This week, the focus has been on President Donald Trump’s tariffs and their impact on the market. However, the Senate is currently working on advancing Trump’s tax plans and other domestic spending priorities. Senate Republicans faced delays due to concerns about their strategy on tax cuts and potential cuts to Medicaid. Some centrist senators are worried about the budget change to extend tax cuts, which could cost $4.6 trillion over a decade. The bill also potentially includes cuts to Medicare or Medicaid, which has raised concerns among lawmakers. Some Republicans are also questioning the economic fallout of Trump’s tariffs and when Americans will benefit from the trade policy.
In other news, Trump has extended the deadline for TikTok’s owner to find a non-Chinese buyer. In North Carolina, a recount of more than 65,000 votes in a contested race for the state Supreme Court is underway. The director and No. 2 official at the NSA were ousted, and top vaccine regulators at the FDA have left, raising concerns over the agency’s ability to approve new vaccines and drugs.
In response to a reader question, Elon Musk is considered a special government employee, providing expertise part-time without a salary. He must adhere to conflict-of-interest rules and is only expected to work a certain number of days per year. This position allows him to advise the government without being a full-time employee.
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