said in a post on Truth Social on Tuesday. ‘Israel has agreed to the necessary conditions to finalize the 60 Day CEASEFIRE, during which time we will work with all parties to end the War. 

‘The Qataris and Egyptians, who have worked very hard to help bring Peace, will deliver this final proposal,’ Trump added. ‘I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better — IT WILL ONLY GET WORSE. Thank you for your attention to this matter!’

Israeli Minister of Foreign Affairs Gideon Sa’ar said Monday, ‘Israel is serious in its will to reach a hostage deal and ceasefire in Gaza.’

He pointed to Jerusalem’s acceptance of a recent proposal presented by Special Envoy Steve Witkoff, but which Hamas rejected as it did not include a solution to a permanent ceasefire and a plan to withdraw Israeli forces from Gaza.

Witkoff is expected to head to Cairo in the coming days to begin hashing out new negotiations.

The president has been pushing for Israel to end its conflict in Gaza and to secure a hostage deal.

Ending Israel’s military operations in Gaza will prove a crucial step in expanding Trump’s ambitions to bring new nations into the Abraham Accords. 

‘We have opportunities in front of us,’ Sa’ar said, echoing Jerusalem’s ambitions to reach a deal. ‘We paid for the new reality in the Middle East with the blood of our soldiers and citizens.’

‘Israel is interested in expanding the Abraham Accords circle of peace and normalization. We have an interest in adding countries, such as Syria and Lebanon, our neighbors, to the circle of peace and normalization – while safeguarding Israel’s essential and security interests,’ he added. 

Prior to today, Trump had not detailed which nations are interested in normalizing diplomatic relations with Israel, though nations like Saudi Arabia have made clear that so long as Palestinians continue to suffer in the Israel-Hamas conflict, normalization is off the table.

Fox News Digital’s Caitlin McFall contributed to this report.

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The House Rules Committee has teed up President Donald Trump’s ‘big, beautiful bill’ for a chamber-wide vote Wednesday after a nearly 12-hour-long session debating the massive piece of legislation.

It now heads to the entire chamber for consideration, where several Republicans have already signaled they’re concerned with various aspects of the measure.

Just two Republicans voted against reporting the bill out of committee – Reps. Ralph Norman, R-S.C., and Chip Roy, R-Texas, conservatives who had expressed reservations with the bill earlier on Tuesday. No Democrats voted to advance it, while the remaining seven Republicans did.

The majority of Republican lawmakers appear poised to advance the bill, however, believing it’s the best possible compromise vehicle to make Trump’s campaign promises a reality.

‘This bill is President Trump’s agenda, and we are making it law. House Republicans are ready to finish the job and put the One Big Beautiful Bill on President Trump’s desk in time for Independence Day,’ House GOP leaders said in a joint statement after the Senate passed the bill on Tuesday.

The House Rules Committee acts as the final gatekeeper before most pieces of legislation get a chamber-wide vote.

Democrats attempted to delay the panel’s hours-long hearing by offering multiple amendments that were shot down along party lines.

They criticized the bill as a bloated tax cut giveaway to wealthy Americans, at the expense of Medicaid coverage for lower-income people. Democrats have also accused Republicans of adding billions of dollars to the national debt, chiefly by extending Trump’s 2017 tax cuts.

‘I don’t know what it means to be a fiscal hawk, because if you vote for this bill, you’re adding $4 trillion to the debt,’ Rep. Gwen Moore, D-Calif., said during debate on the measure. 

‘Republicans have gone on TV for months and months and months solemnly insisting to the American people that this bill is going to cut the debt, that this will not hurt anybody on Medicaid, just those lazy bums and, you know, unworthy people.’ 

But Republicans have said the bill is targeted relief for middle and working-class Americans, citing provisions temporarily allowing people to deduct taxes from tipped and overtime wages, among others.

‘If you vote against this bill, you’re voting against the child tax credit being at $2,200 per child. At the end of this year, it will drop to $1,000. That makes a huge impact to 40 million hardworking Americans. And it’s simply, when they vote no, they’re voting against a $2,200 child tax credit, and they’re okay with $1,000,’ House Ways & Means Committee Chairman Jason Smith, R-Mo., said.

‘If you listen to the Democrats here, they say this is all about billionaires and millionaires. No tax on tips, no tax on overtime work. How many millionaires and billionaires, Madam Chair, work by the hour?’

The bill numbers more than 900 pages and includes Trump’s priorities on taxes, the border, defense, energy and the national debt. 

An initial version passed the House in May by just one vote, but the Senate has since made multiple key modifications to Medicaid, tax cuts and the debt limit.

Moderates are wary of the Senate measures that would shift more Medicaid costs to states that expanded their programs under ObamaCare, while conservatives have said those cuts are not enough to offset the additional spending in other parts of the bill.

Several key measures were also removed during the ‘Byrd Bath,’ a process in the Senate where legislation is reviewed so that it can be fast-tracked under the budget reconciliation process – which must adhere to a strict set of fiscal rules.

Among those conservative critics, Reps. Scott Perry, R-Pa., and Andy Ogles, R-Tenn., introduced resolutions to change the Senate version to varying degrees.

Ogles’ amendment would have most dramatically changed the bill. If passed, it would have reverted the legislation back to the House version. 

Perry’s amendments were aimed at tightening the rollback of green energy tax credits created by the former Biden administration’s Inflation Reduction Act.

Another amendment by Rep. Andrew Clyde, R-Ga., would have restored certain Second Amendment-related provisions stripped out by the Byrd Bath.

Any changes to the legislation would have forced it back into the Senate, likely delaying Republicans’ self-imposed Fourth of July deadline to get the bill onto Trump’s desk.

The full House is expected to begin considering the bill at 9 a.m. ET Wednesday.

Sometime that morning, House lawmakers will vote on whether to begin debating the bill, a procedural measure known as a ‘rule vote.’

If that’s cleared, a final vote on the bill itself is expected sometime later Wednesday.

Speaker Mike Johnson, R-La., conceded on Tuesday evening that poor weather in Washington that forced a number of flight delays could also weigh on Wednesday’s attendance – depending on how many lawmakers are stuck outside the capital.

‘We’re monitoring the weather closely,’ Johnson told reporters. ‘There’s a lot of delays right now.’

With all lawmakers present, Republicans can only afford to lose three votes to still advance both the rule vote and the final bill without any Democratic support.

This post appeared first on FOX NEWS