Trump threatens political consequences for any Republicans trying to help PBS, NPR
The president specifically wrote that it was 'very important that all Republicans adhere to my Recissions Bill [sic] and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together. Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement.'
In June, the House of Representatives narrowly approved a bill that would cut $1.1 billion in funding that had previously been approved for public media such as PBS and NPR. The vote followed a May executive order that claimed the broadcasters were 'biased' and suggested that 'government funding of news media in this environment is not only outdated and unnecessary but corrosive to the appearance of journalistic independence.'
Congress had already allocated $535 million for public broadcasters this fiscal year, per TheWrap. PBS is specifically receiving $325 million, which it says accounts for 22% of its total funding.
While he may be attempting to shame his own party out of standing in opposition to the bill, Trump is facing legal challenges from both NPR and PBS. PBS' suit specifically names the president's claim of bias as 'viewpoint discrimination' and accuses the administration of violating its First Amendment rights with the executive order. The funding cuts will also force multiple local stations to go dark if they go through, PBS chief Paula Kerger shared during a May interview with Katie Couric (via TheWrap). 'I think we'll figure out a way, through digital, to make sure there is some PBS content,' Kerger said. 'But there won't be anyone in the community creating local content. There won't be a place for people to come together.'
The rescissions bill now needs a majority of votes in the Senate for approval. That vote is expected to occur next week.
More from A.V. Club
3 new songs and 3 new albums to check out this weekend
Nacho Vigalondo retreats to an unimaginative dream world for Daniela Forever
George Lucas making first-ever official appearance at Comic-Con this year
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
10 minutes ago
- Fox News
Tom Homan slams 'Alligator Alcatraz' critics who stayed silent on Biden's 'historic migrant deaths'
Border czar Tom Homan slammed lawmakers for criticizing the conditions of "Alligator Alcatraz" — the nation's newest detention center — while remaining "silent" about the migrant death toll under former President Joe Biden. "Alligator Alcatraz," which was constructed in the alligator-filled swamplands of the Florida Everglades to deter escapees, has drawn scrutiny over its conditions, remote location and potential environmental impact. Critics have questioned whether the site is safe, humane or appropriate for long-term detention. Homan, however, said the center still meets guidelines under U.S. Immigration and Customs Enforcement and maintains the "highest" standards in the industry. "Detainees complain about the conditions of detention," Homan said during an appearance on CNN's "State of the Union" on Sunday. "You can simply go to and look at the detention standards ICE has. They have the highest detention standards in the industry, but these same congressmen are complaining about 'Alligator Alcatraz.'" Homan argued that the lawmakers condemning the facility were noticeably absent when migrant deaths surged under the Biden administration. According to U.S. Customs and Border Protection data obtained by Fox News, 856 migrants died attempting to cross the southern border in fiscal year 2022 — the highest number ever recorded at the time. "You didn't see them complaining about, under Biden administration, people being held in a border patrol parking lot surrounded by a fence and sweltering heat," Homan said. "They ignored four years of open borders, historic migrant deaths, historic Americans dying from fentanyl, historic numbers of women and children being sex trafficked." The border czar claimed that half a million children were trafficked into the country during Biden's presidency — a crisis he said was not criticized heavily — and asserted that the administration under President Donald Trump has done more to locate those children. "You didn't hear a word about half a million children being trafficked in the country and them not being able to locate 300,000," Homan said. "President Trump, this administration, is finding thousands of those children." Homan said lawmakers who failed to push for stronger border security remained "silent because they're complicit" in the crises that unfolded under the Biden administration. "You can't have strong national security in this country if we don't have border security," Homan said. "We got to know who's coming in, what's coming, where it's coming from. But, instead, they kept silent and they kept feeding the American people."
