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House Democrat launches investigation of Trump's meme coin dinner

House Democrat launches investigation of Trump's meme coin dinner

Washington Post6 days ago

A top House Democrat on Wednesday night opened a probe into the private dinner that President Donald Trump hosted for top investors in his meme coin, seeking to highlight the ethical and legal concerns raised by the president's willingness to profit while in office.
Rep. Jamie Raskin, the top Democrat on the House Judiciary Committee, demanded Trump turn over the names of the guests who attended last week's gala after pouring millions of dollars into the president's crypto venture. The Maryland congressman also pressed the president to disclose what steps he used to determine the source of the funds used to purchase the meme coin, citing concerns that some of the money could have come from foreign governments seeking to influence the White House.

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Switch 2 Scalpers Are Auctioning Off Their Preorders to the Highest Bidder
Switch 2 Scalpers Are Auctioning Off Their Preorders to the Highest Bidder

WIRED

time5 minutes ago

  • WIRED

Switch 2 Scalpers Are Auctioning Off Their Preorders to the Highest Bidder

People hoping to score Nintendo's new console this week are finding them on resale websites—at several hundred dollars over the retail price of $450. The Nintendo Switch 2 Courtesy of Nintendo Nintendo's Switch 2 launch is underway worldwide. The console officially releases June 5, meaning buyers in territories in earlier time zones have already gotten their hands on it. As midnight rolls across North America, players here will do the same. Many fans preordered their Switch 2, allowing them to skip the in-person lines planned for midnight sales at retail stores. Others are currently bidding on consoles being sold by scalpers. Sellers on sites like eBay and Mercari have created their own ecosystem of preorder sales, capitalizing on fears that the ongoing tariff drama and possible stock shortages will make the Switch 2 scarce. The console, which retails at $450, is selling for several hundred dollars more on the resale sites. One listing, which promises to ship June 6, is selling for $849 or 'best offer.' Other listings are actively being bid on. On Mercari, consoles are selling in the $600 range and above. There are good reasons for people to be anxious. Nintendo has a history of supply shortages, including with the Switch 2's predecessor; in Japan, the company has already warned customers that demand may exceed supply. Nintendo prepared for the possibility of scalping ahead of the game console's preorder period; buyers who wanted a unit directly from their stores could only purchase one system per account and had to meet specific requirements, including 50 hours of playtime on their Switch account. Buyers who wanted to snatch more than one Switch could still place multiple orders through other retailers, like Amazon or Walmart. According to online message boards, some did; others confessed to buying from scalpers after failing to find their own. 'I have no shame,' wrote a user on the GameFaqs forum. 'Roughly 700.00 [USD]. Including priority air next day shipping…no Mario Kart bundle. I couldn't wait any longer.' Reached by WIRED, Nintendo would not immediately comment. Earlier this month, the company announced that it would be working with Mercari, Yahoo Auctions, Yahoo Fleamarket, and Rakuten Rakuma to remove listings and ban users—but only in Japan. Crackdowns on the resale sites will begin June 5 as part of a probationary period. It's unclear if these measures will be implemented in other regions. The global market may also yet have a part to play. Nintendo made the unprecedented move of temporarily delaying preorders after the console's in-person unveiling, following extreme tariff announcements made by President Donald Trump. Although the price of the console itself hasn't been impacted—for now—many accessories are now more expensive than previously announced. As even older game consoles grow more expensive, it's not impossible that the Switch 2's price will increase after launch. Still, buyers turning to secondhand sellers may be left Switchless after all, due to preorder delays and cancellations. Earlier this week, some retailers were reportedly canceling preorders due to system errors or stock shortages.

Inflation data threatened by government hiring freeze as tariffs loom
Inflation data threatened by government hiring freeze as tariffs loom

Associated Press

time6 minutes ago

  • Associated Press

Inflation data threatened by government hiring freeze as tariffs loom

WASHINGTON (AP) — The Labor Department has cut back on the inflation data it collects because of the Trump administration's government hiring freeze, raising concerns among economists about the quality of the inflation figures just as they are being closely watched for the impact of tariffs. The department's Bureau of Labor Statistics, which produces the monthly consumer price index, the most closely watched inflation measure, said Wednesday that it is 'reducing sample in areas across the country' and stopped collecting price data entirely in April in Lincoln, Nebraska, and Provo, Utah. It also said it has stopped collecting data this month in Buffalo, New York. In an email that the BLS sent to economists, viewed by The Associated Press, the agency said that it 'temporarily reduced the number of outlets and quotes it attempted to collect due to a staffing shortage' in April. The reduced data collection 'will be kept in place until the hiring freeze is lifted.' President Donald Trump froze federal hiring on his first day in office and extended the freeze in April until late July, suggesting future inflation reports will also involve less data collection. The cutbacks have intensified worries among economists that government spending cuts could degrade the federal government's ability to compile key economic data on employment, prices, and the broader economy. The BLS also said last month that it will no longer collect wholesale prices in about 350 categories for its Producer Price Index, a measure of price changes before they reach the consumer. The cutbacks are also occurring at a time of heightened uncertainty about the economy and the impact of Trump's sweeping tariffs on hiring, growth and inflation. 'The PPI is cutting hundreds of indexes from production, and the CPI is now being constructed with less data,' Omair Sharif, chief economist at the consulting firm Inflation Insights, said in an email. 'That alone is worrying given that we're heading into the teeth of the tariff impact on prices.' Earlier this year, the Trump administration disbanded several advisory committees that worked with BLS and other statistical agencies on fine-tuning its data-gathering. The BLS said that the cutbacks 'have minimal impact' on the overall inflation data, but 'they may increase the volatility' of the reported prices of specific items. Alan Detmeister, an economist at UBS, an investment bank, said the cutbacks likely had little impact on April's inflation figures. But 'if these types of cuts continue, they will degrade the reliability and efficacy of these statistical agencies,' he said.

