 |
|
|
|||||
House Republicans narrowly advanced President Donald Trump’s big tax cuts package out of a key committee during a rare Sunday night vote, but just barely, as conservative holdouts are demanding quicker cuts to Medicaid and green energy programs before giving their full support.Speaker Mike Johnson met with Republican lawmakers shortly before the meeting and acknowledged to reporters that there are still details to “iron out.” He said some changes were being made, but declined to provide details.It’s all setting up a difficult week ahead for the GOP leadership racing toward a Memorial Day deadline, a week away, to pass the package from the House. The Budget Committee, which just days ago failed to advance the package when four conservative Republicans objected, was able to do so Sunday on a vote of 17-16, with the four hold-outs voting “present” to allow it to move ahead, as talks continue.“The bill does not yet meet the moment,” said Rep. Chip Roy, R-Texas, a leader of the House Freedom Caucus, in a social media post immediately after the late-night session. “We can and must do better before we pass the final product.”The path ahead for Johnson is unclear as he tries to hold his narrow House majority together to pass the president’s top domestic priority of extending the tax breaks while pumping in money for border security and deportationsall while cutting spending.Republicans criticizing the measure argued that the bill’s new spending and the tax cuts are front-loaded in the bill, while the measures to offset the cost are back-loaded. In particular, they are looking to speed up the new work requirements that Republicans want to enact for able-bodied participants in Medicaid.Johnson indicated he wants to impose the the work requirements “as soon as possible” but acknowledged it may take states longer to change their systems. Those requirements would not kick in until 2029 under the current bill.“There will be more details to iron out and several more to take care of,” Johnson, R-La., said outside the hearing room.“But I’m looking forward to very thoughtful discussions, very productive discussions over the next few days, and I’m absolutely convinced we’re going to get this in final form and pass it.”More talks are ahead, but Johnson is looking to put the bill on the House floor before the end of the week.Democrats have decried the cuts Republicans are proposing to Medicaid and food stamps to offset the costs of the tax breaks.“This spending bill is terrible, and I think the American people know that,” Rep. Jim Clyburn, D-S.C., told CNN’s “State of the Union” on Sunday. “There is nothing wrong with us bringing the government in balance. But there is a problem when that balance comes on the back of working men and women. And that’s what is happening here.”The first time that Republicans tried advancing the bill out of the House Budget Committee last week, the deficit hawks joined with Democratic lawmakers in voting against reporting the measure to the full House.Those same four RepublicansRoy and Reps. Ralph Norman of South Carolina, Josh Brecheen of Oklahoma and Rep. Andrew Clyde of Georgiacast their “present” votes Sunday.Norman pointed to a recent downgrade of the nation’s credit rating in making his arguments for steeper reductions.“We’ve got a lot more work to do,” Norman said. “We’re excited about what we did. We want to move the bill forward.”At its core, the sprawling legislative package permanently extends the existing income tax cuts that were approved during Trump’s first term in 2017 and adds temporary new ones that the president campaigned on in 2024, including no taxes on tips, overtime pay and auto loan interest payments. The measure also proposes big spending increases for border security and defense.The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, estimates that the House bill is shaping up to add roughly $3.3 trillion to the debt over the next decade.Johnson is not just having to address the concerns of the deficit hawks in his party. He’s also facing pressure from centrists who will be warily eyeing the proposed changes to Medicaid, food