Yahoo
13 minutes ago
- Yahoo
Synchrony's 11% Shareholder Yield Is Too Good for the Market to Ignore
Synchrony Financial isn't the kind of stock that trends on Reddit or commands CNBC airtime. It's a spinoff bank that underwrites store credit cards for companies like Amazon and Lowe's, hardly the most glamorous corner of the market. But quietly, Synchrony is becoming a capital return powerhouse. With an 11% shareholder yield, expanding margins, and a valuation under 7x forward earnings, its offering is more than the most high-growth names at a fraction of the risk, in a market still obsessed with momentum and narratives, Synchrony is playing a different game: generating cash, returning it, and waiting for the market to notice. And when it does, the rerating could be substantial. Unlike traditional banks that depend on consumer deposits and broad lending portfolios, Synchrony operates in a tightly focused lane: private-label credit and co-branded cards. It partners with retailers like Amazon, Lowe's, Sam's Club, and CareCredit for healthcare financing, embedding itself directly at the point of sale. This embedded finance model is more defensible than it looks. Synchrony doesn't just lend; it owns the relationship with both the merchant and the customer. Its partners get tailored credit programs, and Synchrony earns high-yield, interest-bearing balances with direct underwriting control. Unlike buy-now-pay-later startups chasing volume with razor-thin margins, Synchrony operates a durable, interest-driven model backed by decades of data. Its return on equity regularly exceeds 18%, thanks in part to that risk-adjusted, merchant-integrated underwriting engine. It's not sexy, but it's sticky, and increasingly rare in a financial sector overrun by commoditized loan books. Synchrony Financial isn't just profitable, it's aggressive in how it shares that profitability with investors. Over the past eight years, the company has delivered a rare combination of consistent dividends and opportunistic buybacks, creating a total shareholder yield that regularly exceeds 10%, and spiked as high as 27% in 2022. While the dividend has grown steadily from $0.26 per share in 2016 to $1.05 currently, the real power comes from the buyback engine. In 2018 and 2022, Synchrony repurchased the equivalent of 13.63% and 24.32% of its market cap, respectively, during periods of market dislocation. This isn't financial engineering, it's tactical capital deployment. The company has reduced its share count by over 30% since 2016, all while maintaining a conservative payout ratio that rarely exceeds 20%. That leaves room for continued returns without straining regulatory capital levels. In a market where many banks are dialing back repurchases to preserve liquidity, Synchrony is taking the opposite approach, leaning into its strength and rewarding shareholders when it matters most. At first glance, Synchrony Financial trades like a distressed lender. Its forward price-to-earnings ratio sits below 7x, and its price-to-tangible book value is just ~1.25x. For a company generating 24% return on equity and returning more than 10% of its market cap annually, this valuation simply doesn't reflect the underlying fundamentals. The chart below compares Synchrony to three peers in consumer lending, Discover Financial (DFS), Capital One (COF), and Citizens Financial Group (CFG): Metric SYF DFS COF CFG Forward P/E ~6.7x ~8.2x ~7.9x ~9.3x Price/Tangible Book ~1.25x ~1.45x ~1.20x ~1.05x Return on Equity (ROE) ~24% ~23% ~12% ~10% Shareholder Yield (TTM) ~11% ~5% ~4% ~3.5% Despite being the most shareholder-friendly of the group, Synchrony still trades at a discount to peers on a price-to-tangible book basis and remains well below sector averages on earnings multiples. Importantly, it achieves this with better capital efficiency ROE of 24% compared to 1023% for peers. The market seems to be overpricing risk tied to Synchrony's consumer credit exposure. Yet its net charge-off rates remain within historical norms, and the net interest margin is steady around 15.5%, showing little stress. Synchrony's embedded finance model, diversified across retail, healthcare, and home improvement, helps mitigate category-specific cyclicality. If Synchrony simply trades in line with peers on P/E or tangible book, the stock could rerate by 3040%, even without earnings growth. Synchrony Financial isn't popular with fast-money traders, but it's quietly attracting some of the sharpest long-term value investors in the market. Par Capital Management, known for taking concentrated positions in undervalued compounders, remains the company's largest institutional backer. With over 7.5 million shares and an average cost basis of around $28, Par has earned over 140% on its position. Rather than trimming, the firm added more