Bitcoin Price Sets New Intraday Record
The price of bitcoin rose to a fresh peak near $112,000, extending a recent rally. The digital token rose as high as $111,875 in overnight trading, according to the CoinDesk Bitcoin Price Index. It had set new records for both end-of-day and intraday levels on Wednesday.
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Axios
20 minutes ago
- Axios
MAGA's blue-collar base waits patiently for populist payoff
President Trump 's second term has been a payday for the powerful, exposing a disconnect in his promise to deliver for "the forgotten man" of America's working class. Why it matters: The populist paradox at the heart of MAGA — a movement fueled by economic grievance and championed by a New York billionaire — has never been more pronounced. Trump's blue-collar base remains fiercely loyal, energized by his hardline stances on immigration, trade and culture — and patient that his economic "Golden Age" will materialize. But so far, the clearest financial rewards of Trump's tenure are flowing upward — to wealthy donors, family members, insiders and the president himself. The big picture: Trump's inner circle has shattered norms around profiting from the presidency, dulling public outrage to the point where even the most brazen access schemes draw only fleeting scrutiny. Take crypto: The top holders of Trump's meme coin were granted an exclusive dinner last month at the president's Virginia golf club, where some paid millions for access. The White House refused to release the guest list, but wealthy foreigners — including a Chinese billionaire who faced SEC charges under the Biden administration — were among those revealed to be in attendance. Trump's sons, meanwhile, are spearheading a family crypto venture that has raked in hundreds of millions of dollars. Trump Media, the parent company of Truth Social, is raising $2.5 billion to buy Bitcoin. All of this — plus a flurry of lucrative real estate deals overseas — is playing out as Trump presides over U.S. foreign policy and the fate of crypto regulation. Zoom in: Now take Trump's relationship with his donors. His Cabinet is the wealthiest in American history, stocked with mega-donors whose combined net worth reaches well into the billions — even discounting estranged former adviser Elon Musk. Trump has granted pardons or clemency to a stream of white-collar criminals and wealthy tax cheats, many of whom hired lobbyists, donated to the president or raised money on his behalf. The Wall Street Journal found that the biggest corporate and individual donors to Trump's inauguration later received relief from investigations, U.S. market access and plum postings in the administration. The other side: Trump officials wholly reject the premise that the administration's policies don't benefit the working-class Americans who voted for the president en masse. The White House points to cooling inflation, plummeting border crossings, and the tariff-driven re-shoring of manufacturing as evidence of Trump delivering on his core promises. They frame his crypto push, AI acceleration and deregulatory agenda as driving forces behind a pro-growth tide that will lift all boats — including for middle- and working-class Americans. Reality check: Inflation may remain benign for now, but there are growing signs businesses are experiencing higher prices and passing some or all of those costs directly through to consumers, Axios managing editor for business Ben Berkowitz notes. While companies have made encouraging public statements about re-shoring, in almost all of those cases it's too soon for any shovels to be in the ground. What to watch: Trump's "One, Big, Beautiful Bill" is packed with populist red meat, including the extension of his first-term tax cuts, the elimination of taxes on tips and overtime, and $1,000 " Trump Accounts" for newborns. "All his hopes and dreams on that front are pinned to that reconciliation bill," one MAGA operative told Axios, characterizing it as "the bulk" of Trump's legislative agenda for the middle class. "The president expects the Senate to quickly pass the One, Big, Beautiful Bill, codifying huge tax cuts that will mean permanent savings for hardworking Americans," White House spokesperson Taylor Rogers said. Between the lines: Several independent analyses project that the wealthiest Americans would benefit most from the bill. A Penn Wharton study that found the top 10% of earners would reap 70% of the legislation's total value. The Congressional Budget Office projects that Medicaid work requirements and other health care cuts would leave about 11 million people uninsured by 2034. Millions could also be forced off of food stamps. "Medicaid, you gotta be careful," former Trump adviser Steve Bannon said on his "War Room" podcast in February. "Because a lot of MAGAs are on Medicaid, I'm telling you. If you don't think so, you are dead wrong." Factory investments in red districts are expected to suffer most from the bill's rollback of clean energy credits included in President Biden's Inflation Reduction Act. The bottom line: Inside the MAGA movement, there's little concern about who's getting rich as long as Trump keeps fighting the culture wars, deporting immigrants and tearing down liberal institutions.
