logo
Donald Trump Scores Second Massive Legislative Victory

Donald Trump Scores Second Massive Legislative Victory

Newsweeka day ago
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
The House of Representatives has voted in favor of a rule approving President Donald Trump's request to claw back around $9 billion for public broadcasting and foreign aid.
The House passed the bill early Friday in a 216-213 vote, and it will now go to Trump's desk for signature.
Responding to the vote, Trump wrote on Truth Social: "House approves nine billion dollar cuts package, including atrocious NPR and public broadcasting, where billions of dollars a year were wasted. Republicans have tried doing this for 40 years, and failed...But no more. This is big!!!"
President Donald Trump shakes hands with House Speaker Mike Johnson in Washington D.C. earlier this month.
President Donald Trump shakes hands with House Speaker Mike Johnson in Washington D.C. earlier this month.
Julia Demaree Nikhinson/AP
Why It Matters
A rescissions package is a request from the president to claw back funding that Congress has already approved. In this case, the Trump administration wanted to take back more than $1 billion in federal funding for public broadcasters like NPR and PBS, and more than $8 billion in foreign aid funding.
Friday's vote is a major victory for the president's agenda and his second major legislative success since taking office less than six months ago.
It is also a win for House Speaker Mike Johnson, who had to wrangle the chamber's Republican caucus together amid days of internal turmoil over the Trump administration's handling of the investigation into the disgraced financier and sex offender Jeffrey Epstein.
What To Know
The Republican-controlled House voted to pass the rule shortly before a Friday deadline, after which the administration would not have been able to claw back the funds.
GOP Representatives Brian Fitzpatrick and Mike Turner joined all present Democrats in voting against the measure.
The House's vote came after the Senate passed an amended version of Trump's rescissions proposal earlier Thursday, sending it to the House. No democrats supported the measure when it passed the Senate in a 51-48 vote.
This is a developing story. More to follow.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

NuScale (SMR) Surges 34% W/W on Fuel Cell, AI Boom
NuScale (SMR) Surges 34% W/W on Fuel Cell, AI Boom

Yahoo

time10 minutes ago

  • Yahoo

NuScale (SMR) Surges 34% W/W on Fuel Cell, AI Boom

We recently published . NuScale Power Corporation (NYSE:SMR) is one of this week's biggest players. NuScale Power saw its share prices surge by 34.07 percent week-on-week, ending Friday's trading at $50.25 versus the $37.48 last Friday, as investors turned optimistic about a research study that projected the fuel cell market to expand by more than 21 percent annually through 2029. The highest rally was notable on Friday following BCC Research's release of the Global Fuel Cell Generator Market study that said the sector was projected to increase to $3.1 billion by 2029 from $1.4 billion in 2024, at a compound annual growth rate (CAGR) of 21.2 percent. 'Fuel cell generators provide a steady and dependable power source, especially during grid outages, making them a smart choice for backup or even main power,' it said. Additionally, investors positioned portfolios ahead of the release of NuScale Power Corporation's (NYSE:SMR) release of its second quarter earnings performance on August 8. Investors will be closely watching for cues of deals with companies following President Donald Trump's signing of an executive order in May which would support a government target to quadruple the US nuclear power industry by 2050. While we acknowledge the potential of SMR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.

SharpLink (SBET) Soars 33.86% on ETH Leadership
SharpLink (SBET) Soars 33.86% on ETH Leadership

Yahoo

time10 minutes ago

  • Yahoo

SharpLink (SBET) Soars 33.86% on ETH Leadership

We recently published . SharpLink Gaming, Inc. (NASDAQ:SBET) is one of this week's biggest players. SharpLink Gaming capped off the trading week, boasting a 33.86-percent gain to close at $28.98 versus the $21.65 close on July 11, as investors cheered its new leadership position in the cryptocurrency industry. This came after announcements on Wednesday that it is now the largest holder of Ethereum cryptocurrencies globally following the acquisition of 74,656 ETH last week, pushing its total ownership to 280,706. The assets were acquired between July 7 and 13 at a weighted average price of $2,852 each. Investors snapped up shares following the news, propelling its stock price by 80.51 percent during the week alone. The transaction also coincided with SharpLink Gaming, Inc.'s (NASDAQ:SBET) successful raising of $413 million through the issuance of more than 24 million shares At-The-Market between July 7 and 11. As of July 13, SharpLink Gaming, Inc. (NASDAQ:SBET) said approximately $257 million of the total proceeds have yet to be spent on ETH purchases. While we acknowledge the potential of SBET as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.

