The sprawling Republican budget bill approved by the Senate Tuesday removes a proposed tax on solar and wind energy projects but quickly phases out tax credits for wind, solar and other renewable energy.
The Senate approved the bill 51-50 as President Donald Trump and GOP lawmakers move to dismantle the 2022 climate law passed by Democrats under former President Joe Biden. Vice President JD Vance broke a tie after three Republican senators voted no.
The bill now moves to the House for final legislative approval.
The excise tax on solar and wind generation projects was added to the Senate bill over the weekend, prompting bipartisan pushback from lawmakers as well as clean energy developers and advocates.
The final bill removes the tax but mostly sticks with legislative language released late Friday night and would end incentives for clean energy sooner than a draft version unveiled two weeks ago.
Some warn of spike in utility bills
Democrats and environmental groups said the GOP plan would crush growth in the wind and solar industry and lead to a spike in Americans’ utility bills. The measure jeopardizes hundreds of renewable energy projects slated to boost the nation’s electric grid, they said.
“Despite limited improvements, this legislation undermines the very foundation of America’s manufacturing comeback and global energy leadership,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association. If the bill becomes law, “families will face higher electric bills, factories will shut down, Americans will lose their jobs, and our electric grid will grow weaker,” she said.
The American Petroleum Institute, the top lobbying group for the oil and gas industry, applauded the bill’s passage.
“This historic legislation will help usher in a new era of energy dominance by unlocking opportunities for investment, opening lease sales and expanding access to oil and natural gas development,” said Mike Sommers, the group’s president and CEO.
While Democrats complained that the bill would make it harder to get renewable energy to the electric grid, Republicans said the measure represents historic savings for taxpayers and supports production of traditional energy sources such as oil, natural gas and coal, as well as nuclear power, increasing reliability.
In a compromise approved overnight, the bill allows wind and solar projects that begin construction within a year of the law’s enactment to get a full tax credit without a deadline for when the projects are “placed in service,” or plugged into the grid. Wind and solar projects that begin later must be placed in service by the end of 2027 to get a credit.
The bill retains incentives for technologies such as advanced nuclear, geothermal and hydropower through 2032.
Changes to the renewable energy language — including removal of the excise tax on wind and solar — were negotiated by a group of Republican senators, including Alaska Sen. Lisa Murkowski and Iowa Sens. Joni Ernst and Chuck Grassley. Iowa is a top producer of wind power, while Murkowski is a longtime supporter of renewable energy as crucial for achieving energy independence, particularly for isolated rural communities in Alaska.
Murkowski, who voted in favor of the final bill, called her decision-making process “agonizing.”
“I had to look on balance, because the people in my state are the ones that I put first,” she told reporters after Tuesday’s vote. “We do not have a perfect bill by any stretch of the imagination.”
GOP bill said to be ‘massively destructive’
Rhode Island Sen. Sheldon Whitehouse, the top Democrat on the Senate Environment and Public Works Committee, called the bill a “massively destructive piece of legislation” that “increases costs for everyone by walloping the health care system, making families go hungry and sending utility bills through the roof.”
The bill “saddles our children and grandchildren with trillions and trillions of dollars in debt — all to serve giant corporations, fossil fuel polluters and billionaire Republican megadonors who are already among the richest people on the planet,” Whitehouse said.
Wyoming Sen. John Barrasso, a Republican and former chairman of the Senate Energy panel, hailed the bill for rescinding many elements of what he called the Biden administration’s “green new scam,” including electric vehicle tax credits that have allowed car owners to lower the purchase price of EVs by $7,500. The bill also blocks a first-ever fee on excess methane emissions from oil and gas production that industry groups fiercely opposed, increases oil and gas leases on public lands and revives coal leasing in Wyoming and other states.
“Today, the Senate moved President Trump’s agenda forward,” said West Virginia Sen. Shelley Moore Capito, a Republican who chairs the Senate environment committee.
Clean energy advocates were deeply disappointed by the bill, which they argue undoes much of the 2022 climate law approved by Democrats.
“By eliminating a number of clean energy incentives and slashing others, this bill represents a significant step backward for America’s energy future,” said Nathaniel Keohane, president of the Center for Climate and Energy Solutions, a nonprofit that seeks to accelerate the global transition to net-zero greenhouse gas emissions.
“Curtailing incentives for electricity generated from wind and solar power is particularly shortsighted” and will raise energy prices for households and businesses and threaten reliability of the electric grid, Keohane said.
