'I'm hearing I'm not doing well,' the president said.
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Yahoo
10 minutes ago
- Yahoo
US budget deficit forecast $1 trillion higher over next decade, watchdog says
By David Lawder WASHINGTON (Reuters) -U.S. federal budget deficits will be nearly $1 trillion higher over the next decade than projected in January by the Congressional Budget Office as a result of tax and spending legislation and tariffs, a budget watchdog said on Wednesday. The Committee for a Responsible Federal Budget's latest forecasts show a cumulative deficit of $22.7 trillion from fiscal 2026 to 2035, compared to the CBO's January forecast of $21.8 trillion, which was based on laws and policies that were in place before U.S. President Donald Trump took office in January. The CBO, Congress' non-partisan budget referee agency, said on Monday that it will not issue its customary mid-year budget update this year and will issue its next 10-year budget and economic outlook in early 2026, offering no explanation for the move. The CRFB, which advocates for deficit reduction, projected a $1.7 trillion deficit in fiscal 2025 or 5.6% of GDP, down slightly from $1.83 trillion in 2024 and the CBO's 2025 projection of $1.87 trillion in January. But it said deficits steadily rise over the decade, reaching $2.6 trillion or 5.9% of GDP by 2035. The new CRFB estimates include the budget effects of the One Big Beautiful Bill Act tax and spending bill, as well as Trump's tariffs that are currently in place. But like CBO, they do not include the dynamic economic effects on growth from these changes, a forecasting rule that has drawn criticism from the Trump administration. The group projects the tax cut and spending bill to increase deficits, including interest, by $4.6 trillion through 2035, adding another year to the CBO's $4.1 trillion cost estimate through 2034. But CRFB estimates that this will be offset by $3.4 trillion worth of extra import duty revenue over the next decade due to Trump's new tariffs that are currently in place. New rules restricting eligibility for health insurance subsidies will reduce deficits by another $100 billion through 2035, and Congress' rescission of prior funding to foreign aid, public broadcasting and other programs would save another $100 billion if sustained over a decade, CRFB said. Net interest payments on the national debt will total $14 trillion over the decade, CRFB projected, rising from nearly $1 trillion or 3.2% of GDP in 2025 to $1.8 trillion or 4.1% of GDP in 2035. TARIFF CHALLENGE The forecasts are based on legislative and tariff changes since January but keep CBO's economic forecasts unchanged. Under an alternative scenario forecast by CRFB, the budget picture looks far worse, boosting deficits nearly $7 trillion higher than the CBO baseline. This scenario would see a significant part of Trump's tariffs canceled if the Court of International Trade's ruling against many of Trump's new tariffs is upheld, cutting $2.4 trillion from revenues over a decade. The alternative scenario also assumes extension of a number of temporary tax cuts in the One Big Beautiful Bill Act, including tax breaks on overtime, tips, Social Security income and car loan interest, higher state and local tax deduction allowances and full expensing of factory investments, adding $1.7 trillion to deficits over 10 years. CRFB's alternative scenario also ditches the CBO's projection of a decline in 10-year U.S. Treasury yields over the decade to about 3.8%. If that interest rate stays at the current level of about 4.3%, interest costs would grow by about $1.6 trillion through 2035, CRFB said. The total 2035 debt-to-GDP ratio would grow from 118% in the CBO January baseline to 120% under the CRFB's projected baseline scenario and 134% under the CRFB's alternative scenario. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
11 minutes ago
- Axios
Trump administration revokes security clearances of 37 U.S. officials
The Trump administration revoked the security clearances of 37 current and former officials on Tuesday that it accused of "politicization or weaponization" to "advance personal, partisan or non-objective agendas." The big picture: National Intelligence Director Tulsi Gabbard publicly released a memo naming the officials, which Mark Zaid, a lawyer who represents intelligence officers and who's suing the Trump administration to have his revoked security clearance restored, said may have broken the law. Driving the news: Gabbard accused the officials in an X post on the administration's latest move to revoke security clearances of "politicizing and manipulating intelligence, leaking classified intelligence without authorization, and/or committing intentional egregious violations of tradecraft standards." Neither the memo nor Gabbard's post detailed evidence on these claims, but among the intelligence community public servants included in the list are officials who were involved in assessments on Russia's efforts to interfere in the 2016 election and others who worked on national security under former Presidents Biden and Obama. Others signed a letter supporting the impeachment inquiry into President Trump on allegations that he pressured Ukraine, which far-right activist Laura Loomer amplified last month as she noted some still held security clearances. What they're saying: Zaid wrote on X in response to Gabbard's post: "Can you say 'Privacy Act violation'? I certainly can. Further proof of weaponization and politicization. The vast majority of these individuals are not household names & are dedicated public servants who have worked across multiple presidential administrations." He said in a Tuesday night email that information regarding someone's security clearance "is maintained in a protected Privacy Act System of records" and the government "cannot simply release that information without written consent from the individual or the existence of a Routine Use, which I do not believe exists for this purpose." Representatives for the Office of the Director of National Intelligence did not immediately respond to Axios' Tuesday evening request for comment on the matter. Of note: Loomer noted on X that she had previously called for the security clearance of one of those named in the memo to be revoked, adding: "Thank you, Tulsi! MORE SCALPS." That official worked under then-Director of National Intelligence James Clapper on an Intelligence Community Assessment that found Russia interfered in the first election that President Trump won, a conclusion that's received bipartisan support in Congress. However, Gabbard last month accused the Obama administration of a " manipulation of intelligence" around Russia's role in the 2016 election. Flashback: On his first day in office, President Trump revoked the security clearances of 51 former intelligence officials who signed a letter in 2020 saying emails from Hunter Biden's laptop carried "classic earmarks of a Russian information operation."
CNBC
12 minutes ago
- CNBC
Oil prices rise after supply concerns resurface as Ukraine peace talks stall
Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers. Brent crude futures were at $65.93 a barrel by 0149 GMT, up 14 cents, or 0.21%. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, rose 37 cents to $62.72 a barrel, up 0.59%. The more-active October contract was at $61.92 a barrel, up 15 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply. However, despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia's war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all. Trump on Monday said he was arranging a meeting between Russian President Vladimir Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. Trump said on Tuesday he discussed holding possible talks between Zelenskiy and Putin in Hungary with the country's Prime Minister Viktor Orban. Russia has not confirmed it will take part in talks with Zelenskiy. "The likelihood of a quick resolution to the conflict with Russia now seems unlikely," said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday. In the U.S., BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. The site is a key fuel producer for the Midwest market.
