Rep. Haley Stevens: House GOP tax bill: ‘One big power grab'
In a major setback for House Republicans, conservatives block Trump's agenda bill from advancing out of the House Budget Committee. Rep. Haley Stevens joins The Weeknight to discuss.
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CNN
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Ukrainian boxer to Trump: ‘Open your eyes'
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Trump admin live updates: President to announce 'Trump savings accounts' for parents, guardians
The accounts are part of Trump's megabill. 1:40 As the Trump administration continues to ramp up its focus on Los Angeles and threatens to send troops to the city amid anti-ICE protests, the fallout from President Donald Trump and Elon Musk's feud continues. This comes as Republicans in Congress continue to work on agreeing on language for Trump's "Big Beautiful Bill." Meanwhile, U.S.-China trade talks in London this week are expected to take up a series of fresh disputes that have buffeted relations, threatening a fragile truce over tariffs. President Donald Trump will host a roundtable Monday to formally announce the provision in his massive funding bill called the "Trump savings accounts," which will allow parents and guardians to invest funds in the financial markets on behalf of children, a White House official confirms to ABC News. The savings account would be applicable to children born between January 1, 2025, and January 1, 2029. The government would deposit $1,000 into a tax-deferred, low-cost index fund account that will track the overall stock market for each newborn. Additional contributions can go up to $5,000 annually. When the children reach adulthood, they are able to take out the money to cover things like college or a down payment on a home. "The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, AND by creating this incredible new "Trump Account" program, which will put the lives of young Americans on the right financial path," White House press secretary Karoline Leavitt said in a statement to ABC News. Multiple CEO's from companies, such as Dell Technologies, will appear with Trump to announce billions of dollars in collective investments into "Trump Accounts" for the children of their employees, according to the official. The event comes as the White House works to highlight Trump's so-called "One, Big, Beautiful Bill," as the Senate works through attempting to pass the budget bill and amid explosive criticism from Elon Musk last week. --ABC News' Lalee Ibssa
CNN
15 minutes ago
- CNN
A break in the trade clouds lifted consumers' spirits in May
Americans felt a whole lot better about prices and the job market in May, a month that featured a détente in the trade war between the US and China. Consumers' year-ahead expectations for inflation tumbled in May by 0.4 percentage points to 3.2%, according to the Federal Reserve Bank of New York's latest Survey of Consumer Expectations released Monday. It was the biggest monthly sinking of near-term inflation expectations since November 2022, when price hikes slowed much more than expected and the Federal Reserve delivered another heavy-handed effort to curb decades-high inflation. The May survey appeared to mark a more elated moment for consumers in the emotional roller coaster ride they've been on since President Donald Trump enacted sweeping actions, notably a frenetic domestic trade policy of escalating import taxes on many materials and products that come in to the US. Inflation expectations also declined (though not as sharply) at the three- and five-year time horizons, to 3% and 2.6%, respectively, New York Fed data showed. The Federal Reserve closely monitors gauges of near-, medium- and long-term inflation expectations as those could be self-fulfilling prophecies for consumers: If people think prices will be higher in the future, they might spend more now or even demand higher wages. In turn, businesses faced with higher costs might end up raising prices as a result. Economists wholly expect that high tariffs will result in higher prices for consumers, but how much and to what extent they become inflationary remains to be seen. The tariffs, and the fluctuating nature of Trump's negotiations, have driven uncertainty higher and sentiment to near-record lows. Consumers haven't just been anxious about higher prices, they're worried about jobs: The New York Fed's April survey, for example, showed that expectations for the unemployment rate to increase hit the highest level since the early days of the pandemic. Those fears have been quelled for now. In May, the mean perceived probability of the nation's jobless rate being higher than it is now dropped 3.3 percentage points to 40.8%. And people's own job security perceptions improved as well, with job separation expectations dropping 0.5 percentage points to 14.8%. Survey respondents also felt more optimistic about their chances of finding a job if they found themselves unemployed, and they also felt an inkling of improvement in their incomes rising (the median expected growth in household income nudged up by 0.1 percentage point to 2.7%). The May survey showed improvement across household finance expectations, including slightly better access to credit and less of a probability of a missed debt payment. Still, Monday's report showed that one pain point continues to be persistent for consumers: The grocery store run. The year-ahead expected change in food prices increased 0.4 percentage point to 5.5%, the highest rate since October 2023.
