Trump Wants to Sell US's 1 Million Barrel Reserve of Diesel Fuel
The Trump administration wants to put a 1 million barrel cache of diesel fuel on the market, saying the reserve meant to provide an emergency supply of home heating oil for the Northeast has never been used for its intended purpose.
The sale and closure of the Northeast Home Heating Oil Reserve would generate $100 million to be used for deficit reduction, according to Department of Energy budget details recently made public. The sale of the reserve would require approval by Congress, which gave the Biden administration the green light to sell off and close a 1 million barrel emergency cache of gasoline last year.
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Associated Press
4 minutes ago
- Associated Press
Live updates: Trump formally asks Congress to claw back approved spending targeted by DOGE
The White House on Tuesday officially asked Congress to claw back $9.4 billion in already approved spending, taking funding away from programs targeted by Elon Musk's Department of Government Efficiency. It's a process known as 'rescission,' which requires President Donald Trump to get approval from Congress to return money that had previously been appropriated. Update: Date: 2025-06-04 11:57:58 Title: Ask AP a question Content: Update: Date: 2025-06-04 11:57:09 Title: Trump administration revokes guidance requiring hospitals to provide emergency abortions Content: The Trump administration announced on Tuesday that it would revoke guidance to the nation's hospitals that directed them to provide emergency abortions for women when they are necessary to stabilize their medical condition. That guidance was issued to hospitals in 2022, weeks after the U.S. Supreme Court upended national abortion rights in the U.S. It was an effort by the Biden administration to preserve abortion access for extreme cases in which women were experiencing medical emergencies and needed an abortion to prevent organ loss or severe hemorrhaging, among other serious complications. Under the Emergency Medical Treatment and Active Labor Act, emergency rooms that receive Medicare dollars to provide an exam and stabilizing treatment for all patients. Nearly all emergency rooms in the U.S. rely on Medicare funds. The Trump administration announced on Tuesday that it would no longer enforce that policy. The move prompted concerns from some doctors and abortion rights advocates that women will not get emergency abortions in states with strict bans. ▶ Read more about the administration revoking guidance on emergency abortions Update: Date: 2025-06-04 11:53:55 Title: Trump formally asks Congress to claw back approved spending targeted by DOGE Content: The White House on Tuesday officially asked Congress to claw back $9.4 billion in already approved spending, taking funding away from programs targeted by Elon Musk's Department of Government Efficiency. It's a process known as 'rescission,' which requires Trump to get approval from Congress to return money that had previously been appropriated. Trump's aides say the funding cuts target programs that promote liberal ideologies. The request, if it passes the House and Senate, would formally enshrine many of the spending cuts and freezes sought by DOGE. It comes at a time when Musk is extremely unhappy with the tax cut and spending plan making its way through Congress, calling it on Tuesday a 'disgusting abomination' for increasing the federal deficit. White House budget director Russ Vought said more rescission packages and other efforts to cut spending could follow if the current effort succeeds. 'We are certainly willing and able to send up additional packages if the congressional will is there,' Vought told reporters. ▶ Read more about Trump's request to Congress
New York Times
13 minutes ago
- New York Times
Trump Administration Live Updates: Higher U.S. Tariffs on Steel and Aluminum Take Effect
President Trump and Elon Musk in the Oval Office on Friday after Mr. Musk announced his departure from his role as a special government employee. Elon Musk lashed out on Tuesday against the far-reaching Republican bill intended to enact President Trump's domestic policy agenda, posting on X that it was a 'disgusting abomination' and telling House members who voted for it: 'You know you did wrong.' The tech billionaire criticized the bill, one of Mr. Trump's top priorities, in a series of about 10 posts. In them, Mr. Musk reshared commentary from lawmakers like Senators Rand Paul of Kentucky and Mike Lee of Utah, two Republicans who had sided with him in opposing the rising U.S. deficit. 'I'm sorry, but I just can't stand it anymore,' Mr. Musk wrote on X. He called the domestic policy bill 'massive, outrageous, pork-filled,' adding that it would 'massively increase the already gigantic budget deficit' and that 'Congress is making America bankrupt.' He did not target any specific members of Congress, but hinted that he might support efforts to unseat those who backed the bill in the 2026 midterm elections. 