President Donald Trump secured a sweeping shift in US domestic policy as the House of Representatives narrowly passed his tax and spending bill. 

The $3.4 trillion fiscal package, passed by a vote of 218-214, cuts taxes, curtails spending on safety-net programs and reverses much of former President Joe Biden’s efforts to move the country toward a clean-energy economy. The House now sends the legislation to Trump, in time for a July 4 deadline he set.

The president leveraged his sway over the Republican Party through threats of primary challenges, White House lobbying sessions and golf-course socializing to overcome resistance from both conservative hardliners concerned about the measure’s debt impact and swing-state GOP moderates worried about the scale of Medicaid cuts.

In the end, only two Republicans, Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania, joined with Democrats to oppose the bill.

In a futile attempt to block a final vote on the massive bill, House Democratic Leader Hakeem Jeffries spoke for 8 hours and 45 minutes, breaking the record for the House’s longest “magic minute” floor speech. “This legislation will end Medicaid as we know it,” Jeffries said during the marathon speech. “Rural hospitals will close, nursing homes will close.” —Jordan Parker Erb

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Treasuries tumbled after a stronger-than-expected jobs report for June prompted traders to exit bets on an interest-rate cut by the Federal Reserve this month. Shorter-term Treasuries, which are the most sensitive to expectations for Fed policy, led the slump. Two-year yields rose about 10 basis points, while 10-year rates jumped 7 basis points to 4.35%. The dollar advanced versus its major counterparts before trimming the gains. After the government jobs data contradicted an ADP Research report on Wednesday that showed a decline in private payrolls, interest-rate swaps showed traders saw almost no chance of a Fed rate reduction at the July 29-30 meeting, compared with the roughly 25% probability seen before the report. The probability of a move in September ebbed to about 70%.

US stocks are approaching manic levels, but advisers say it’s not too late to buy. While financial advisers caution that many risks remain and investors should tread lightly, there are still promising areas of investment, including high-quality stocks with more stable earnings and stronger balance sheets (think: tech, health care and utilities). For those who sold stocks earlier this year and want to get back in, experts suggest dollar-cost averaging — making small investments over a period of time instead of dumping in a large lump sum.

The US took fresh steps to restrict the trade of Iranian oil, keeping up pressure on Iran even as Trump signaled possible relief after bombing the nation’s nuclear facilities. The Treasury Department issued sanctions that target a network of businesses accused of buying and transporting billions of dollars worth of Iranian oil. The list includes several companies that allegedly sell oil from Iran to Western buyers by falsely declaring their shipments as Iraqi, as well as their owner, an Iraqi-British national named Salim Ahmed Said. The State Department penalized six companies, including four vessels aiding Iran’s oil exports.

Russian President Vladimir Putin and Donald Trump discussed Ukraine in phone talks on Thursday, with the Kremlin indicating that little progress was made in the US president’s efforts to bring an end to the war. Trump and Putin spoke after the Pentagon announced this week it was pausing the transfer of artillery rounds and air defenses to Ukraine, citing a review of US stockpiles as it weighs the need to save weapons for other threats. That’s as Russia has intensified its missile and drone attacks on Ukraine in recent weeks. While Trump again “raised the question of an early cessation of hostilities,” according to Kremlin foreign policy aide Yuri Ushakov, Putin said Russia “will not back down” from its war aims.

Meet the man tasked with ending Citigroup’s fat-finger blunders. Tim Ryan — an earnest, soft-spoken Bostonian who was once told in high school he’d never amount to much — has been untangling legacy software and data systems that have irked the bank’s moneymakers and regulators, and which have at times made it an industry punchline. The most notorious moments: “fat-finger” errors that accidentally credited fortunes to recipients.

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