assistance programs and the rolling back of clean energy tax credits. Republican lawmakers from New York and elsewhere are also demanding a much larger state and local tax deduction.As it stands, the bill proposes tripling what’s currently a $10,000 cap on the state and local tax deduction, increasing it to $30,000 for joint filers with incomes up to $400,000 a year.Rep. Nick LaLota, one of the New York lawmakers leading the effort to lift the cap, said they have proposed a deduction of $62,000 for single filers and $124,000 for joint filers.Rep. Jodey Arrington, the chairman of the House Budget Committee, said the bill remained under negotiation.“Deliberations continue at this very moment,” Arrington said. “They will continue on into the week, and I suspect right up until the time we put this big, beautiful bill on the floor of the House.”If the bill passes the House this week, it would then move to the Senate, where Republican lawmakers are also eyeing changes that could make final passage in the House more difficult. Kevin Freking, Lisa Mascaro and Leah Askarinam, Associated Press
Category:
E-Commerce
Rite Aid is moving quickly to close additional store locations after selling a substantial chunk of its pharmacy business to other companies last week. The drugstore chain, which is winding down operations after seeking Chapter 11 bankruptcy protection for a second time earlier this month, has listed 95 store locations that it wants to close as it continues to seek buyers for its retail operations. The locations span six states, with Rite Aid’s home state of Pennsylvania being hit hardest. The list includes more than 70 Pennsylvania stores. Competitors scoop up Rite Aid’s pharmacy assets The move to close additional locations was disclosed in a court filing one day after Rite Aid announced that it has reached agreements to sell its prescription files for more than 1,000 pharmacy locations, most of Rite Aid’s fleet. CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle were among the successful bidders, the company said. The sale agreements still need to be approved by a court. Rite Aid also said that CVS will take over “many” pharmacy locations in Washington state, Oregon, and Idaho, although it did not name the locations. CVS, in its own announcement, said it planned to buy prescription files for 625 locations but that it was only taking over 64 physical Rite Aid stores. That leaves the immediate fate of many Rite Aid locations uncertain. Although all locations will cease to be Rite Aid stores eventually, Rite Aid is still seeking to sell some of them to other retailers. An auction is planned for June. In the meantime, expect the 95 stores listed below to close soon. Fast Company reached out to Rite Aid for a more specific timeline. The shuttering of these locations comes after previous Rite Aid filings revealed that it would close 47 initial stores followed by 68 additional stores last week, for a total of 210 closures so far. At the time of its bankruptcy filing, Rite Aid revealed that it had 1,277 pharmacies, three distribution centers, and more than 24,000 employees across 15 states. Rite Aid closures revealed on May 16: California 1583 Highway 99, Gridley, CA 95948 2140 Contra Costa Boulevard, Pleasant Hill, CA 94523 3105 Rancho Vista Boulevard, Palmdale, CA 93551 37435 Main Street, Burney, CA 96013 Delaware 38169 Dupont Boulevard, Selbyville, DE 19975 Maryland 2801 Foster Avenue, Baltimore, MD 21224 101 Marlboro Ave Ste 15, Easton, MD 21601 25 Jones Station Road West, Severna Park, MD 21146 Oregon 1900 Mcloughlin Blvd., Oregon City, OR 97045 16261 South Highway 101, Harbor, OR 97415 2336 North Coast Highway, Newport, OR 97365 4500 Commercial Street, S.E., Salem, OR 97302 1430 NW Garden Valley Blvd, Roseburg, OR 97471 Pennsylvania 1701 Duncan Avenue, Allison Park, PA 15101 2302 Sheffield Road, Aliquippa, PA 15001 3331 Pleasant Valley Blvd., Altoona, PA 16602 4400 Pennell Road, Aston, PA 19014 1799 Third Street, Beaver, PA 15009 5100 Library Road, Bethel Park, PA 15102 503 Clifton Road, Bethel Park, PA 15102 417 Chartiers Street, Bridgeville, PA 15017 139 