Author: potus
Former Treasury Secretary Janet Yellen predicts President Donald Trump’s tariffs will cause prices to rise and average household income to fall, despite a slowing trend in the U.S. inflation rate.”I would expect inflation, on a year-over-year basis of this year, to shoot up to at least 3%, or slightly over, because of the tariffs,” Yellen said Thursday on CNBC’s “Money Movers.”The Biden-era Cabinet secretary made that prediction even as she noted that when it comes to Trump’s tariffs, “There remains a huge degree of uncertainty about exactly what is going to go into effect.”But “I definitely expect that we’re going…
Police handcuffed Sen. Alex Padilla, D-Calif., and pushed him to the ground Thursday after forcibly removing him from a press conference Homeland Security Secretary Kristi Noem was holding in Los Angeles.Padilla had entered the room and interrupted Noem as she was speaking about her department’s plans to continue deportation efforts in California, even as the Trump administration’s recent immigration enforcement operations have stirred a wave of protests there.The senator said after the incident that he was not arrested or detained. DHS blamed Padilla for the altercation, but said he and Noem later held a 15-minute meeting.Video shared with NBC News’…
(The Center Square) – President Donald Trump on Thursday signed three congressional resolutions nullifying California’s electric vehicle and car emissions mandates. A federal law requires states to either adhere to federal vehicle emissions standards or to adopt California’s more stringent Advanced Clean Cars II rule, which requires automakers to sell progressively higher percentages of electric vehicles from 2026 to 2035, when they will be limited to selling only electric vehicles. California had also instituted an Advanced Clean Trucks rule extending similar requirements on a longer timeline to trucks and a regulation implementing stricter standards for nitrogen oxide vehicle emissions.Seventeen states had…
CEO of Chime, Chris Britt, center right, rings the opening bell during the company’s initial public offering at the Nasdaq MarketSite on June 12, 2025 in New York City. Andres Kudacki | Getty ImagesChime opened at $43 in its Nasdaq debut on Thursday after selling shares at $27 each in an IPO that valued the online banking company at $11.6 billion.Late Wednesday, Chime raised about $700 million in its offering, and existing investors sold an additional $165 million worth of shares. The stock is trading under the ticker symbol CHYM.Chime’s IPO, from a valuation perspective, represents a big step down…
The German high command learned a key lesson after losing World War I: Never fight a two-front war. That’s why Germany signed the 1939 Molotov-Ribbentrop pact with the Soviet Union, which stated that neither country would attack the other for a decade. But Adolf Hitler couldn’t count to 10, and Germany ended up in World War II—another two-front war that ended badly for Germany. The same dictum goes for trade wars. It’s okay to fight a one-front war, but not a war with the whole world. As comedian Norm Macdonald joked on The Late Show in 2015, “In the early part…
Larry Ellison, Oracle’s co-founder, chief technology officer and chairman, at right, and U.S. President Donald Trump share a laugh as Ellison uses a stool to stand on as he speaks during a news conference in the Roosevelt Room of the White House in Washington on Jan. 21, 2025. Trump announced an investment in artificial intelligence (AI) infrastructure and took questions on a range of topics including his presidential pardons of Jan. 6 defendants, the war in Ukraine, cryptocurrencies and other topics.Andrew Harnik | Getty Images News | Getty ImagesOracle shares soared 15% on Thursday and headed for a record close…
WASHINGTON (AP) — The Republican tax bill approved by the U.S. House of Representatives would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually, according to a new analysis released Thursday by the Congressional Budget Office.Middle-income households would see a boost of roughly $500 to $1,000 per year under Republican President Donald Trump’s tax bill, the CBO found.The cuts to the lowest-income households come from proposed cuts to social safety net programs including Medicaid and a food assistance program for lower-income people, known as Supplemental Nutrition and…
WASHINGTON (AP) — The House overwhelmingly passed bipartisan legislation Thursday that would solidify federal policies cracking down on the synthetic opioid fentanyl and its analogs in a bid by lawmakers to combat the nation’s opioid epidemic.The HALT Fentanyl Act makes permanent a 2018 emergency rule that classifies knockoffs of fentanyl as Schedule I controlled substances, which results in harsher sentences for possession of the drug. The bill passed the House 321-104 and now heads to President Donald Trump for his signature.The legislation, which applies to what are known as known as “fentanyl-related substances,” garnered support from nearly every Republican and…
[The stream is slated to start at 11 a.m. ET. Please refresh the page if you do not see a player above at that time.]President Donald Trump on Thursday is signing three congressional resolutions that target California’s statewide efforts to adopt electric vehicles and phase out diesel engines and the sale of gas-powered cars by 2035.California’s plan had been adopted by 11 other states.”It’s been a disaster for this country,” Trump said at the White House.”We officially rescue the U.S. auto industry from destruction by terminating California’s electric vehicle mandate,” Trump said.General Motors and Toyota had lobbied against California’s rules.The…
BILLINGS, Mont. (AP) — More than 2 million acres of federal lands would be sold or transferred to states or other entities under a budget proposal from Utah Republican Sen. Mike Lee, reviving a longtime ambition of Western conservatives to cede lands to local control after a similar proposal failed in the House.Lee, who chairs the Energy and Natural Resources Committee, included a mandate for the sales in a draft provision of the GOP’s sweeping tax cut package released Wednesday.Sharp disagreement over such sales has laid bare a split among Republicans who support wholesale transfers of federal property to spur…