Fed Chair Powell: Stablecoin industry has matured in the last couple years
Fed Chair Jerome Powell testifies before the The Senate Banking, Housing, and Urban Affairs Committee on 'The Semiannual Monetary Policy Report to the Congress.'
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USA Today
an hour ago
- USA Today
Hitting snags, Trump pushes Senate to pass his big tax bill before July 4
WASHINGTON – President Donald Trump's first order of business after returning from an overseas trip: shore up support for a tax bill he's been pushing to have on his desk by July 4. Trump's administration said it still expected Congress to meet the ambitious timeline, even as the bill ran into hurdles in the Senate that could delay its potential passage. 'We hope so,' the president told reporters, as he left an East Room event. The president's arrival in Washington after attending a NATO Summit in Europe capped a two-week period in which Trump's focus was on foreign affairs. But with tensions in the Middle East abating and his tax bill teetering, Trump turned his attention back to the legislation he's nicknamed the 'Big Beautiful Bill.' The legislation would increase the child tax credit, create investment accounts for kids, increase the estate tax exemption, boost border security and allow residents of high-tax states to write off more of their income. It would also add restrictions to Medicaid and food stamps. Trump sought to rally support for the legislation at an event with workers his administration said would benefit from measures such as no taxes on tips or overtime. White House press secretary Karoline Leavitt said at a daily briefing that meetings and direct conversations with senators about the bill had been taking place behind the scenes. 'I saw some senators rolling out of the Oval Office the other day, and the president remains on the phones talking to his friends in the Senate when necessary,' she said. 'And when they call, he picks up the phone.' She declined to say which senators Trump was trying to convince. But the president spoke this week with Wisconsin Sen. Ron Johnson, a key Republican holdout on the bill. Johnson said they met at the White House on June 23, which was a day before Trump left for Europe. Trump previously hosted members of the Senate Finance Committee at the White House and has met multiple times over the last month with Senate Majority Leader John Thune. Senators Mike Lee of Utah and Bernie Moreno of Ohio attended his event at the White House. Tax bill latest: GOP senators negotiate Trump budget bill in hopes of improving its polling Vice President JD Vance has also urged his former Senate colleagues to vote yes on the bill. He attended Senate Republicans' weekly luncheon last week and met with Johnson at the Capitol on June 10, a person familiar with the conversation said. The White House says it is optimistic it can get Johnson to a yes. He is one of several senators who have said they are worried the legislation, which extends tax cuts and expands breaks Trump signed into law in 2017, will add trillions to the federal deficit. Other lawmakers in the president's party say that cuts to Medicaid in the bill run too deep. Trump can only afford to lose three senators and still be able to pass the bill. Trump chides GOP 'grandstanders' The president directed Republican lawmakers to stay in town, and skip a planned recess heading into the July 4 holiday if they must, in order to get the bill to his desk on his preferred timeline. 'To my friends in the Senate, lock yourself in a room if you must, don't go home, and GET THE DEAL DONE THIS WEEK. Work with the House so they can pick it up, and pass it, IMMEDIATELY. NO ONE GOES ON VACATION UNTIL IT'S DONE,' he said on social media. At his afternoon event on June 26, the president spoke out at 'grandstanders' who were derailing his agenda, without chiding any specific Republican lawmaker by name. "I shouldn't say this, but we don't want to have grandstanders where one or two people raise their hand, 'we'll vote no.' And they do it to grandstand,' he said. 'Not good people. They know who I'm talking about. We don't need grandstanders.' The event was largely focused on everyday Americans the White House brought on stage to put a human face on the proposed policies. One of them was Maliki Krieski, a DoorDash driver from Ripon, Wisconsin, who works for the food delivery service to supplement her income and provide care for her son, a Type 1 diabetic. The 46-year old gift shop owner said she had previously shared her story with White House staff. 'No tax on tips is huge,' Krieski told USA TODAY after the event. 'Being able to put that money back into our pockets and be able to help our families be able to really grow the economy is extremely important.' Tax bill hits another roadblock Lawmakers are relying on a complicated budgeting mechanism to push the bill through without triggering a Democratic filibuster. Senators had to revise a House-passed version of the bill on June 26 after the chamber's parliamentarian, Elizabeth McDonough, ruled that provisions of the bill that were critical to winning over conservative hardliners in the House would have to come out. Among the provisions that were ruled out of bounds were several pertaining to Medicaid, a federal healthcare program for low-income and disabled individuals. Another roadblock: Trump, Senate GOP face big setback on tax bill's Medicaid overhaul Republicans in the lower chamber then said they would oppose the bill if areas of the bill were adjusted. 'I love President Trump and I really want to vote to pass his agenda in the Big Beautiful Bill when it comes back to the House from the Senate, but between the far left Senate Parliamentarian stripping out many of our good provisions and the special interest lobbyists sneaking in dirty poison pills like 10 year state moratoriums on AI, I'm currently a NO,' Republican Rep. Marjorie Taylor Greene of Georgia said in a post on X. House Speaker Mike Johnson told reporters that his chamber would work around the clock to meet Trump's deadline. 'It doesn't make it easier, but you know me, hope springs eternal,' Johnson said.
