Trump tariffs and the physical AI explosion
CNBC's Deirdre Bosa joins 'The Exchange' to discuss the readiness of the U.S. to manufacture AI devices as Trump threatens Apple's non-domestic production.
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CBS News
29 minutes ago
- CBS News
Trump's "one big beautiful bill" holdout Sen. Rand Paul says "the math doesn't really add up"
Washington — Sen. Rand Paul, a Kentucky Republican, said Sunday that "the math doesn't really add up" on the cost of President Trump's "one big beautiful bill," while outlining his opposition as the legislation moves to the Senate this week. "I think they're asking for too much money," Paul said on "Face the Nation with Margaret Brennan." Paul is among a handful of Senate Republicans who have expressed opposition to the centerpiece legislation of Mr. Trump's second term agenda that addresses the president's tax, defense and energy priorities and which the House narrowly approved last month. The Kentucky Republican argued Sunday that with the legislation, "there's going to be a lot of extra money" going toward "padding the military budget" and additional border security when "the President has essentially stopped the border flow without new money and without any legislation." But Paul's red line, he indicated, is on the legislation's provision that would to raise the debt ceiling. The House-passed bill includes a $4 trillion debt ceiling hike, while the Senate's budget blueprint contained a $5 trillion increase. And Treasury Secretary Scott Bessent told congressional leaders earlier this month that the federal government could be unable to pay its bills as soon as August if Congress doesn't act. Paul has advocated for removing the debt ceiling provision from the bill and voting on the issue separately. Paul said he wants to vote for the legislation and its tax components should the debt ceiling component be removed, saying "in all likelihood, I can vote for what the agreement is on the rest of the bill, and it doesn't have to be perfect to my liking." But for him, the debt ceiling increase is a nonstarter. "If I vote for the $5 trillion debt, who's left in Washington that cares about the debt?" Paul said. "The GOP will own the debt once they vote for this." Congressional Republicans have sought to raise the debt ceiling as part of the broader budget package because the reconciliation process that governs the bill allows them to move forward without support from across the aisle. Separating the debt ceiling component from the broader bill would mean Senate Republicans would have to negotiate with Democrats, giving them an opportunity to extract leverage despite the GOP majorities in Congress. Still, Paul argued that the Republicans who support the spending increase should be the ones responsible for voting for a debt ceiling increase, noting that Democrats have historically supported raising the debt limit as well. The Kentucky Republican has also proposed smaller increases that suspend the debt limit for a matter of months, forcing lawmakers to verify that spending cuts have been implemented before approving a further hike. Mr. Trump warned Paul about opposing the legislation in a post on Truth Social Saturday, saying "Rand will be playing right into the hands of the Democrats, and the GREAT people of Kentucky will never forgive him!" Meanwhile, Bessent, who also appeared Sunday on "Face the Nation," pushed back on the bill's forecasted impact on the deficit, pointing to income from tariffs among other things that he said will improve the full picture. The treasury secretary said changes to the bill will be "the Senate's decision," noting that he's been working closely with Senate Majority Leader John Thune, whom he said has been "doing a fantastic job." "Everyone said that Speaker Johnson would not be able to get this bill out of the House with his slim majority – he got it out, " Bessent said. "Leader Thune has a bigger majority, and this is with President Trump's leadership." Asked about the administration's red lines as the bill heads to the Senate, Bessent pointed to some of the president's campaign promises, including no tax on tips, no tax on overtime, no tax on Social Security, among others, which he said would "have to stay in." On the debt limit, Bessent urged that "the United States of America is never going to default." But he declined to specify an X date, or the date the U.S. will run out of money to pay its bills. "That is never going to happen," he added. "We are on the warning track, and we will never hit the wall."
