Copper's Spiking - And This Junior Has the Grades to Match

Copper is climbing again - and this time, it looks tariff-proof. A $31M junior just posted nearly 1B lbs of copper equivalent. With insiders and institutions piling in, this could be the next breakout.

What's in the latest version of Trump's big bill moving through the Senate

KEVIN FREKING and LISA MASCARO
June 30, 2025

WASHINGTON (AP) -- Republicans are inching closer to getting their tax and spending cut bill through Congress with a final Senate vote likely late Monday or early Tuesday.

At some 940-pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations. President Donald Trump has admonished Republicans, who hold majority power in the House and Senate, to skip their holiday vacations and deliver the bill by the Fourth of July.

Democrats are united against the legislation and were offering scores of amendments to alter it Monday as the Senate slogged through what is known as a vote-a-rama. Senators can offer an unlimited number of amendments, with each receiving a vote. Once the bill clears the Senate, it would have to pass the House before Trump can sign it into law.

Here's the latest on what's in the bill. There could be changes as GOP lawmakers continue to negotiate.

Tax cuts are the priority

Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump's first term expire. The legislation contains about $4.5 trillion in tax cuts.

The existing tax rates and brackets would become permanent under the bill. It temporarily would add new tax breaks that Trump campaigned on: no taxes on tips, overtime pay, the ability to deduct interest payments for some automotive loans, along with a $6,000 deduction for older adults who earn no more than $75,000 a year.

It would boost the $2,000 child tax credit to $2,200. Millions of families at lower income levels would not get the full credit.

A cap on state and local deductions, called SALT, would quadruple to $40,000 for five years. It's a provision important to New York and other high tax states, though the House wanted it to last for 10 years.

There are scores of business-related tax cuts, including allowing businesses to immediately write off 100% of the cost of equipment and research.

The wealthiest households would see a $12,000 increase from the legislation, which would cost the poorest people $1,600 a year, according to the nonpartisan Congressional Budget Office analysis of the House's version.

Middle-income taxpayers would see a tax break of $500 to $1,500, the CBO said.

Money for deportations, a border wall and the Golden Dome

The bill would provide some $350 billion for Trump's border and national security agenda, including $46 billion for the U.S.-Mexico border wall and $45 billion for 100,000 migrant detention facility beds, as he aims to fulfill his promise of the largest mass deportation operation in U.S. history.

Money would go for hiring 10,000 new Immigration and Customs Enforcement officers, with $10,000 signing bonuses and a surge of Border Patrol officers, as well. The goal is to deport some 1 million people per year.

The homeland security secretary would have a new $10 billion fund for grants for states that help with federal immigration enforcement and deportation actions.

To help pay for it, immigrants would face various new fees, including when seeking asylum protections.

For the Pentagon, the bill would provide billions for ship building, munitions systems, and quality of life measures for servicemen and women, as well as $25 billion for the development of the Golden Dome missile defense system. The Defense Department would have $1 billion for border security.

How to pay for it? Cuts to Medicaid and other programs

To help partly offset the lost tax revenue and new spending, Republicans aim to cut back on Medicaid and food assistance for the poor.

Republicans argue they are trying to rightsize the safety net programs for the population they were initially designed to serve, mainly pregnant women, the disabled and children, and root out what they describe as waste, fraud and abuse.

The package includes new 80-hour-a-month work requirements for many adults receiving Medicaid and food stamps, including older people up to age 65. Parents of children 14 and older would have to meet the program's work requirements.

There's also a proposed new $35 co-payment that can be charged to patients using Medicaid services.

More than 71 million people rely on Medicaid, which expanded under Obama's Affordable Care Act, and 40 million use the Supplemental Nutritional Assistance Program. Most already work, according to analysts.

The Congressional Budget Office estimates that 11.8 million more Americans would become uninsured by 2034 if the bill became law and 3 million more would not qualify for food stamps.

The Senate proposes a $25 billion Rural Hospital Transformation Program to help offset reduced Medicaid dollars. It's a new addition, intended to win over holdout GOP senators and a coalition of House Republicans warning that the proposed Medicaid provider tax cuts would hurt rural hospitals.

A 'death sentence' for clean energy?

Republicans are proposing to dramatically roll back tax breaks designed to boost clean energy projects fueled by renewable sources such as energy and wind. The tax breaks were a central component of President Joe Biden's 2022 landmark bill focused on addressing climate change and lowering healthcare costs.

Democratic Oregon Sen. Ron Wyden went so far as to call the GOP provisions a "death sentence for America's wind and solar industries and an inevitable hike in utility bills."

Under the bill, a tax credit that subsidizes the production of electricity would be eliminated for any wind and solar plant not plugged into the grid by the end of 2027. But Republicans aren't just looking to roll back the tax breaks Biden put into place: they're also looking to add a tax for new wind and solar projects that use a certain percentage of components from China.

A tax break for people who buy new or used electric vehicles would expire on Sept. 30 of this year, instead of at the end of 2032 under current law.

Meanwhile, a tax credit for the production of critical materials will be expanded to include metallurgical coal used in steelmaking.

Trump savings accounts and so, so much more

A number of extra provisions reflect other GOP priorities.

The House and Senate both have a new children's savings program, called Trump Accounts, with a potential $1,000 deposit from the Treasury.

The Senate provided $40 million to establish Trump's long-sought "National Garden of American Heroes."

There's a new excise tax on university endowments. A $200 tax on gun silencers and short-barreled rifles and shotguns was eliminated. One provision bars money to family planning providers, namely Planned Parenthood, while $88 million is earmarked for a pandemic response accountability committee.

Another section expands the Radiation Exposure Compensation Act, a hard-fought provision from GOP Sen. Josh Hawley of Missouri, for those impacted by nuclear development and testing.

Billions would go for the Artemis moon mission and for exploration to Mars.

The bill would deter states from regulating artificial intelligence by linking certain federal AI infrastructure money to maintaining a freeze. Seventeen Republican governors have asked GOP leaders to drop the provision.

Additionally, a provision would increase the nation's debt limit, by $5 trillion, to allow continued borrowing to pay already accrued bills.

What's the final cost?

Altogether, the Congressional Budget Office projects that the bill would increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034.

Or not, depending on how one does the math.

Senate Republicans are proposing a unique strategy of not counting the existing tax breaks as a new cost because those breaks are already "current policy." Republican senators say the Senate Budget Committee chairman has the authority to set the baseline for the preferred approach.

Under the alternative Senate GOP view, the bill would reduce deficits by almost a half-trillion dollars over the coming decade, the CBO said.

Democrats say this is "magic math" that obscures the true costs of the tax breaks. Some nonpartisan groups worried about the country's fiscal trajectory are siding with Democrats in that take. The Committee for a Responsible Federal Budget says Senate Republicans are employing an "accounting gimmick that would make Enron executives blush."

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