Fed's Barkin on Path for Economy Amid Tariff Uncertainty
Federal Reserve Bank of Richmond President Tom Barkin discusses the outlook for the US economy and current business and consumer sentiment with Matt Miller, Katie Greifeld and Mike McKee on "Bloomberg Open Interest." (Source: Bloomberg)
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Washington Post
8 minutes ago
- Washington Post
Army leaders defend parade and border spending as Congress presses for answers
WASHINGTON — Army leaders on Wednesday defended spending as much as $45 million to add a parade to the service's 250th birthday celebration on June 14 in Washington, saying it will help boost recruitment, as Congress members argued that the money could be better spent on troops' barracks or other priorities. Members of the House Armed Services Committee also said they are concerned that the Defense Department is shifting about $1 billion from a variety of accounts — including base housing — to cover the costs of shoring up the defense of the southern border. Spending for the parade has become a flashpoint since it comes at a time when the Trump administration is slashing funding for personnel and programs across the federal government, including the Defense Department. While the Army has long planned for a festival on the National Mall to celebrate its 250th birthday, the parade was just recently added. President Donald Trump has long wanted a military parade in the city, after seeing an elaborate one in France on Bastille Day during his first presidential term, and June 14 is also his birthday. U.S. Rep. Salud Carbajal, D-Calif., questioned whether the additional cost of the parade was appropriate since all the military services are facing 8% budget cuts, and said perhaps it could be used to improve troops' quality of life or warfighting capabilities. He prodded Army Secretary Daniel Driscoll on what he would prioritize if Congress wrote him a blank check for $45 million. Driscoll replied that he thinks the parade offers a chance to tell the public about the Army. 'I believe very specifically that telling that story will directly lead to a recruiting boom and will fill up our pipeline for the coming years,' he said. At the same time, he and Gen. Randy George, chief of staff of the Army, told lawmakers that the service has now met its recruiting goal for the year — with 61,000 recruits. Army officials have predicted for months that they would hit the target early after making a series of changes to recruiting programs, recruiters and policies over the past several years. That prompted Rep. Wesley Bell, D-Mo., to ask why the parade was needed for recruiting if it's already surging. Driscoll said the Army believes the parade 'will empower an entire new generation of America's youth to catch the spirit to serve their nation.' Rep. Derrick Van Orden, R-Wisc., defended the parade spending, saying 'you cannot put a price tag on patriotism.' House members on both sides of the aisle pressed the Army about a recent request to shift money from across the budget to support the southern border. The biggest concern, they said, is that it takes money away from base housing, which has been plagued with persistent problems, including mold, rodents and raw sewage in barracks. Rep. Don Bacon, R-Neb., agreed the nation needs a strong border, but said lawmakers worked for the past year on a broad effort to address the housing problems. 'I feel like a decision was made that undermined this whole effort that we spent the last year doing.,' he said. Pressed on the issue by Carbajal, George acknowledged that redirecting the money has an impact on the barracks. 'If we took $1 billion out of barracks, we would be able to fix less barracks,' he agreed, but also said, ''You have to make choices, congressman.'
Washington Post
10 minutes ago
- Washington Post
Trump proposes policies that would increase the soaring national debt
President Donald Trump is pursuing an agenda that would add trillions of dollars to the soaring national debt, ignoring warnings from Wall Street, Republican deficit hawks and his outgoing cost-cutting champion. Though Trump ran for office in part on pledges to slash the size of the federal government and rein in the debt, his record so far has been less fiscally disciplined.
CBS News
12 minutes ago
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Hakeem Jeffries calls Elon Musk's attacks on Trump-backed budget bill "the stone-cold reality"
House Minority Leader Hakeem Jeffries, a New York Democrat, says he agrees with Elon Musk's characterization of President Trump's domestic policy bill as a "disgusting abomination," torching what he called a "Republican civil war" among GOP lawmakers in an interview with CBS News. "What Elon Musk said is the stone-cold reality," Jeffries said in an interview with "CBS Evening News" co-anchor Maurice DuBois of Mr. Trump's "big, beautiful bill" — which passed the House last month. "When you try to take away healthcare from more than 15 million Americans, that's a disgusting abomination," Jeffries said of the cuts to Medicaid included in the bill. "When you are endeavoring to rip food, literally, out of the mouths of children, veterans and seniors with the largest cut to nutritional assistance in American history, that is a disgusting abomination. And it's certainly a disgusting abomination, when all of this is being done to provide massive tax breaks to their billionaire donors, and they're going to stick the American people with the bill and increase the debt by trillions of dollars." Musk's "disgusting abomination" comments came in a post on X Tuesday, calling the bill "outrageous" and "pork-filled." Musk and Jeffries' criticisms of the bill differ: Musk has attacked the legislation's price tag, while Jeffries has criticized its cuts to Medicaid and food stamp spending — though the Democratic leader has also pushed back on its cost. Musk previously criticized the bill last month, telling "CBS Sunday Morning" correspondent David Pogue he's "disappointed" by the bill's cost. His comments are striking because Musk was previously a key ally of President Trump, helping to lead the Trump administration's effort to reduce the size of the federal government. House Speaker Mike Johnson, a Louisiana Republican, has pushed back against Musk, defending the bill and calling his criticisms "flat wrong." Musk's criticisms come as Senate Republicans prepare to take up the domestic policy bill, which extends Mr. Trump's signature 2017 tax cuts, imposes work requirements on some Medicaid recipients, adds new restrictions to food stamps and boosts border spending. Some senators are pushing for changes — including a few who are skeptical of its changes to Medicaid. Any changes passed by the Senate will also need to be approved by the House. "What we see right now is a Republican civil war," Jeffries said. "Elon Musk is attacking the GOP tax scam, this reckless budget that's going to hurt everyday Americans. House Republicans are attacking Senate Republicans, Senate Republicans are attacking House Republicans." See more from the interview with Jeffries on the "CBS Evening News" Thursday.