CNN
34 minutes ago
- CNN
Bernie Sanders: Trump ‘wants all the power'
Bernie Sanders: Trump 'wants all the power' Senator Bernie Sanders (I-VT) criticized President Donald Trump's decision to deploy National Guard troops in Los Angeles, claiming that Trump 'wants all of the power' and is rapidly moving the US 'into authoritarianism.' 00:58 - Source: CNN See reactions to the Trump-Musk feud See some reactions to the intense public feud that erupted between President Donald Trump and his one-time ally, billionaire Elon Musk. 01:05 - Source: CNN Trump on Musk: 'The poor guy's got a problem' In a phone call with CNN's Dana Bash, President Donald Trump said he is 'not even thinking about' billionaire Elon Musk and won't be speaking to him in the near future. The comments come a day after Trump and Musk traded barbs on social media as their relationship deteriorated in spectacular public fashion. 00:43 - Source: CNN Trump and Musk escalate public feud An intense public feud erupted between President Donald Trump and his one-time ally, billionaire Elon Musk, with an argument about Trump's massive tax and domestic policy bill raging across social media and in the Oval Office. CNN's senior White House correspondent Kristen Holmes reports. 03:03 - Source: CNN Kara Swisher on the 'nuclear' feud between Trump and Musk CNN's Anderson Cooper talks with Kara Swisher about the stunning public feud between President Donald Trump and Elon Musk. 01:30 - Source: CNN German leader on 'terrible' impact of Trump's tariffs In an interview with CNN's Jake Tapper, German Chancellor Friedrich Merz talks about the impact President Trump's tariffs are having on the auto industry. 01:13 - Source: CNN Curtis Yarvin is inspiring a new generation of MAGA CNN's Hadas Gold interviews anti-democracy author Curtis Yarvin about his argument for an all-powerful executive in the White House. 02:24 - Source: CNN DNC Trolls Trump with Taco Truck The Democratic National Committee parked a taco truck outside the RNC headquarters in Washington DC Tuesday, as a way to troll the president over an acronym created by a Financial Times commentator about the president's frequent walk backs and pauses to his tariff's. 00:52 - Source: CNN Musk calls Trump's bill 'disgusting abomination' Elon Musk lashed out at President Donald Trump's agenda bill — which the president is pressuring GOP senators to support — calling it a 'disgusting abomination.' CNN's Kaitlan Collins reports. 00:59 - Source: CNN ICE chief defends agents wearing masks during immigration raids Acting ICE Director Todd Lyons is defending federal immigration agents for wearing masks during raids across the US, citing safety concerns. The tactic has sparked backlash and raised questions about transparency and accountability. 00:58 - Source: CNN Dana Bash presses Trump's budget chief about cancer cuts CNN's Dana Bash presses Office of Management and Budget Director Russ Vought on the Trump administration's proposal to cut non-defense spending by more than 22% — including deep reductions to education, food assistance, and billions in cancer research funding. As Vought defends the cuts and criticizes the NIH, Bash challenges him on the real-world impact to life-saving medical research. 01:35 - Source: CNN Trump reacts to video of Macron's apparent shove from wife President Trump was asked by reporters about the viral video appearing to show French President Emmanuel Macron being pushed by his wife Brigitte as they disembarked from a plane in Vietnam. Macron, at the time, quickly dismissed the video. 00:34 - Source: CNN Trans high school athlete wins events amid controversy A transgender athlete, whose participation sparked a national controversy and a temporary rule change, took first place in two of her three events in the California High School Track and Field Championship. 01:09 - Source: CNN South Carolina voter says 'no' to moving center South Carolina has often bucked the electoral trend – voting for candidates who lost in Iowa or New Hampshire and thus helping pick which candidate will move on to the general election. CNN's Jeff Simon spoke to multiple voters at a Democrat dinner in Columbia, South Carolina about the party's leadership and future. 01:25 - Source: CNN Hegseth warns 'threat China poses is real' US Defense Secretary Pete Hegseth, speaking to Asia's premier defense forum in Singapore, delivered a dire warning to the world: China's designs on Taiwan pose a threat to global peace and stability that requires 'our allies and partners do their part on defense.' While Hegseth made clear that Washington does not seek conflict with China, he stressed the Trump administration would not let aggression from Beijing stand. 