Jerome Powell: 'You have cost USA a fortune': Leavitt unveils Trump's exploding note to Fed Chair Jerome Powell - The Economic Times Video
US President Trump on Monday shared a handwritten note to Federal Reserve Chair Jerome Powell urging him to lower interest rates, his latest attempt to push the central bank to do so. Trump posted on Truth Social ,complaining that Powell and the rest of the Federal Reserve board of governors 'should be ashamed of themselves' for declining to lower interest rates.
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Time of India
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- Time of India
Elon Musk slams Trump's ‘porky pig party', threatens to launch new ‘America party'
Elon Musk has ignited a political firestorm, publicly denouncing President Donald Trump 's sweeping tax-and-spending legislation and calling for the creation of a new political party to challenge what he calls a 'one-party country.' The Tesla and SpaceX CEO unleashed a barrage of criticism on X (formerly Twitter) after the Senate narrowly advanced Trump's $5 trillion 'One Big Beautiful Bill,' which includes record debt ceiling increases, deep tax cuts, and controversial spending provisions. Musk, known for his outspoken views, dubbed the current political establishment the 'PORKY PIG PARTY,' accusing both Republicans and Democrats of abandoning fiscal responsibility. 'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!' Musk wrote. He warned that if the bill passed, he would immediately launch the 'America Party,' vowing to fund primary challengers against any Republican lawmakers who supported the measure. Musk's criticism extended to the conservative House Freedom Caucus , long known for opposing government overspending. 'How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill with the biggest debt ceiling increase in history?' he posted, pledging to personally bankroll campaigns to unseat those he sees as betraying their promises to voters. The billionaire's intervention comes as Senate Republicans advanced the 1,000-page bill in a razor-thin 51–49 vote, setting the stage for a tense week of amendments before Trump's July 4 deadline for signing the legislation into law. The Congressional Budget Office estimates the bill would add nearly $3.3 trillion to the deficit over the next decade, despite White House claims of economic growth and benefits for working Americans. Live Events President Trump, attempting to downplay the rift, told Fox News, 'I think Elon is a wonderful guy… but he got a little bit upset, and you know that wasn't appropriate.' Trump also suggested Musk's opposition was triggered by proposed cuts to electric vehicle subsidies—a claim Musk flatly denied, insisting his concern is with 'the mountain of disgusting pork in wasteful spending'. Musk's dramatic threats and the volatility they sparked—including a temporary $150 billion drop in Tesla's market cap—underscore the high stakes and deep divisions within the Republican Party as Trump pushes for a legislative win ahead of Independence Day. With polls showing the bill is unpopular among Republican voters , Musk warned, 'This bill is political suicide for the Republican Party… It will destroy millions of jobs in America and cause immense strategic harm to our country!' Economic Times WhatsApp channel )
Time of India
23 minutes ago
- Time of India
White House celebrations: Trump to honour pilots who 'obliterated' Iran's nuclear sites on July 4
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The Hindu
24 minutes ago
- The Hindu
The Hindu Morning Digest: July 1, 2025
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Massive explosion at Sigachi pharma unit leaves 17 dead, several injured near Hyderabad As many as 17 persons were killed and 30 others injured when a massive explosion ripped through Sigachi Industries Private Limited, a pharmaceutical unit in Pashamylaram near Hyderabad, on Monday morning. A majority of the victims were trapped under the production unit housing the reactor when it collapsed. 'Five of the persons were charred in the fire. We (NDRF) alone managed to pull out around 30 workers from under the rubble. Some 25 of them were rushed to three nearby hospitals with varying degrees of burns and injuries,' said NDRF Deputy Commander Damodar Singh. 5 policemen held in Sivaganga custodial torture case; victim's body bore over 30 injury marks Five policemen were arrested late on Monday night in connection with the custodial torture of a temple security guard, Ajith Kumar, 27, which led to his death last week in Sivaganga district, according to a note from the Police Department. The arrests were made on a day the Madurai Bench of the Madras High Court observed that the case had to be viewed seriously. 'If it was an armed person, the police could counter-attack. But it was an unarmed person in police custody,' Justices S.M. Subramaniam and A.D. Maria Clete said, when a mention of a writ petition was made by an AIADMK advocate. Bengal police summon Padma-awardee monk after woman alleges rape The West Bengal police on Monday summoned a Padma Shri awardee monk, Kartik Maharaj, after a woman filed an FIR against him alleging rape and sexual assault. 'In exercise of the power conferred under sub section (3) of section 35 of BNSS, I do hereby inform you that during the investigation of FIR No-395/25 dt-26/06/25 u/s 376(2)(k)/313/417/506 IPC, registered at Nabagram Police Station. 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Trump signs an executive order ending U.S. sanctions on Syria U.S. President Donald Trump signed an executive order on Monday ending U.S. sanctions on Syria, following through on his promise to do so. White House press secretary Karoline Leavitt said the move was designed to 'promote and support the country's path to stability and peace.' Sanctions will remain in place on ousted former President Bashar Assad, his top aides and family. 6 killed in a crash of a small plane in Ohio, officials say Six people were killed when a small plane crashed minutes after taking off from an Ohio airport, officials said. The twin-engine Cessna 441 turboprop crashed near Youngstown-Warren Regional Airport on Sunday morning, according to the Federal Aviation Administration. There were no survivors in the crash, Western Reserve Port Authority Executive Director Anthony Trevena said at a news conference. The agency owns the airport. IMF to provide Ukraine with $500 million after review The International Monetary Fund said on Monday it has completed its eighth review under an extended arrangement as part of the Extended Fund Facility for Ukraine, providing the country with a disbursement of about $500 million (SDR 0.37 billion) .Total disbursements under the IMF-supported program for Ukraine will reach $10.6 billion with the new $500 million, which will be channeled for budget support, the fund said. Ind vs Eng 2nd Test: Chris Woakes loving life as leader of England pace pack Ahead of England's opening Test against India in Leeds, the home bowling line-up was under the microscope. Both Chris Woakes and Ben Stokes hadn't bowled much in the lead-up, and Josh Tongue and Brydon Carse were inexperienced. But over the course of the match, Woakes' body held up for 43 overs and Stokes' for 35, and Tongue and Carse scalped a combined 11 wickets. Jofra Archer's return to Test-match fitness just made everything sweeter.
