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US consumer inflation picks up to 2.7% as tariff scrutiny grows

US consumer inflation picks up to 2.7% as tariff scrutiny grows

LBCI6 days ago
US consumer inflation accelerated in line with analyst expectations last month, government data showed Tuesday, as policymakers try to gauge how President Donald Trump's ever-growing list of tariffs is affecting the economy.
The consumer price index (CPI) was up 2.7 percent from a year ago, rising from the 2.4 percent figure in May as energy costs rose, said the Department of Labor.
AFP
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The House gave final approval to President Donald Trump's request to claw back about $9 billion for public broadcasting and foreign aid early Friday as Republicans intensified their efforts to target institutions and programs they view as bloated or out of step with their agenda. The vote marked the first time in decades that a president has successfully submitted such a rescissions request to Congress, and the White House suggested it won't be the last. Some Republicans were uncomfortable with the cuts, yet supported them anyway, wary of crossing Trump or upsetting his agenda. The House passed the bill by a vote of 216-213. It now goes to Trump for his signature. "We need to get back to fiscal sanity and this is an important step," said House Speaker Mike Johnson, R-La. Opponents voiced concerns not only about the programs targeted, but about Congress ceding its spending powers to the executive branch as investments approved on a bipartisan basis were being subsequently canceled on party-line votes. They said previous rescission efforts had at least some bipartisan buy-in and described the Republican package as unprecedented. No Democrats supported the measure when it passed the Senate, 51-48, in the early morning hours Thursday. Final passage in the House was delayed for several hours as Republicans wrestled with their response to Democrats' push for a vote on the release of Jeffrey Epstein files. The package cancels about $1.1 billion for the Corporation for Public Broadcasting and nearly $8 billion for a variety of foreign aid programs, many designed to help countries where drought, disease and political unrest endure. The effort to claw back a sliver of federal spending came just weeks after Republicans also muscled through Trump's tax and spending cut bill without any Democratic support. The Congressional Budget Office has projected that measure will increase the U.S. debt by about $3.3 trillion over the coming decade. "No one is buying the the notion that Republicans are actually trying to improve wasteful spending," said Democratic leader Hakeem Jeffries. A heavy blow to the Corporation for Public Broadcasting The cancellation of $1.1 billion for the CPB represents the full amount it is due to receive during the next two budget years. The White House says the public media system is politically biased and an unnecessary expense. The corporation distributes more than two-thirds of the money to more than 1,500 locally operated public television and radio stations, with much of the remainder assigned to National Public Radio and the Public Broadcasting Service to support national programming. Democrats were unsuccessful in restoring the funding in the Senate. Lawmakers with large rural constituencies voiced particular concern about what the cuts to public broadcasting could mean for some local public stations in their state. Sen. Lisa Murkowski, R-Alaska, said the stations are "not just your news — it is your tsunami alert, it is your landslide alert, it is your volcano alert." As the Senate debated the bill Tuesday, a 7.3 magnitude earthquake struck off the remote Alaska Peninsula, triggering tsunami warnings on local public broadcasting stations that advised people to get to higher ground. Sen. Mike Rounds, R-S.D., said he secured a deal from the White House that some money administered by the Interior Department would be repurposed to subsidize Native American public radio stations in about a dozen states. 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The White House argued that many of the cuts would incentivize other nations to step up and do more to respond to humanitarian crises and that the rescissions best served the American taxpayer. "The money that we're clawing back in this rescissions package is the people's money. We ought not to forget that," said Rep. Virginia Foxx, R-N.C., chair of the House Rules Committee. After objections from several Republicans, Senate GOP leaders took out a $400 million cut to PEPFAR, a politically popular program to combat HIV/AIDS that is credited with saving millions of lives since its creation under Republican President George W. Bush. Looking ahead to future spending fights Democrats say the bill upends a legislative process that typically requires lawmakers from both parties to work together to fund the nation's priorities. 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