Senate Passes President Trump’s Megabill
02:37 Share

The spirit of innovation is deeply ingrained in America, and Google is helping Americans innovate in ways both big and small. The Department of Defense is working with Google to help secure America's digital defense systems, from establishing cloud-based zero-trust solutions to deploying the latest AI technology. This is a new era of American innovation. Find out more at g.co slash American innovation.

Here's your Midday Brief for Tuesday, July 1st. I'm Anthony Bansi for The Wall Street Journal.

Senate Republicans squeaked President Trump's tax and spending mega bill through the Senate today, capping a long night of dealmaking to win over holdouts with a tie-breaking vote from Vice President J.D. Vance. The Senate's 51-50 action puts Republicans on the verge of locking in Trump's top legislative priorities. Extended tax cuts, new tax breaks, reductions in Medicaid spending, and more money for border enforcement and defense.

The package would next go to the House, where Republicans would again need to bridge deep political divides in the party. Federal Reserve Chair Jerome Powell said that steady economic activity would allow the central bank to wait and see the effects that tariffs have had on prices and economic growth before resuming interest rate reductions.

Speaking at a conference in Portugal hosted by the European Central Bank, Powell declined to make any predictions for the Fed's upcoming meeting at the end of the month and said that decisions would be shaped by the economic outlook.

AMC Entertainment has reached an agreement with creditors to reduce debt and receive new financing. The movie theater operator said its transaction support agreement will strengthen its balance sheet by raising more than $223 million of new money financing and immediately converting at least $143 million of debt into equity. The move comes as AMC has struggled to find its footing post-pandemic.

And Boeing has named Stephen Parker president and chief executive of its defense, space, and security business. Parker has been interim leader of the business since September, following the previous head's departure. Boeing said that Parker will oversee all aspects of the defense unit, which has been plagued by troubles. We'll have more coverage of the day's news on WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

The spirit of innovation is deeply ingrained in America, and Google is helping Americans innovate in ways both big and small. The Department of Defense is working with Google to help secure America's digital defense systems, from establishing cloud-based zero-trust solutions to deploying the latest AI technology. This is a new era of American innovation. Find out more at g.co slash American innovation.