Trump's big bill will add $2.4 trillion to deficit and leave 10.9 million more uninsured, CBO warns
Trump's big bill will add $2.4 trillion to deficit and leave 10.9 million more uninsured, CBO warns

Fast Company

time19 minutes ago

  • Fast Company

Trump's big bill will add $2.4 trillion to deficit and leave 10.9 million more uninsured, CBO warns

President Donald Trump's big bill making its way through Congress will cut taxes by $3.75 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office. The CBO also estimates an increase of 10.9 million people without health insurance under the bill by 2034, including 1.4 million who are in the United States without legal status in state-funded programs. The package would reduce federal outlays, or spending, by nearly $1.3 trillion over that period, the budget office said. 'In the words of Elon Musk, this bill is a 'disgusting abomination,'' said Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, reviving the billionaire former Trump aide's criticism of the package. House Speaker Mike Johnson said he called Musk late Tuesday to discuss the criticism but had not heard back. 'I hope he comes around,' Johnson told reporters. Trump pushing Congress to act The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by the Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page-plus package. Ahead of the CBO's release, the White House and Republican leaders criticized the budget office in a preemptive campaign designed to sow doubt in its findings. Republicans criticize the CBO White House press secretary Karoline Leavitt said the CBO has been 'historically wrong,' and Senate Majority Leader John Thune said the CBO was 'flat wrong' because it underestimated the potential revenue growth from Trump's first round of tax breaks in 2017. The CBO last year said receipts were $1.5 trillion, or 5.6% greater than predicted, in large part because of the 'burst of high inflation' during the COVID-19 pandemic in 2021. White House Budget Director Russ Vought said when you adjust for 'current policy' — which means not counting some $4.5 trillion in existing tax breaks that are simply being extended for the next decade — the overall package actually doesn't pile onto the deficit. He argued the spending cuts alone in fact help reduce deficits by $1.4 trillion over the decade. Democrats and even some Republicans call that 'current policy' accounting move a gimmick, but it's the approach Senate Republicans intend to use during their consideration of the package to try to show it does not add to the nation's deficits. Vought argued that the CBO is the one using a 'gimmick' by tallying the costs of continuing those tax breaks that would otherwise expire. Leavitt also suggested that the CBO's employees are biased, even though certain budget office workers face strict ethical rules — including restrictions on campaign donations and political activity — to ensure objectivity and impartiality. 'When it comes time to make prognostications on economic growth, they've always been wrong,' House Majority Leader Steve Scalise, R-La., said at a press conference. Asked if it's time to get rid of the CBO, Scalise did not dismiss the idea, saying it's valid to raise concerns. Alongside the costs of the bill, the CBO had previously estimated that nearly 4 million fewer people would have food stamps each month due to the legislation's proposed changes to the Supplemental Nutrition Assistance Program, known as SNAP. What's in the bill The bill, called the One Big Beautiful Bill Act after the president's own catch phrase, is grinding its way through Congress, as the top priority of Republicans, who control both the House and the Senate — and face stiff opposition from Democrats, who call it Trump's 'big, ugly bill.' All told, the package seeks to extend the individual income tax breaks that had been approved in 2017 but that will expire in December if Congress fails to act, while adding new ones, including no taxes on tips. It also includes a massive buildup of $350 billion for border security, deportations and national security. To help cover the lost revenue, Republicans want to slash some federal spending. They propose phasing out green energy tax breaks put in place during Democrat Joe Biden's presidency. New work requirements for some adults up to age 65 on Medicaid and SNAP would begin in December 2026 and are expected to result in less spending on those programs. Republicans argue their proposals are intended to make Medicaid and other programs stronger by rooting out waste, fraud and abuse. They want the federal funding to go those who most need health care and other services, often citing women and children. But Senate Democratic Leader Chuck Schumer said those claims are bogus and are simply part of long-running GOP efforts to repeal and replace the Affordable Care Act, or Obamacare, as most states have expanded Medicaid to serve more people under the program. 'They just want to strangle health care,' Schumer said. The package also would provide a $4 trillion increase to the nation's debt limit, which is now $36 trillion, to allow more borrowing. The Treasury Department projects the debt limit will need to be raised this summer to pay the nation's already accrued bills. CBO aims for impartiality Now in its 50th year, the CBO was established by law after Congress sought to assert its control, as outlined in the Constitution, over the budget process, in part by setting up the new office as an alternative to the White House's Office of Management and Budget. Staffed by some 275 economists, analysts and other employees, the CBO says it seeks to provide Congress with objective, impartial information about budgetary and economic issues. Its current director, Phillip Swagel, a former Treasury official in Republican President George W. Bush's administration, was reappointed to a four-year term in 2023.

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