South Main Street, Butler, PA 16001 1520 N Main Street Ext, Butler, PA 16001 200 Greater Butler Mart, Butler, PA 16001 3434 William Penn Highway, Churchill, PA 15235 412 Broadway Street, Coraopolis, PA 15108 20480 Route 19, Cranberry TWP, PA 16066 101 5th Street, Charleroi, PA 15022 300 Market Street, Elizabeth, PA 15037 4606 Admiral Peary Highway, Ebensburg, PA 15931 5430 Peach Street, Erie, PA 16509 4145 Buffalo Road, Erie, PA 16510 925 West Erie Plaza, Erie, PA 16505 700 Sharon New Castle Rd., Farrell, PA 16121 1020 Liberty Street, Franklin, PA 16323 335 Main Street, Greenville, PA 16125 9141 Ridge Road, Girard, PA 16417 1710 Mount Royal Blvd., Glenshaw, PA 15116 4155 Ewalt Road, Gibsonia, PA 15044 3730 Brighton Road, Pittsburgh, PA 15212 5633 Baum Boulevard, Pittsburgh, PA 15206 1800-1814 Morningside Avenue, Pittsburgh, PA 15206 1700 Murray Avenue, Pittsburgh, PA 15217 3210 Banksville Road, Pittsburgh, PA 15216 5504 Walnut Street, Pittsburgh, PA 15232 410 Cooke Lane, Pittsburgh, PA 15234 568 Caste Village, Pittsburgh, PA 15236 1130 Perry Highway Ste 35, Pittsburgh, PA 15237 1125 Freeport Road, Pittsburgh, PA 15238 2336 Ardmore Boulevard, Pittsburgh, PA 15221 7345 Saltsburg Road, Penn Hills, PA 15235 3434 William Penn Highway, Pittsburgh, PA 15235 1700 Pine Hollow Road, McKees Rocks, PA 15136 4185 Washington Road, McMurray, PA 15317 975 Market Street, Meadville, PA 16335 109 Allegheny River Blvd., Oakmont, PA 15139 3730 Brighton Road, Pittsburgh, PA 15212 300 Market Street, Elizabeth, PA 15037 135 South Market Street, New Wilmington, PA 16142 1501 Scalp Avenue, Johnstown, PA 15904 407 Central Avenue, Johnstown, PA 15902 4960 Bedford Street, Johnstown, PA 15904 113 West Main Street, West Newton, PA 15089 1236 Long Run Road, White Oak, PA 15131 6375 Library Road, South Park, PA 15129 2655 E Carson Street, Pittsburgh, PA 15203 1200 Pittsburgh Street, Cheswick, PA 15024 517 Beaver Street, Sewickley, PA 15143 221 Grove City Road, Slippery Rock, PA 16057 446 West Main Street, Monongahela, PA 15063 4111 William Penn Hwy., Monroeville, PA 15146 600 William Marks Drive, Munhall, PA 15120 1120 Philadelphia Avenue, Northern Cambria, PA 15714 8775 Norwin Avenue, North Huntingdon, PA 15642 3550 Route 130, Irwin, PA 15642 1440 East High Street, Waynesburg, PA 15370 201 Devine Drive, Wexford, PA 15090 100 Seven Fields Blvd, Seven Fields, PA 16046 334 Main Street, Greenville, PA 16125 1851 East State Street, Hermitage, PA 16148 811 East State Street, Sharon, PA 16146 802 Pennsylvania Avenue, Pittsburgh, PA 15233 880 Butler Street, Pittsburgh, PA 15223 900 Mount Royal Blvd., Pittsburgh, PA 15223 25 Jones Station Road West, Severna Park, MD 21146 1800-1814 Morningside Avenue, Pittsburgh, PA 15206 139 South Main Street, Butler, PA 16001 Virginia 2600 Weir Place, Chester, VA 23831 520 West Broad Street, Richmond, VA 23220 Warwick Shopping Center, Newport News, VA 23601 3701 Kecoughtan Road, Hampton, VA 23669 421 Wythe Creek Road, Poquoson, VA 23662 Cape Henry SC, Virginia Beach, VA 23451
Category:
E-Commerce
Hello and welcome to Modern CEO! Im Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning. For years, famed restaurateur Danny Meyer has wanted to reinvent the way diners pay their bills. Hes dreamed of a world in which patrons can pay for their meals and simply walk out of an eatery without asking and waiting for the check. Meyers vision for frictionless payments found its way to Frank Bisignano, who served as CEO of Fiserv, the financial services technology provider, until becoming commissioner of the Social Security Administration earlier this year. By 2020, the two executives hatched an idea for a checkless solution that would enable diners to settle their restaurant tabs without taking out a credit card or phone. It then fell to Krystle Mobayeni, a senior vice president and head of restaurants at Fiserv, and Kelly Macpherson, chief technology officer of Meyers Union Square Hospitality Group (USHG), to build the software and systems that would bring their bosses idea to life. The result is a system called Checkless Payments, which the companies announced last week at the National