shares in recent filings, signaling a belief that Synchrony's revaluation story isn't close to finished, but Par isn't alone. Francis Chou (Trades, Portfolio), a deeply contrarian value investor with a history of finding unloved financials, also holds a stake in Synchrony. His fund's investment approach emphasizes margin of safety, free cash flow, and capital discipline, traits Synchrony delivers through its high ROE and aggressive buybacks. Even Jeremy Grantham (Trades, Portfolio)'s GMO, known for its macro rigor and value discipline, has owned shares of Synchrony through its diversified funds. While not a top holding, its presence signals broader institutional recognition of the stock's undervaluation relative to its returns. What these investors have in common is patience and a preference for durable economics over short-term narrative. Synchrony fits that mold: high returns, low valuation, disciplined capital allocation, and steady execution in a misunderstood sector. The market may not have rerated the stock yet, but the smart money is already positioned for when it does. As a lender tied to consumer credit, particularly discretionary retail, Synchrony Financial is exposed to the usual cycle risks: changing interest rates, borrower delinquencies, and broader economic slowdowns. But what's often missed is that these risks are already embedded in the price. Synchrony trades at under 7x forward earnings and just 1.25x tangible book, despite generating a 24% return on equity, a valuation that implies severe stress ahead. Yet the company's net charge-off rate remains within historical norms, and its delinquency levels have stayed manageable, even through rising rate environments. When it comes to funding risk, Synchrony stands on solid footing. Its debt maturity profile is laddered conservatively, with an average duration of nearly 5 years. Compared to Citizens Financial (CFG) and Capital One (COF), which rely more heavily on shorter-term wholesale funding, Synchrony locks in longer-term debt at fixed rates, reducing rollover risk during market stress. Synchrony also maintains a CET1 ratio above 13%, giving it an ample capital buffer relative to regulatory requirements. That compares favorably to peers like Discover and Citizens, which operate closer to minimum thresholds. Regulatory scrutiny is another concern, particularly for private-label credit and transparency in consumer finance. But Synchrony has been proactive in adapting to enhanced disclosure requirements and continues to secure large partnerships with high-trust brands like Amazon and Lowe's, signaling operational compliance and partner confidence. In short, Synchrony is priced like a company in crisis. But the fundamentals show the opposite: steady margins, risk-aware funding, and real capital strength. That disconnect is where long-term value emerges. In a market obsessed with fast narratives and headline volatility, Synchrony Financial is doing something rarer: quietly compounding value. With disciplined capital returns, a fortress balance sheet, and embedded financing relationships across retail and healthcare, it's delivering shareholder yield that most growth stocks can't match, even at three times the valuation. Trading at a discount to every relevant peer on both earnings and tangible book, Synchrony still manages to lead on ROE and shareholder payout. It's priced as if a crisis is imminent, yet the fundamentals tell a different story: charge-offs under control, margins intact, long-term debt locked in, and ample capital reserves. Importantly, the company isn't going unnoticed by those who matter. Par Capital, Francis Chou (Trades, Portfolio), and Jeremy Grantham (Trades, Portfolio)'s GMO have all taken positions, some with extraordinary gains already, because they understand what the broader market hasn't: this isn't a turnaround or a trade. It's a rare case of mispriced stability. For investors seeking resilient cash flows, long-term buyback leverage, and underappreciated consistency in a volatile market, Synchrony Financial may be the most compelling under-the-radar compounder available today. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
14 minutes ago
- Los Angeles Times
Trump to meet NATO secretary general as plan takes shape for Ukraine weapons sales
