Deputy Treasury Secretary Faulkender: Still looking to bring tax bill to Senate floor on Thursday
Deputy Treasury Secretary Michael Faulkender joins 'Squawk Box' to discuss the fate of President Trump's tax bill, sticking points in negotiations, SALT deduction cap, and more.
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Fox News
8 minutes ago
- Fox News
GOP bill would grant Trump right to deploy National Guard for immigration enforcement
FIRST ON FOX: New legislation aims to codify the president's authority to deploy National Guard units for immigration enforcement, as part of a broader effort to crack down on illegal immigration and stiffen penalties for those who assault immigration officers. The bill, authored by Rep. Pat Harrigan, R-N.C., would allow the president to federalize and deploy the National Guard when states refuse to cooperate, like Gov. Gavin Newsom in California. It also stipulates that those who assault immigration officers receive the death penalty or life in prison if an officer is killed. Under current law, the Posse Comitatus Act prohibits the use of federal military forces for domestic law enforcement purposes. However, the GUARD Act proposes a narrowly tailored exception permitting the National Guard — while under Title 10 or 32 federal orders — to be used "exclusively" for enforcing federal immigration law. That includes apprehending and detaining individuals in the U.S. unlawfully, as well as executing removal orders and conducting border security operations. The proposal comes amid growing Republican frustration with so-called "sanctuary" jurisdictions that limit cooperation with federal immigration enforcement agencies — and after an Immigrations and Customs Enforcement (ICE) raid in Los Angeles led to widespread rioting. Trump sent in the National Guard to respond to anti-ICE protests, and later deployed U.S. Marines. California sued over the deployment, but so far the courts have allowed Trump to keep control of the Guard. "The GUARD Act makes one thing clear: When state and local leaders refuse to enforce federal immigration law, the President has the authority — and the responsibility — to act," said Harrigan. "Sanctuary policies have turned entire cities into safe havens for violent criminals, and now some governors are actively blocking National Guard deployments that protect American communities. What unfolded in Los Angeles isn't isolated. It's exactly why this bill is needed. Public safety cannot depend on whether a governor feels like obeying federal law." In addition to capital punishment for killing an immigration officer, the bill mandates a minimum of five years in prison and 10 years if the assault causes bodily injury. The proposed penalties mirror similar statutes that protect federal law enforcement officers but extend explicit coverage to immigration enforcement personnel.
Business Insider
8 minutes ago
- Business Insider
Tech stocks power Nasdaq 100 to a record high as markets celebrate the Israel-Iran ceasefire
Markets are cheering the ceasefire between Israel and Iran, even as Trump voices concern. The news is good enough for investors, who have spent the last week fretting over the conflict. The tech-heavy Nasdaq 100 closed at a record high. Investors welcomed Trump's announcement on Monday evening that Israel and Iran had agreed to a ceasefire, and then stayed upbeat throughout Tuesday, even as the president fired off a series of posts on Tuesday urging Israel to stick to the agreement he brokered. Traders also weighed comments from Fed Chair Jerome Powell that spurred optimism around interest-rate cuts. "If it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates, sooner rather than later," Powell told lawmakers when asked about lowering rates in July, although he stopped short of providing a specific timeline. The result was a fresh record in the tech-heavy Nasdaq 100, and an Samp;P 500 that finished the trading day just 0.8% shy of all-time highs. Here's where major indexes stood at the 4 p.m. ET market close on Tuesday: Samp;P 500: 6,092.22, up 1.1% Dow Jones Industrial Average: 43,089.02, up 1.2% (507 points) Nasdaq 100: 22,190.52, up 1.5% Investors have been fretting for more than a week over the economic implications if tensions in the Middle East were to escalate. But for now, the cease-fire appears to have lifted their spirits. "So, with the immediate geopolitical tensions dialed down, investors are free to focus on President Trump's trade war and the first tariff deadline coming up in a couple of weeks," David Morrison, a senior market analyst at Trade Nation, wrote in a note on Tuesday, adding that he believed stocks were still in a bull market. "As far as investors are concerned, they've just stared down the prospect of World War Three, so they're not going to be fussed by a few percentage points on US imports," he