00:50 - Source: CNN GOP senator pressed on Medicaid in heated town hall GOP Sen. Joni Ernst faced concerns from town hall attendees over potential cuts to Medicaid and SNAP programs as a result of President Donald Trump's sweeping domestic policy bill, saying at one point, 'Well, we all are going to die,' and insisting that those who are eligible for Medicaid will continue to receive payments. 01:12 - Source: CNN Fareed Zakaria breaks down Trump's tariff battle CNN's Fareed Zakaria breaks down what's going on with President Donald Trump's battle with the Supreme Court over tariffs. 00:58 - Source: CNN President Trump's timeline for things seems to almost always be 'in two weeks' President Donald Trump told reporters it will take about 'two weeks' to determine whether Russian President Vladimir Putin is serious about ending the war in Ukraine. That two week timeline, CNN's Abby Phillip says, is a familiar one. 01:48 - Source: CNN President Trump is on a pardoning spree President Donald Trump used his pardon power to grant clemency to a wave of individuals who had been convicted of crimes that range from public corruption, guns and even maritime-related offenses, according to multiple officials. CNN's Kaitlan Collins reports. 00:53 - Source: CNN Trump responds to Wall Street term 'TACO': Trump Always Chickens Out President Donald Trump was asked about "TACO," an acronym that means "Trump Always Chickens Out," which is used by Wall Street workers for his on-and-off approach to tariffs. Calling it "the nastiest question," Trump defended his tariff policy by calling it "negotiation." 01:13 - Source: CNN Harvard students and faculty speak out against Trump Harvard students and faculty spoke to CNN ahead of commencement as Donald Trump said the university should cap foreign enrollment. The Trump administration has recently sought to cancel $100 million in contracts with the school. 02:03 - Source: CNN
New York Times
an hour ago
- New York Times
President Trump to golf with SEC commish, Notre Dame AD as college leaders seek federal help
SEC commissioner Greg Sankey and Notre Dame athletic director Pete Bevacqua were scheduled to play golf with President Donald Trump at his course in New Jersey on Sunday as college sports leaders continue to look to the federal government for support. Two people briefed on the meeting confirmed the president's plans to The Athletic, speaking on condition of anonymity because they had not been authorized to speak publicly. Yahoo! Sports first reported about the golf outing. Advertisement Sankey is the longest tenured power conference commissioner and a longtime policy shaper at the NCAA and national level. Bevacqua leads the athletic department of one of the most prominent schools in college sports. The former television executive was previously the CEO of the PGA of America and has a prior relationship with the president going back to the days before he became a politician; the tour regularly played tournaments at Trump National Golf Club in Bedminster, N.J. The meeting comes two days after a federal judge approved a $2.8 billion antitrust lawsuit settlement that will pave the way for colleges and universities to directly pay their athletes for the first time. But the rules and regulations laid out in the terms of the agreement are still vulnerable to legal and political attacks. College sports leaders have been lobbying lawmakers on Capitol Hill for legislation to pre-empt myriad state laws that have created a patchwork of rules regarding athlete compensation, address athletes' employment status and provide some antitrust protection for the NCAA and its conferences. Now with the settlement of House v. NCAA in place, lawmakers have a structure to build upon — if they can come to agreement on a bill. Trump has indicated he would like to help facilitate a federal solution for college sports, possibly with an executive order. Plans were in the works for a presidential commission on college sports led by billionaire businessman Cody Campbell, a prominent Texas Tech booster, and former Alabama coach Nick Saban. The commission is currently on hold as lawmakers in the Senate, led by Republican Ted Cruz of Texas and Democrat Cory Booker of New Jersey, work on what they hope will be a bipartisan bill. Another hearing on college sports and how athletes are compensated for name, image and likeness is scheduled for later this week in the House Energy and Commerce Committee. (Photo of Pete Bevacqua and Donald Trump in 2014: Mike Stobe / Getty Images for PGA of America)
