Good morning. Donald Trump says the US is close to a deal with Iran, and maybe also India? Lawmakers’ proposed tax cuts are going to come at a cost. And read on for a list of the best books of the summer. Listen to the day’s top stories.
The US may also be getting closer to an agreement with Iran. NBC earlier reported that Iran is willing to forgo nuclear weapons in exchange for immediate sanctions relief. Oil tanked on speculation that a deal would increase the odds of oversupply later this year.
The chance of a recession in the US now stands at about 45%, according to Steve Cohen. The founder of Point72 Asset Management said there’s “significant slowing growth,” but he doesn’t expect the Federal Reserve to lower rates right away because of concern about tariff-induced inflation.
UnitedHealth is under criminal investigation for possible Medicare fraud, the Wall Street Journal reported. The company said the Department of Justice hadn’t notified it about the reported investigation. Regardless, it’s not a great look after the insurer unexpectedly replaced its CEO and suspended earnings guidance.
US House Speaker Mike Johnson. Photographer: Stefani Reynolds/Bloomberg
The cost of Republican lawmakers’ draft plan for sweeping tax cuts weighed in at $3.8 trillion over the next 10 years in one official estimate. The reality is probably much higher.
Budget experts typically calculate the cost of legislation over a 10-year period. But Trump’s plan to remove taxes on tips and overtime are supposed to expire after just four years. And lawmakers also want to make permanent the lower income-tax rates set in Trump’s 2017 tax package.
Analysis by the Committee for a Responsible Federal Budget, a centrist fiscal watchdog group, shows that extending the new benefits for a full decade would take the cumulative increase in the deficit to $5.2 trillion.
Bloomberg Tech: Join top tech decisionmakers and influencers on June 4-5 in San Francisco. Decode technology’s evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.
The Big Take
A worker grinds the inner surface of a nuclear reactor’s steam generator at the Doosan Enerbility plant in Changwon, South Korea. Photographer: Jun Michael Park for Bloomberg Businessweek
South Korea has built up the best large-scale atomic-energy industry outside China and Russia. Now it stands to reap financial and diplomatic rewards.
Trump’s big, beautiful bill is certainly big, but not very beautiful, John Authers writes. It may fall to the bond vigilantes to save Washington from fiscal profligacy—only this time, that would involve squelching what’s building into a remarkable rally in equities.
The summer’s most gripping books excavate and enliven history. No matter if it’s interrogating a century-old injustice or vivifying events so recent they feel current, the best books take the past and run with it. Read on for our top 10 new picks.