Swollen legs led to President Donald Trump being diagnosed with what’s called chronic venous insufficiency. It’s a fairly common condition among older adults but requires a thorough checkup to rule out more serious causes of swelling in the legs. Here are some things to know.
What is chronic venous insufficiency?
Chronic venous insufficiency, or CVI, happens when veins in the legs can’t properly carry blood back to the heart. That can lead to blood pooling in the lower legs. In addition to swelling, usually around the feet and ankles, symptoms can include legs that are achy, heavy feeling or tingly, and varicose veins. Severe cases could trigger leg sores known as ulcers.
What causes chronic venous insufficiency?
Overcoming gravity to pump blood from the feet all the way up to the heart is a challenge, especially when someone is standing or sitting for long periods. So legs veins are lined with one-way valves that keep blood from sliding backward on that journey. Anything that damages those valves can lead to chronic venous insufficiency. Risk factors can include blood clots, vein inflammation known as phlebitis or being overweight.
How is chronic venous insufficiency diagnosed and treated?
Doctors must rule out serious causes of leg swelling, such as heart problems, kidney disease or blood clots. Ultrasound exams of the leg veins can help confirm chronic venous insufficiency. According to the Cleveland Clinic, treatment can include wearing compression stockings, elevating the legs and achieving a healthy weight. Also exercise, especially walking, is recommended — because strong leg muscles can squeeze veins in a way that helps them pump blood. Medications and medical procedures are available for more advanced cases.
Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America. Explore this year’s list.
The merger discussions began during the first quarter of this year, according to a person familiar with the talks who isn’t authorized to discuss them publicly. It would combine the largest and smallest of the country’s six major freight railroads.
Both railroads declined to comment.
Within the industry there is widespread debate over whether such a merger would be approved by the Surface Transportation Board even though those regulators approved the deal that created CPKC railroad two years ago with the Canadian Pacific’s $31 billion acquisition of Kansas City Southern railroad.
That merger combined the two smallest major railroads in North America and left only six major freight railroads. But it was the first major rail merger approved in more than two decades.
The bar for railroad mergers in the U.S. was raised substantially at the start of the century after a disastrous combination of Union Pacific and Southern Pacific in 1996 that snarled rail traffic for an extended period, followed by the 1999 split of Conrail between Norfolk Southern and CSX, which created backups in the East.
To be approved, any major rail merger must show it will enhance competition and serve the public interest under the 2001 rules. The CPKC merger was not judged under those rules because Kansas City Southern had an exemption from them as the smallest major freight railroad at the time.
Union Pacific CEO Jim Vena talked earlier this year about the potential benefits of such a merger because it would streamline deliveries all across the country by eliminating the delays that come along with one railroad handing shipments over to another. Plus it would simplify shipping for the companies that rely on railroads to deliver their raw materials and finished products.
But in the past, some shippers have raised concerns about the consequences of being left with even fewer options to ship their goods because the major railroads are already so powerful.
Some investors have long argued that the industry should eventually consolidate down to two East-West railroads crossing the United States alongside the two railroads that already cross Canada. But regulators have been skeptical and taken a cautious approach. Any proposed deal would face a lengthy STB review. That board is currently evenly split between two Republicans and two Democrats with one seat open.
Citi Research analyst Ariel Rosa said in a research note that a major transcontinental railroad merger “would likely prove costly and time consuming, risking a years-long distraction to management, while facing significant pushback from regulators, politicians, employee unions, competitors, customers, and other stakeholders.”
Union Pacific, which is based in Omaha, Nebraska, generated $24.3 billion revenue last year as its more than 30.000 employees delivered freight all across the western United States. Norfolk Southern reported $12.1 billion revenue and has roughly 20,000 employees and its headquarters is in Atlanta.
Norfolk Southern stock gained 3.7% during the day Thursday and rose another 4.7% to hit $282.50 in after-market trading following the Journal’s story.
Being in the C-suite is a high-pressure job with long hours, board responsibilities, and intense scrutiny. But what is it like to be a top executive when you’re off the clock?
Fortune’s series, The Good Life, shows how up-and-coming leaders spend their time and money outside of work.
Today, we meet Ed Fuller, the 35-year-old founder and CEO of the marketing agency, Media Bodies.
Fuller fell into the world of marketing by accident. He started at Uproot, heading up brand partnerships and celebrity endorsements—mainly, he admits, to score free tickets to summer music festivals. “I did end up getting about 50 of them,” Fuller says. “But I also had my lightbulb moment for Media Bodies.”
