Shares in major Indian IT outsourcing firms fell sharply on Tuesday, after Democrats proposed a bill that would mandate that salaries for H1-B visa holders be doubled and growing concerns that the Trump administration may crack down on the visas.

Shares of leading outsourcers Infosys and Wipro fell more than 2% and 1% respectively during trading Tuesday, before paring back some of those losses.

Why it matters: Foreign firms like Infosys represent the heaviest users of H1-B visas, which bring in workers, largely from India, to staff their U.S. operations. All signs point to Washington taking a big bite out of this business model.

Go deeper

Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 30,557,899 — Total deaths: 952,981— Total recoveries: 20,822,644Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 6,730,304 — Total deaths: 198,679 — Total recoveries: 2,556,465 — Total tests: 93,150,052Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19 — Massive USPS face mask operation called off — How the American diet worsens COVID-19.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety net.
  6. Education: At least 42% of school employees are vulnerable.
  7. World: Guatemalan president tests positive for COVID-19.

Trump says Republicans have an "obligation" to fill Ginsburg's seat

President Trump. Photo: Stephen Maturen/Getty Images

President Trump wrote in a tweet Saturday morning that Republicans have an "obligation" to fill Justice Ruth Bader Ginsburg's seat on the Supreme Court following her death Friday.

What he's saying: "We were put in this position of power and importance to make decisions for the people who so proudly elected us, the most important of which has long been considered to be the selection of United States Supreme Court Justices," the president said, tagging the Republican Party. "We have this obligation, without delay!"

Hundreds gather to pay tribute to Justice Ruth Bader Ginsburg along Supreme Court steps

Photo: Alex Brandon/AP

At the Supreme Court steps Friday night hundreds of people gathered to pay tribute to Justice Ruth Bader Ginsburg — singing in a candlelight vigil, with some in tears.

Details: If there is a singular mood at the Supreme Court tonight, it’s some kind of a daze manifested by silence.