With gavel in hand, Trump chisels away at the power of a compliant Congress
With gavel in hand, Trump chisels away at the power of a compliant Congress

Boston Globe

time11 minutes ago

  • Boston Globe

With gavel in hand, Trump chisels away at the power of a compliant Congress

The moment left a memorable mark on a historic day. The gesture reflected a traditional nod of honor, from one leader to another, a milestone of the Republican Party's priority legislation becoming law. But the imagery also underscored a symbolic transfer of political power, from Capitol Hill to the White House as a compliant Congress is ceding more and more of its prerogative to the presidency. Since Trump's return to the White House in January, and particularly in the past few weeks, Republicans in control of the House and Senate have shown an unusual willingness to give the president of their party what he wants, regardless of the potential risk to themselves, their constituents and Congress itself. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Republicans raced to put the big package of tax breaks and spending cuts on Trump's desk by his Independence Day deadline. Senators had quickly confirmed almost all of Trump's outsider Cabinet nominees despite grave reservations over Robert F. Kennedy Jr. as health secretary, Pete Hegseth as the Pentagon chief and others. House Republicans pursued Trump's interest in investigating his perceived foes, including investigating Democratic Advertisement But at the same time, Congress hit the brakes on one of its own priorities, legislation imposing steep sanctions on Russia over its war on Ukraine, after Trump announced he was allowing President Vladimir Putin an additional 50 days to negotiate a peace deal, dashing hopes for a swifter end to the conflict. Advertisement This past week, Congress was tested anew, delivering on Trump's request to rescind some $9 billion that lawmakers had approved but that the administration wanted to eliminate, including money for public broadcasting and overseas aid. It was a rare presidential request, a challenge to the legislative branch's power of the purse, that has not been used in decades. 'We're lawmakers. We should be legislating,' said a defiant Sen. Lisa Murkowksi, R-Alaska, as she refused to support the White House's demand to rescind money for National Public Radio and others. 'What we're getting now is a direction from the White House and being told, 'This is the priority. We want you to execute on it. We'll be back with you with another round,'' she said. 'I don't accept that.' Congress, the branch of government the Founding Fathers placed first in the Constitution, is at a familiar crossroads. During the first Trump administration, Republicans frightened by Trump's angry tweets of disapproval would keep their criticisms private. Those who did speak up — Liz Cheney of Wyoming in the House and Mitt Romney of Utah in the Senate, among others — are gone from Capitol Hill. One former GOP senator, Jeff Flake of Arizona, who announced in 2017 during Trump's first term that he would not seek reelection the next year, is imploring Republicans to find a better way. 'The fever still hasn't broken,' he wrote recently in The New York Times. 'In today's Republican Party, voting your conscience is essentially disqualifying.' Advertisement But this time, the halls of Congress are filled with many Republicans who came of political age with Trump's 'Make America Great Again' movement and owe their ascent to the president himself. Many are emulating his brand and style as they shape their own. A new generation of GOP leaders, Johnson in the House and Senate Majority Leader John Thune, have pulled closer to Trump. They are utilizing the power of the presidency in ways large and small — to broker deals, encourage wayward lawmakers to fall in line, even to set schedules. Johnson, R-La., has openly pined for what he calls a 'normal Congress.' But short of that, the speaker relies on Trump to help stay on track. When Republicans hit an impasse on cryptocurrency legislation, a Trump priority, it was the president who met with holdouts in the Oval Office late Tuesday night as Johnson called in by phone. The result is a perceptible imbalance of power as the executive exerts greater authority while the legislative branch dims. The judicial branch has been left to do the heavy lift of checks and balances with the courts processing hundreds of lawsuits over the administration's actions. 'The genius of our Constitution is the separation of power,' said Democratic Rep. Nancy Pelosi of California, the former speaker, in an interview on SiriusXM's 'Mornings with Zerlina.' 'That the Republicans in Congress would be so ignoring of the institution that they represent, and that have just melted the power of the incredibly shrinking speakership' and Senate leadership positions, 'to do all of these things, to cater to the executive branch,' she said. Advertisement Sen. Thom Tillis, R-N.C., endured Trump's criticism over his opposition to the tax and spending cuts bill. The senator raised concerns about steep cuts to hospitals, but the president threatened to campaign against him. Tillis announced he would not seek reelection in 2026. Sen. Susan Collins, R-Maine, voted against that bill and the rescissions package despite Trump's threat to campaign against any dissenters. One Republican, Rep. Thomas Massie of Kentucky, appears to be pressing on, unphased. He recently proposed legislation to force the administration to release the Jeffrey Epstein files, something the president had been reluctant to do. 'Nowhere in the Constitution does it say that if the president wants something, you must do it,' said Sen. Brian Schatz, D-Hawaii, in a Senate speech. 'We don't have to do this. We don't have to operate under the assumption that this man is uniquely so powerful.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store