It wasn’t just that everyday creators were suddenly becoming influencers and moving the needle for brands. He also noticed founders were doing something else too: travelling, networking, and pursuing creative experiences under the guise of ‘work’. He wanted in.
So he used his spare time to land his own clients, and soon started side-hustling for American Express, managing its U.K. Facebook page.
Clients have ranged from football legend Thierry Henry to MrBeast and Zoe Sugg, the company claims.
“In the initial stages, I completely made it up as I went, licensing music from Warner and Universal to get tracks from the likes of Michael Buble and Jessie J to drive engagement across AMEX’s Facebook page,” he adds.
But that one client gave him the confidence—and the cash flow—to launch Media Bodies in 2013.
Since then, the company has gone from a solo operation to a 30-person team, with over 100 brands on its roster and four straight years of 100% growth. Clients have ranged from football legend Thierry Henry to MrBeast and Zoe Sugg, the company claims. Last year, it bagged the U.K. Government’s Made in the U.K., Sold to the World award which celebrates the global success of small British businesses.
Now, Fuller splits his time between London and Barcelona, leads a fully remote team, and has—full circle—built a life that includes the travel and creative freedom that first drew him to the industry.
The finances
What’s been the best investment you’ve ever bought?
I’ve invested over $100k in getting training and internal onboarding and upskilling resources from some of the best industry experts, and that has skyrocketed the company’s growth.
And the worst?
I wouldn’t say this was a bad investment, just bad timing.
I was in the process of starting up another sport-tech app business, but it was just when Media Bodies was really taking off.
Ultimately, it was a case of stretching myself too thin and risking both, so I shelved that project for some time in the future to focus on Media Bodies.
How do you commute to work?
We have a hybrid working arrangement, so some days, I simply walk one room over into my home office.
The days we go into the office, if I’m heading to the local office, I’ll walk it, or if we’re heading down to a different branch, I’ll take the train.
What personal finance advice would you give your 20-year-old self?
Get an accountant. You’ll save a lot more time and money than you will trying to figure out everything yourself.
Don’t try to start a business with just interns. Invest in surrounding yourself with knowledgeable people so you can learn to lead better.
Invest in quality. Whether it’s a tool that improves your productivity, hardware, or even material things like shoes or clothes, you’ll save so much time and money in the long run even if the costs seem steep at first.
What’s the one subscription you can’t live without?
Spotify. I’m a big music fan, and listen to a lot of podcasts for work and general self-improvement! It’s the perfect balance of something that serves my needs for business and pleasure.
Where’s your go-to wristwatch from?
Raymond Weil.
The necessities
How do you get your daily coffee fix?
I don’t drink coffee!
What about eating on the go?
I always try to eat healthy. Since we work hybrid, eating on the go isn’t often, maybe once or twice a week. And in those cases, I’ll probably get something like a salad bowl. I tend to prefer Asian food (Japanese, Vietnamese, or Thai) because they tend to have more nutritious options and I generally really enjoy the cuisine!
“Invest in quality. Whether it’s a tool that improves your productivity, hardware, or even material things like shoes or clothes, you’ll save so much time and money in the long run even if the costs seem steep at first.”Ed Fuller
Where do you buy groceries?
When in the U.K., a Sainsbury’s, or if I’m in Barcelona, Mercadona.
Where do you shop for your work wardrobe?
My go-to brands for my work wardrobe are Reiss or Boggi Milano.
Are you the proud owner of any futuristic gadgets?
The closest might be an Oura ring. I got it to help track my sleep and anxiety.
It’s definitely been an interesting investment. It’s great to add perspective to how the body and mind are connected and identify personal patterns so I can make more mindful decisions and choices that are suitable specifically for my biology instead of following more generic wellness advice.
The treats
How do you unwind from the top job?
Physical movement is a must for me! Whether it’s the gym, a run, a swim, or a hike, I find staying active or just getting out in nature is a great way to unwind.
I also like to practise meditation, or watch sport and sport documentaries!
What’s the best bonus treat you’ve bought yourself?
Probably a really nice sound system for my home.
Take us on holiday with you, what’s next on your vacation list?
I travel for work quite often, so I get a little taste of different cultures and cities on and off.
But my next vacation spots are Morocco and New York later in the year.
I’m really keen to soak up the history, culture, and landscapes of both—they are guaranteed to be unique but rich experiences!
Fortune wants to hear from leaders on what their “Good Life” looks like. Get in touch: orianna.royle@fortune.com
Politics8 years ago