BRIDGEWATER, NJ — NATO Secretary General Mark Rutte is set to meet President Trump this week on the heels of the U.S. leader announcing plans to sell NATO allies weaponry that it can then pass on to Ukraine. NATO announced on Sunday that Rutte will be in Washington on Monday and Tuesday and would hold talks with Trump, Secretary of State Marco Rubio, and Defense Secretary Pete Hegseth as well as members of Congress. The White House did not immediately respond to a request for comment about the visit. A top ally of Trump, Republican Sen. Lindsey Graham of South Carolina, said Sunday that the conflict is nearing an inflection point as Trump shows growing interest in helping Ukraine fight back Russia. It's a cause that Trump, who during his campaign made quickly ending the war a top priority, had previously dismissed as being a waste of U.S. taxpayer money. 'In the coming days, you'll see weapons flowing at a record level to help Ukraine defend themselves,' Graham said on CBS' 'Face the Nation.' He added, 'One of the biggest miscalculations Putin has made is to play Trump. And you just watch, in the coming days and weeks, there's going to be a massive effort to get Putin to the table.' The Rutte visit comes as Trump last week teased that he would make a 'major statement' on Russia on Monday and as Ukraine struggles to repel massive and complex air assaults launched by Russian forces. Graham and Democrat Richard Blumenthal of Connecticut, who appeared with the South Carolina lawmaker on CBS, said there is also growing consensus on Capitol Hill and among European officials about tapping some of the $300 billion in Russian assets frozen by Group of Seven countries early in the war to help Ukraine. 'It's time to do it,' Blumenthal said. Rubio said Friday that some of the U.S.-made weapons that Ukraine is seeking are deployed with NATO allies in Europe. Those weapons could be transferred to Ukraine, with European countries buying replacements from the U.S., he said. 'It's a lot faster to move something, for example, from Germany to Ukraine than it is to order it from a (U.S.) factory and get it there,' Rubio told reporters last week during visit to Kuala Lumpur, Malaysia. French Defense Minister Sébastien Lecornu in an interview published Sunday in La Tribune Dimanche said that European officials have been making the case to the Trump administration to bolster air defense capabilities with any coming packages. He added that France is in a 'capacity hole' and will have to wait until next year before being able to provide Ukraine new ground-air missiles. Trump is also facing calls from Republicans and Democrats as well as European allies to support legislation in the Senate that aims to cripple Russia's oil industry and hit Moscow with U.S. sanctions for its ongoing invasion of Ukraine. The legislation, in part, calls for a 500% tariff on goods imported from countries that continue to buy Russian oil, gas, uranium and other exports. It would have an enormous impact on the economies of Brazil, China and India, which account for the vast majority of Russia's energy trade. 'The big offender here is China, India and Brazil,' Graham said. 'My goal is to end this war. And the only way you are going to end this war is to get people who prop up Putin — make them choose between the American economy and helping Putin.' That revenue is critical in helping keep the Russian war machine humming as the U.S. and Europe have imposed significant import and export bans on a wide range of goods to and from Russia, affecting sectors like finance, energy, transport, technology, and defense. Trump for months had threatened, but held off on, imposing new sanctions against Russia's oil industry. But the Republican leader has become increasingly exasperated with Putin in recent days and has laid into the Russian leader for prolonging the war. 'We get a lot of bull---- thrown at us by Putin, if you want to know the truth,' Trump said last week in an exchange with reporters. 'He's very nice all the time, but it turns out to be meaningless.' Congress has been prepared to act on the legislation, sponsored by Graham and Blumenthal, for some time. The bill has overwhelming support in the Senate, but Republican leadership has been waiting for Trump to give the green light before moving ahead with it. The White House had expressed some reservations about the legislation. Trump made clear he wants full authority over the waiver process to lift the sanctions, tariffs or other penalties, without having to cede control to Congress. Under the initial bill, the president 'may terminate' the penalties under certain circumstances, but immediately reimpose them if the violations resume. Graham has said the president would be allowed to waive the sanctions, for 180 days, and could also renew a waiver. Some Democratic lawmakers have expressed concerns about the waivers. But Blumenthal downplayed the differences and said the legislation would give Trump a 'sledgehammer' to utilize on Putin. 'The waiver language we will have in this bill is very much like the provisions have existed in past similar measures,' Blumenthal said. He added: 'What I think is most important right now is our unity.' Madhani writes for the Associated Press. Associated Press writer Angela Charlton in Paris contributed reporting.