Yahoo
an hour ago
- Yahoo
Dollar lingers near 3-1/2-year low as traders bet on US rate cuts
By Ankur Banerjee SINGAPORE (Reuters) -The dollar drifted on Friday, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper U.S. rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. Market focus this week has been on U.S. monetary policy. The prospect of Trump announcing the next Federal Reserve Chair, who is expected to be more dovish, earlier than usual to undermine the current chair Jerome Powell has raised odds of the central bank cutting rates. Powell, whose term ends in May, was also interpreted as being more dovish this week in testimony to U.S. Congress, adding to expectation of more rate cuts. Traders are now pricing in 64 basis points of easing this year versus 46 bps expected on Friday. "The sooner a replacement is announced for Powell, the sooner he could be perceived to be a 'lame duck'," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The Wall Street Journal reported on Wednesday that Trump has toyed with the idea of selecting and announcing Powell's replacement by September or October, a move analysts say could lead to the person operating as a shadow Fed chair, undermining Powell's influence. Trump has not decided on a replacement for Powell and a decision is not imminent, a person familiar with the White House's deliberations told Reuters on Thursday. "Such an outcome could introduce some volatility into financial markets if the nominee makes public comments markedly different to the current chair," CBA's Kong said. "For now, expectations President Trump will choose a more dovish chair will keep downward pressure on FOMC pricing and the USD." The euro was steady at $1.1693 in early trading after hitting $1.1745 in the previous session, its highest since September 2021. Sterling last fetched $1.3733, just below the October 2021 top of $1.37701 touched on Thursday. The dollar index, which measures the U.S. unit versus six other currencies, was lingering near its lowest since March 2022 at 97.378, on course for a 2% decline in June, its sixth straight month in the red. The index has dropped more than 10% this year as Trump's tariffs stoke U.S. growth worries, leading investors to look for alternatives. The yen was a bit weaker at 144.73 per dollar, while the Swiss franc was last at 0.8013 per dollar, perched near its strongest level in a decade. Investor attention will also be on progress on trade deals ahead of the July 9 deadline for Trump's "reciprocal" tariffs as nations scramble to get an agreement over the line with the clock ticking. German Chancellor Friedrich Merz said on Thursday the EU should do a "quick and simple" trade deal with the United States rather than a "slow and complicated" one. A White House official said on Thursday the U.S. has reached an agreement with China on how to expedite rare earths shipments to the United States. Sign in to access your portfolio
Chicago Tribune
an hour ago
- Chicago Tribune
Letters to the Editor: Republicans seem intent on hurting the most vulnerable
Members of Congress take the Pledge of Allegiance hundreds of times during their terms in office. It says that liberty and justice are for all. But Republican lawmakers in Washington don't believe the Pledge. Instead, they only want liberty and justice for some. Despite strong opposition, the threats to Medicaid have gotten worse. The budget bill passed by the House in May includes $800 billion in cuts over 10 years. The Senate's version released last week increases those cuts to $1 trillion. The results will be catastrophic. More than 10.3 million Medicaid beneficiaries will lose coverage. More than 4.5 million people with complex needs who live at home may be forced into costlier and lower-quality institutions. More than 4 million family caregivers may lose supports. More than 13,000 people in nursing homes will die. More than 338 rural hospitals will close. Republicans are determined to hurt people who don't deserve it. People like my disabled adult son David, who needs 24/7 support. He lives in a Medicaid-funded group home and attends a Medicaid-funded day activity center, both in Elgin. He's not a statistic. He's one human face of Medicaid. Why is the Republican Congress intent on dismantling safety net programs that David relies on? To give massive tax cuts to wealthy individuals and profitable corporations. So the richest people on the planet can own even more. But taking from David to give to Elon Musk isn't justice for all. In fact, it's not justice at all. Our Illinois senators reject this budget. But if it passes, Illinois will lose money and be forced to cut services. So, please call Republican senators from other states and protest. Their votes affect everyone in the U.S., not just their own constituents. Ask them to live up their Pledge of liberty and justice for all.