New York Post
29 minutes ago
- New York Post
Fla. Sen. Rick Scott calls for more budget cuts to restore ‘fiscal sanity' into Trump's ‘big, beautiful' bill
A top Senate Republican said Sunday that more spending cuts are needed to infuse 'fiscal sanity' into President Trump's proposed 'big, beautiful' budget bill. Florida Sen. Rick Scott, who serves on the Senate's Budget Committee, told WABC 770 AM radio's 'Cats Roundtable' that his fellow GOPers in the House did not do nearly enough to control spending or help rein in America's explosive debt when they passed the bill last month. He said he and other Senate Republicans will work with the president and House GOPers to remove bloat and confront the debt bomb in a final spending bill. 5 Senator Rick Scott says more spending cuts are needed to infuse 'fiscal sanity' into President Trump's proposed 'big, beautiful' budget bill. Getty Images 'The House worked their tail off. Unfortunately, the House bill cuts the spending over the next 10 years by something like 1.7%. There's a lot more we have to do,' Scott told show host John Catsimatidis. Scott, a two-term senator who previously served as Florida's governor, said the bill passed by the House includes many good things such as renewing the 2017 Trump tax cuts and boosting spending for border security and the military. 'But we have to bring more fiscal sanity to the table,' he said. 'In the next few months, we'll probably hit $37 trillion in debt. And we're running over $1 trillion a year on interest expense.' 'If we leave it just the way it is, we're going to be close to $60 trillion worth of debt in 10 years. We'll never be able to pay for anything else we care about.' He said Elon Musk and the Department of Government Efficiency, or DOGE, have shown where spending can be slashed. 'We've got to go line by line through the budget and do everything we can to save money,' Scott said. 'I'm committed to getting this bill done. I believe every Republican I know wants to get this bill done. But we also will want to create some fiscal sanity.' 5 Elon Musk accompanying Scott as they walk through the U.S. Capitol on March 05. Getty Images The proposed One Big Beautiful Bill Act, which is intended to be Trump's signature legislative achievement of the year, features more than $1.5 trillion in spending cuts over a 10-year period but is projected to add between $3 to $4 trillion to the debt during that time frame, according to various estimates. Deficit concerns have prompted backlash from GOP fiscal hawk such as Sens. Rand Paul (R-Ky.) and Ron Johnson (R-Wis.), who have expressed opposition to the mega-bill in its current form because of its impact on the deficit. Other Republican critics, such as Sens. Josh Hawley (R-Mo.) and Lisa Murkowski (R-Alaska), have voiced reservations over the Medicaid reforms in the mammoth bill. 5 Speaker of the House Mike Johnson speaks to the media after the House narrowly passed a bill forwarding President Donald Trump's agenda on May 22 in Washington, DC. Getty Images 5 Sen. Rand Paul has expressed opposition to the mega-bill in its current form because of its impact on the deficit. AP Last month, Scott told conservative pundit Charlie Kirk, 'Absolutely I'd vote no' on the bill in its current form and, 'If they brought it to the floor right now, there's not a chance it would get to 51 votes.' Republicans hold a 53-47 edge over Democrats in the Senate. Trump has warned that Republicans who threaten to vote against his spending plan are playing into the hands of Democrats. He singled out Paul on Saturday. 'If Senator Rand Paul votes against our Great, Big, Beautiful Bill, he is voting for, along with the Radical Left Democrats, a 68% Tax Increase and, perhaps even more importantly, a first time ever default on US Debt,' Trump wrote on Truth Social. 5 Trump has said Republicans who threaten to vote against his spending plan are playing into the hands of Democrats. AP On a different segment of the Sunday radio show, House Speaker Mike Johnson (R-La.) defended the bill passed by one vote in his chamber and vowed that the Senate and House and the White House would agree on a final package by July 4. In response to criticism from Senate budget hawks such as Scott, the speaker insisted the House made historic cuts. 'No other government has ever cut this much in a single piece of legislation,' Johnson said. 'You're talking about more than $1.5 trillion. It's by a factor of two the largest cut that Congress will have ever made. 'Is it enough? No, it's not,' he acknowledged. 'We have $36 trillion in federal debt. But it's important to remember that we did not get into that financial situation overnight. It took many decades. 'It's going to take more than a flip of a switch to turn it around … It's like a large vessel on the sea. It doesn't turn on a dime. You need like a mile of open ocean to do it.' Johnson said the House bill was a 'dramatic shift in the right direction.'
Bloomberg
33 minutes ago
- Bloomberg
Record Labels in Talks to License Music to AI Firms Udio, Suno
Major music companies are in talks to license their work to artificial intelligence startups Udio and Suno, deals that would establish a framework for how AI companies compensate recording artists for their work, according to people familiar with the discussions. Universal Music Group, Warner Music Group and Sony Music Entertainment are pushing to collect license fees for their work and also receive a small amount of equity in Suno and Udio, two leaders among a crop of companies that use generative AI to help make music. Any deal would help settle lawsuits between the two sides, said the people, who declined to be identified because the talks could fall apart.
