MNI POLITICAL RISK - House Passes "One Big Beautiful Bill"

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Executive summary:

• The House of Representatives passed the GOP tax and spending bill in a tight party-line vote - a major win for House Speaker Mike Johnson (R-LA) and President Donald Trump.
• The new revised ‘Big Beautiful Bill’ includes a raft of sweeteners for conservatives and Blue-state Republicans: It accelerates work requirements for Medicaid, sharpens language on Biden-era clean energy credits, and gives another boost to the SALT cap.
• The bill will now be handed to the Senate, where Republicans are expected to rewrite the tax portion, soften language on safety net programmes like Medicaid, and potentially seek to salvage some of the IRA credits.
• Trump will join HHS Secretary Robert F. Kennedy Jr. for an event at the White House formalising RFK’s mission. 
• Treasury Secretary Scott Bessent and his Japanese counterpart, Katsunobu Kato, "did not discuss foreign exchange levels" in a G7 meeting, according to the Treasury Department.
• Trump said he is “giving very serious consideration to bringing Fannie Mae and Freddie Mac public.” 
• China criticised Trump’s proposed ‘Golden Dome’ missile defence shield. Canada is reportedly considering joining the programme.
• Iran warned Israel against attacking Iran's nuclear sites, saying that Tehran "will take all necessary measures" to protect its interests.
• Poll of the Day: Voters believe wealthy Americans should pay more taxes, "contrary to what has been proposed in the GOP tax plan.”

Please find the full article attached below: US DAILY BRIEF