Declan Lynch: Donald Trump is trapped in a mix of Groundhog Day and Seinfeld, but nobody's laughing
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Irish Times
an hour ago
- Irish Times
Scott Bessent calls for probe into ‘the entire Federal Reserve institution'
US treasury secretary Scott Bessent has called for an inquiry into the 'entire Federal Reserve institution', in the latest sign of how top Trump administration officials are cranking up pressure on the central bank. 'What we need to do is examine the entire Federal Reserve institution and whether they have been successful,' Mr Bessent told CNBC on Monday. Mr Bessent's comments come as US President Donald Trump and his lieutenants have sharply criticised the Fed and its chair Jay Powell for refraining to cut borrowing costs this year. Trump last week asked a group of Republican lawmakers whether he should sack Powell, but later clarified that he had no plans to do so unless he needs to 'leave for fraud'. Mr Trump's government has also recently opened a new front in their campaign against the Fed, with the president's budget director Russell Vought repeatedly alleging that a $2.5 billion (€2.1 billion) renovation of the central bank's headquarters has been grossly mismanaged. READ MORE Bessent amped up his criticism of the Fed on Monday, saying that if the Federal Aviation Administration had made as many mistakes, 'then we would go back and look at why this has happened'. The Fed inspector general is reviewing the renovation of its headquarters, which involves an overhaul of two buildings that overlook the National Mall and is $700 million over budget. Powell has also written to senior senators to explain how the US central bank is reining in costs. [ Donald Trump's escalating attacks on Federal Reserve unnerve investors Opens in new window ] On Monday, the Fed published a video tour of the two buildings, which were built in the 1930s, that are undergoing works. The focus on the plans follows repeated attacks from Mr Trump on Mr Powell over the Fed's stance on interest rates, with the president labelling the central bank chair a 'stubborn mule'. After enacting 1 percentage point in rate cuts over September to December, most rate-setters want to keep borrowing costs on hold at 4.25 to 4.5 per cent as they weigh up the impact of the US president's trade war on inflation. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 The Consumer Price Index figure for June showed prices rising at their fastest pace since February, with the headline rate hitting 2.7 per cent. Central bankers target 2 per cent personal consumption expenditures inflation. Economists are expecting further rises in price pressures over the coming months, but Trump wants rates slashed to as low as 1 per cent. Mr Bessent claimed that the Fed was 'fear-mongering over tariffs' and said the US had seen 'great inflation numbers'. Mr Bessent was seen as one of the front-runners to replace Mr Powell, who is set to step down as chair in May 2026. But Mr Trump said this month that he was happy where his treasury secretary is, before indicating that National Economic Council chair Kevin Hassett was among the top contenders. - Copyright The Financial Times Limited 2025
The Journal
3 hours ago
- The Journal
Irish people travelling to the US for employment or study to face Trump's new $250 visa fee
IRISH PEOPLE APPLYING for a visa to visit the US for the purposes of employment or study will be subject to a new 'Visa Integrity Fee' that is to be brought in by US President Donald Trump's 'Big Beautiful Bill'. The proposed fee of $250 dollars will be levied alongside visitors' other visa related costs. It is reported to take effect from 1 October. Globally, the fee will apply to almost all nonimmigrant visa categories: tourist and business visas, work visas, student, and exchange. Irish nationals, however, are among a list of countries that will mainly avoid this cost. Ireland is a designated Visa Waiver Program country – essentially a country where visas are not required for the majority of nonimmigrant travel to the US. Advertisement The Visa Waiver Program (VWP) enables most citizens or nationals of participating countries to travel to the US for tourism or business for stays of 90 days or less without obtaining a visa. Travellers from VWP countries must have a valid Electronic System for Travel Authorisation (ESTA) approval prior to travel and meet certain requirements: mainly the reason for travel and not having been either a national, resident, or visitor to a list of named countries. Travel for the purposes of employment, credited study, permanent residence, or work as a journalist or in media is not permitted under the VWP and requires a visa that will be subject to the new fee. The J1 visa will also have this additional cost when implemented. A spokesperson for the US Embassy in Dublin said in a statement to The Journal , 'The Trump Administration is committed to protecting our nation and its citizens by upholding the highest standards of national security and public safety through our visa process. 'Congress enacted the Visa Integrity Fee as part of the 'One Big Beautiful Bill' to support the administration's priorities of strengthening immigration enforcement, deterring visa overstays, and funding border security. 'The Department of Homeland Security is charged with implementing this fee. Any updates to fees will be posted to our visa information page at Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Daily Mirror
3 hours ago
- Irish Daily Mirror
Early clues on social welfare and cost of living changes in Budget 2026
With Budget 2026 approaching, anticipation is growing over what measures the Government will introduce to tackle the ongoing cost of living challenges. While the full details won't be revealed until the Budget is officially delivered in October, Government Ministers have started to drop hints about the direction and priorities of the upcoming package. Tomorrow's publication of the Summer Economic Statement is expected to provide valuable insights into the scale and focus of Budget 2026, setting the stage for what Finance Minister Paschal Donohoe will announce. The statement is expected to outline €30 billion in extra capital spending to boost infrastructure, housing and energy. Unlike recent Budgets, which included one-off cost of living payments to ease financial pressures, this year's Budget is expected to take a different approach - one that leans more towards long-term solutions. Taoiseach Micheal Martin has already made clear that while supports will be provided, the emphasis "quite simply has to be on transforming our infrastructure", signaling a shift towards sustainable investment rather than temporary relief measures. Here's what has been revealed so far about the social welfare and cost of living changes expected in Budget 2026. Cost of living payments It has been confirmed that one-off cost of living payments will not be part of this year's budget. Speaking on RTE's News at One last week, Minister for Public Expenditure Jack Chambers stated: "We will not be doing one-off payments, or one-off cost of living payments in this year's Budget. We had a series of Budgets in the last number of years, obviously through Covid, through the inflationary period where we responded." He added that the Government wants to ensure decisions in Budget 2026 are "permanent, sustained and sustainable with the broader global uncertainty." Social welfare rates While specific increases to social welfare rates have yet to be confirmed, Tanaiste Simon Harris has expressed reservations about uniform rises across all payments, particularly concerning jobseeker's allowance. Speaking earlier this month, he said: "I do always think there is merit in not looking at social welfare payments with uniformity across the board." He elaborated: "I'm not convinced that you need to see as significant a rise in the dole as you do in the pension, for example, at the time where our country is at full employment, when there is lots of supports out there for people getting into work. When there are other supports out there for very many people who can't work for very many good reasons. That's my opinion. We'll thrash it out all that out at the time of Budget." Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here. For the latest news and breaking news visit Get all the big headlines, pictures, analysis, opinion and video on the stories that matter to you. Follow us on Twitter @IrishMirror - the official Irish Mirror Twitter account - real news in real time. We're also on Facebook/irishmirror - your must-see news, features, videos and pictures throughout the day from the Irish Daily Mirror, Irish Sunday Mirror and
