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Cuomo: Trump's ‘big, beautiful bill' may blow up

Cuomo: Trump's ‘big, beautiful bill' may blow up

Yahooa day ago

(NewsNation) — NewsNation's Chris Cuomo says there is a war between members of the GOP and President Donald Trump over his budget bill, and that the U.S. could be headed for a big economic downturn if problems with it are not worked out. Cuomo argues Trump and others cannot say anything in return to Elon Musk after he called the bill a 'disgusting abomination' because his money matters to them.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Trump urges Supreme Court to allow mass layoffs at Education Department
Trump urges Supreme Court to allow mass layoffs at Education Department

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time31 minutes ago

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Trump urges Supreme Court to allow mass layoffs at Education Department

President Donald Trump's administration urged the Supreme Court on Friday to allow officials to gut the Department of Education, a key priority for the president that has been stymied by a series of lower court decisions. The emergency appeal landed at the high court days after the Boston-based 1st US Circuit Court of Appeals declined to reverse a lower court order that halted mass firings at the department, which was created during the Carter administration. Trump has filed more than a dozen emergency appeals at the Supreme Court since he returned to office in January. In its appeal to the Supreme Court, the administration argues its effort at the Education Department involves 'internal management decisions' and 'eliminating discretionary functions that, in the administration's view, are better left to the states.' Though Trump has repeatedly vowed to get rid of the department, the administration's lawyers told the Supreme Court in its filing on Friday that 'the government has been crystal clear in acknowledging that only Congress can eliminate the Department of Education.' Trump ordered mass layoffs at the department earlier this year. The problem for the administration is that the department was created by Congress, and so lower courts have ruled it cannot be unilaterally unwound by the White House. At the same time, the administration does have the power to reduce the size of federal agencies, so long as they can continue to carry out their legal requirements. And that, the Department of Justice told the Supreme Court, is precisely what the administration is attempting to do. 'The Department remains committed to implementing its statutorily mandated functions,' the Department of Justice told the Supreme Court in the appeal. The Education Department is tasked with distributing federal aid to schools, managing federal aid for college students and ensuring compliance with civil rights laws – including ensuring schools accommodate students with disabilities. Most public-school policies are a function of state government. US District Judge Myong Joun, nominated to the bench by former President Joe Biden, indefinitely halted Trump's plans to dismantle the agency and ordered the administration to reinstate employees who had been fired en masse. The ruling came in a lawsuit filed by a teachers' union, school districts, states and education groups. Noting that the department 'cannot be shut down without Congress's approval,' Joun said Trump's planned layoffs 'will likely cripple' it. 'The record abundantly reveals that defendants' true intention is to effectively dismantle the department without an authorizing statute,' he wrote. The Supreme Court is already considering a related emergency case about whether Trump can order mass firings and reorganizations in other federal departments. 'What is at stake in this case,' the 1st Circuit wrote, 'was whether a nearly half-century-old cabinet department would be permitted to carry out its statutorily assigned functions or prevented from doing so by a mass termination of employees aimed at implementing the effective closure of that department.' Trump's order would have affected about half of the department's employees, according to court records.

European ETFs Set to Gain as ECB Cuts Rate Again
European ETFs Set to Gain as ECB Cuts Rate Again

Yahoo

time39 minutes ago

  • Yahoo

European ETFs Set to Gain as ECB Cuts Rate Again

The European Central Bank (ECB), as widely expected, again cut its interest rate by 25 bps to 2% in a move to shore up a weakening economy. The move marks the eighth consecutive quarter-point cut in the past year. The ECB also signaled it is nearing the end of its rate-cutting cycle as inflation decision underscores growing concern over the eurozone's sluggish recovery in the face of global headwinds, most notably, the destabilizing effects of ongoing U.S. trade policies under President Donald Trump. The ECB's dovish stance will push European stocks and ETFs higher. With rates at their lowest in years and inflation subdued, European bonds, especially corporate debt, may gain renewed investor interest. A weaker euro will likely boost multinational earnings denominated in stronger foreign such, we have highlighted five European ETFs that stand to benefit from the ECB's decision. 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It charges investors 51 bps in annual fees and has a Zacks ETF Rank #3 with a Medium risk outlook (read: Europe ETF (EZU) Hits New 52-Week High). iShares Core MSCI Europe ETF (IEUR)iShares Core MSCI Europe ETF tracks the MSCI Europe Investable Market Index, holding a broad basket of 1019 European companies. It has key holdings in financials, industrials, and health care sectors with double-digit exposure each. The United Kingdom is the top country accounting for 22.8%, followed by France (15.6%), Germany (14.9%), and Switzerland (14%). iShares Core MSCI Europe ETF has AUM of $6.7 billion and trades in an average daily volume of 1 million shares. It charges 9 bps in annual fees and has a Zacks ETF Rank # EURO STOXX 50 ETF (FEZ)SPDR EURO STOXX 50 ETF follows the EURO STOXX 50 Index, which measures the performance of some of the largest companies across the components of the 20 EURO STOXX Supersector Indexes. The fund appears rich with AUM of $4.6 billion and average daily volume of around 1.4 million shares. It charges 29 bps in annual fees and holds 50 securities in its basket with key holdings in financials, industrials, information technology and consumer discretionary sectors. In terms of country allocation, France and Germany lead with 36.9% and 29.1% share, respectively, followed by the Netherlands (23.3%), Spain (8.7%) and Italy (8.4%). SPDR EURO STOXX 50 ETF has a Zacks ETF Rank # BetaBuilders Europe ETF (BBEU)JPMorgan BetaBuilders Europe ETF provides investors exposure to developed European equity markets by tracking the Morningstar Developed Europe Target Market Exposure Index. It holds 396 stocks in its basket with key holdings in financials, industrials and consumer discretionary sectors. Here again, the United Kingdom is the top country accounting for 22.3% share, followed by France, Germany, and Switzerland with 14% share each. JPMorgan BetaBuilders Europe ETF has amassed $4.6 billion in its asset base and charges 9 bps in fees from investors. It trades in a heavy volume of nearly 330,000 shares a day on average and has a Zacks ETF Rank #3. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR EURO STOXX 50 ETF (FEZ): ETF Research Reports iShares MSCI Eurozone ETF (EZU): ETF Research Reports Vanguard FTSE Europe ETF (VGK): ETF Research Reports iShares Core MSCI Europe ETF (IEUR): ETF Research Reports JPMorgan BetaBuilders Europe ETF (BBEU): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research 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

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