added of tariff risks. "This de-escalation is leading investors to be more comfortable engaging in risk-on trades in the equity market. Even if there is further escalation, it appears that Iran has limited abilities to retaliate, which is strengthening expectations that this conflict will calm down," Chris Brigati, the chief investment officer at SWBC, said in a statement. Oil prices, which spiked as tensions in the Middle East escalated, dropped sharply from their recent highs. Brent crude, which spiked 14% amid the 12-day conflict, traded as much as 7% lower on Tuesday, to around $67 a barrel. West Texas Intermediate crude, which rose more than 10% over the same period, also fell 7% at intraday lows, below levels the day the Israel-Iran conflict started. The declines are signs that oil markets are no longer fretting over possible supply disruptions in the Middle East, according to Alex Kuptsikevich, the chief market analyst at FXPro. "Retreating to levels seen before the latest conflict, the price recouped the 'war premium,'" Kuptsikevich wrote in a note on Tuesday. Here are other important moves in the market: Investors, though, are still on watch for signs that conflict could re-escalate in the coming days. "Markets breathed a sigh of relief following Trump's ceasefire declaration, but the celebration could be short-lived. If tensions flare again or the ceasefire is violated, we could see a swift return to risk aversion — boosting safe havens like gold and pressuring global equities," Lukman Otunuga, a senior market analyst at FXTM, wrote in a note.
Fox News
9 minutes ago
- Fox News
16 states back Trump in court battle against Harvard over funding freeze for antisemitism response
EXCLUSIVE: President Donald Trump's legal defense in a major lawsuit from Harvard got a major boost from a slew of state prosecutors who formally joined his side on Monday. Iowa Attorney General Brenna Bird led 15 other attorneys general in filing an amicus brief in support of Trump after the Massachusetts institution sued the administration to prevent billions in federal funding from being stripped from its coffers over its lax response to antisemitism on campus. Bird argues there's precedent for Trump's actions, pointing to another popular Republican president who, in the 1980s, challenged a South Carolina college over its ban on interracial relationships. The Trump-Harvard case, Bird said, "is not the first time the federal government has [altered] funding because a university wasn't following anti-discrimination laws." "That's exactly what's happening here with Harvard; they're not following anti-discrimination laws, and they're not stopping antisemitism on campus or protecting Jewish students and Israeli students, and so, because of that, there's a big parallel." Bird noted that Harvard has the nation's largest endowment at around $50 billion, in addition to billions more in government grants that are conditional. "One of those conditions for that type of funding is that they're going to follow anti-discrimination-wise," she said, adding that Iowa is relevant and now involved in the case because Iowans' taxes fund those federal grants, and that if Harvard is allowed to let antisemitism run rampant, other colleges farther west may be able to do so to. While Harvard has shown some improvement since Rep. Elise Stefanik, R-N.Y., grilled its president and the University of Pennsylvania's then-president last year, a clear message must still be sent that their conduct was unacceptable, Bird said. "President Trump has shown that he is leading and he is making sure that our college campuses that are funded with taxpayer dollars will not engage in discrimination against Jewish students or against people from Israel. And so I think he has taken a strong step here. And I think the law is on his side." Like the Harvard case, Bob Jones — an Evangelical college in Greenville, South Carolina — saw its tax-exempt status stripped, which similarly affected its bottom line. The original IRS policy change banning discrimination went into effect under former President Richard Nixon, but it wasn't until 1983 that the government — then run by former President Ronald Reagan — won a similar lawsuit. The Supreme Court ruled there that the public interest in preventing discrimination trumped any related invocation of religious freedom. Following the Bob Jones case, then-college president Bob Jones III went on national television in 2000 to declare the university was wrong in its prior race-based policies and officially lifted the ban on interracial dating. On its website, the college explained, "Our sincere desire is to exhibit a truly Christ-like spirit and biblical position in these areas. Today, Bob Jones University enrolls students from all 50 states and nearly 50 countries, representing various ethnicities and cultures."