Restaurant Association Show. It isnt unusual for the top executive at a company to be the driver of innovation, especially at entrepreneurial or founder-led organizations. Nearly half the respondents to a 2024 Fast Company survey of its Most Innovative Companies honorees said their CEO was in charge of innovation, and 60% said their top innovation executive reported directly to the CEO. INNOVATOR IN CHIEF Since founding Manhattans Union Square Café in 1985, Meyer has been a force in the hospitality industry. He was an early adopter of online reservations and has served on OpenTables advisory board. USHG, where Meyer is executive chairman, has expanded beyond restaurants to include Hospitality Quotient, a consulting and professional development arm. In 2017, he launched Enlightened Hospitality Investments, a private equity fund that backs businesses that share his values around taking care of employees and customers. I’ve made a career out of driving some people crazy, but in a nice way, Meyer says. If [an innovation] was easy, it wouldve been done already. With Checkless Payments, Meyer challenged the USHG and Fiserv teams to develop a solution that was elegant enough for fine-dining establishments. He didnt want patrons to have to take out their phones to scan a QR code to pay; nor was it practical to set up sensors or other hardware that are part of checkout-free experiences at Amazon Go stores and other retailers. And he didnt want a walled garden that would require customers to use only one kind of credit card or mobile operating system. He also wanted a system that could eventually be extended to other aspects of hospitality, enabling dinners to, say, alert the coat check room or valet that they are getting ready to leave the restaurant, letting them retrieve their belongings or car without waiting. Checkless transactions can benefit not just diners but restaurants, too. Meyer notes that the cumulative time servers and diners spend could instead be used to turn tablesrestaurant-speak for setting, seating, serving, and clearing a table. And Fiservs Mobayeni says restaurants can use the checkless enrollment process for deeper customer engagement. They can let guests know theres a featured menu item or they have a special wine, she says. She envisions a day when diners might use the platform to place their first drink order in advance, which also helps the restaurant operate more efficiently. ITS NOT DINE AND DASH USHGs Macpherson admits that diners may need some coaching on the new system, which was piloted at Manhatta, the groups fine-dining restaurant in New Yorks financial district. Even when I was using it there was this stigma of dining and dashing, she says. Servers, too, will have to adopt a new etiquette. Says Meyer: If Im a guest, heres what Id want my server to say at some point: I know youre part of the [Checkless Payments] program, and I hope Im going to have a chance to thank you and say goodbye, but youre welcome to leave any time you want. USHG will begin rolling out the program at additional restaurants this summer. Fiserv, which last year reported revenue of more than $20 billion, will then make Checkless Payments available to customers of its new Clover Hospitality point-of-sale system for upscale restaurants. I asked Macpherson what it is like to work for an executive chairman who is also an innovator with a reputation for high quality. Its inspirational and exciting, she says. Danny is a beacon in the industry, pushing us and challenging us to think bigger. I like thinking big, too. How can we do what people might say is the impossible? ARE YOU AN INNOVATOR IN CHIEF? Are you a CEO or executive chairman who leads innovation at your organization? Do your employees find your status as innovator in chief inspiring, or do you drive people crazyin a nice way? Send your thoughts to me at stephaniemehta@mansueto.com. Read more: Innovation starts at the top Can startups solve our thorniest challenges? Meet Fast Companys Most Innovative Companies of 2025 Mindset shifts to be a more innovative leader
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||