'In November next year, we fire all politicians who betrayed the American people,' he wrote. The blitz of messages signaled a widening rift between Mr. Musk and Mr. Trump as the tech mogul winds down his governmental role leading the Department of Government Efficiency. While the men have publicly professed continued admiration for each other, Mr. Musk's departure from Washington has appeared to liberate him from presenting a united front with the White House. Instead, he has returned to wielding his brand of unpredictable political influence through X, the social media platform he owns. In December, before Mr. Trump's inauguration, Mr. Musk torpedoed a bipartisan spending bill with an onslaught of posts on X, including a threat to find primary challengers for Republicans who supported it. In March, he tried unsuccessfully to sway the outcome of a Wisconsin judicial race with myriad posts in favor of the conservative candidate. Now unshackled from loyalty to the Trump party line, Mr. Musk can again foment chaos with his X feed. Mr. Musk, 53, has often criticized legislation, agencies and others that are against the interests of himself and his companies, which include the electric carmaker Tesla and the rocket company SpaceX. In its current form, Mr. Trump's domestic policy bill would end subsidies and tax credits meant to spur consumers to buy electric vehicles, which would have ramifications for Tesla. The House speaker, Mike Johnson, called Mr. Musk's criticism of the domestic policy bill 'very disappointing.' He told reporters at the Capitol that the two spoke on Monday and that Mr. Musk 'seemed to understand' the virtues of the legislation. The White House and the president were caught off guard by Mr. Musk's posts, a person with knowledge of the situation said, but it's not yet clear whether Mr. Trump will return fire. 'The president already knows where Elon Musk stood on this bill,' said Karoline Leavitt, the White House press secretary. 'It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it.' A representative for Mr. Musk did not respond to requests for comment. Mr. Trump has urged swift passage of the legislation — officially called the One Big, Beautiful Bill Act — which would slash taxes, providing the biggest savings to the wealthy, and steer more money to the military and immigration enforcement. As written, the legislation would cut health, nutrition, education and clean energy programs to cover part of the cost. White House officials and Mr. Johnson have claimed that the bill would shrink the national debt, although the Congressional Budget Office and a number of independent analysts have estimated that the bill would increase federal deficits by well over $1 trillion, even when economic growth is factored in. Mr. Musk posted his criticism at a critical moment for the bill, which passed the House on May 22 in the face of a strong pressure campaign by Mr. Trump. As Mr. Johnson corralled several competing Republican factions, the president summoned recalcitrant holdouts to the White House, and his staff likened Republican opposition to the bill to 'the ultimate betrayal.' But Republican senators have already made clear that they plan to make changes to the bill. Fiscal conservatives, alarmed at the estimates that it would swell the national debt, have demanded further changes and cuts to Medicaid and other programs that could help rein in deficits. Mr. Trump has warned Republicans not to mess with Medicaid, a program that many of his supporters rely on. Mr. Musk started publicly criticizing Mr. Trump's bill last week, saying on CBS News's 'Sunday Morning' that he was disappointed in the legislation's size and impact on the deficit. People close to the congressional negotiations said Mr. Musk was disappointed that Republicans were removing electric vehicle subsidies, according to two people familiar with the negotiations. 'I know that has an effect on his business, and I lament that,' Mr. Johnson said. But he added that he did not believe the government should be subsidizing a transition to electric cars. In an earlier public break with the administration, Mr. Musk slammed the president's top trade adviser, Peter Navarro, as a 'moron' and 'dumber than a sack of bricks' in a series of X posts in April. Tesla executives said Mr. Musk, who abstained from criticizing Mr. Trump directly, seemed not to immediately realize the impact that the administration's tariffs could have on the automaker. The White House downplayed the conflict at the time. Asked about it then, Ms. Leavitt said, 'Boys will be boys.' Late that month, Mr. Musk was briefed on the tariffs' effects and the company's supply chain vulnerabilities. Mr. Musk's threats about unseating Republicans contrast with his political spending last year. His super PAC, America PAC, spent about $20 million in the last election cycle to boost Republicans running for the House. And a different PAC he backed spent $10 million to help Republicans in the Senate. Some Democrats celebrated Mr. Musk's criticism. Senator Chuck Schumer of New York, the minority leader, brought a printed-out copy of Mr. Musk's X posts to the party's weekly news conference on Tuesday. 'He's right,' Mr. Schumer said. 'Republicans should listen to him.' Earlier on Tuesday, Mr. Musk — who appeared onstage at the Conservative Political Action Conference in February with a chain saw and said it would be 'easy' to save the government billions of dollars — shared a meme on X that included a photo of fingertips pinching a minuscule pair of scissors. 'Republicans getting ready to reduce the size of government,' the caption read. Shawn McCreesh , Theodore Schleifer and Catie Edmondson contributed reporting.
CNBC
15 minutes ago
- CNBC
Health care is increasingly out of touch for most Americans: HealthEquity CEO Scott Cutler
Scott Cutler, HealthEquity CEO, joins 'Squawk Box' to discuss the company's quarterly earnings results, state of the HSA market, how the tax and spending bill in Congress would impact eligibility, implementation of AI, and more.
