Republican plan for nationwide private school vouchers deemed in violation of Senate rules
WASHINGTON (AP) — A Republican plan to expand private school vouchers nationwide was dealt a major setback Friday when the Senate parliamentarian said the proposal would run afoul of procedural rules.
The years-in-the-making plan would have created a federal tax credit supporting scholarships to help families send their children to private schools or other options beyond their local public schools. But in an overnight announcement, the Senate parliamentarian advised against including the proposal in President Donald Trump's tax cut and spending bill.
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CTV News
11 minutes ago
- CTV News
How Wall Street powered to a record high and what comes next
Anthony Matesic works on the floor at the New York Stock Exchange in New York, Wednesday, April 30, 2025. (AP Photo/Seth Wenig) A trade war. A real war with bombs dropped in the Middle East. A barrage of insults hurled by the president of the United States at the head of the U.S. Federal Reserve. The stock market has powered through all of that in the past few months to set a new record Friday and reward investors who stayed their ground through a volatile stretch. The S&P 500 closed at an all-time high of 6,173. While Wall Street can take a bow — and breath a sigh of relief — there's no let-up ahead. The pause U.S. President Donald Trump put in effect for many tariffs expires in early July. Second-quarter profit reports and upcoming economic indicators could reveal more about the impact of the tariffs that did go into effect. The Fed could face a tricky decision on interest rates. Here's a look at what's happened in markets and what could lie ahead. Tariff shock Trump appeared in the Rose Garden on April 2 and announced steeper-than-expected tariffs on almost all U.S. trade partners. He especially targeted China, eventually raising the duties on imports from China to 145 per cent. Beijing retaliated by raising tariffs on U.S. goods to 125 per cent. Within just four days, the S&P 500 fell about 12 per cent, and the Dow Jones Industrial Average lost nearly 4,600 points, or about 11 per cent. Trump shrugged off the stock market drop but he couldn't ignore the signs of trouble in the bond and foreign exchange markets. Tumbling prices for U.S. government bonds raised worries that the U.S. Treasury market was losing its status as the world's safest place to keep cash. The value of the U.S. dollar also sank in another signal of diminishing faith in the United States as a safe haven for investors. Time to pause On April 9, Trump announced on social media a '90-day PAUSE' for most of the tariffs he'd announced, except those against China. The S&P 500 soared 9.5 per cent for one of its best days ever. In May, the administration struck a trade deal with the United Kingdom. Then came the biggest news: The U.S. and China said that they were temporarily rolling back most of the tariffs they'd imposed on one another. The countries have indicated they've reached a deal, but details are scarce. Markets briefly got spooked when Trump threatened tariffs against the European Union, but he decided to hold off — until July 9 — as the countries negotiate. War and oil The trade war was pushed out of the headline by a real war this month as Israel and Iran attacked each other. The price of oil spiked, threatening to boost inflation and slow the global economy. A U.S. strike on Iranian nuclear facilities was followed by a cease-fire and oil prices dropped sharply. Relieved, Wall Street resumed its climb toward a new record. Trump and the U.S. Fed Trump wants the Fed to lower interest rates. The Fed says it needs to see the impact of Trump's tariffs before it can act. The president has taken to regularly bashing Jerome Powell, whose term as Fed chair expires next year. According to the Wall Street Journal, Trump could name his nominee to replace Powell unusually early, in an attempt to undermine him. The drama could influence trading in the bond and foreign exchange markets, and by extension on Wall Street. The bottom line Strong profit reports for the first quarter helped offset the pressure from tariffs. Soon, companies will report results for the quarter ending June 30. While Wall Street analysts have lowered their expectations for earnings growth for the companies in the S&P 500, they still forecast solid growth of five per cent, according to FactSet. The average quarterly profit growth over the past five years is 12.7 per cent. Some companies withdrew profit forecasts amid the uncertainty created by tariffs, making forecasting even trickier. Tariffs redux? In a sign that stocks are still sensitive to trade developments, the S&P 500 fell briefly Friday afternoon after Trump said he was halting trade negotiations with Canada over its plans to continue with its tax on technology firms. The '90 day PAUSE' with most countries ends July 8. There's considerable uncertainty about what's going to happen after that. Trump's so-called reciprocal tariffs -- aimed at countries with which the United States runs trade deficits and ranging from 11 to 50 per cent -- could snap back into place, something that risks spooking the markets. The president could also say that his negotiators are making progress with some or all of the targeted countries and give them another reprieve. Members of his administration seemed to indicate this week that there is some flexibility in the deadline.
Winnipeg Free Press
20 minutes ago
- Winnipeg Free Press
Home to North Carolina iconic attraction reopens after Hurricane Helene's devastation
CHIMNEY ROCK, N.C. (AP) — An iconic tourist attraction in an area of western North Carolina among the hardest hit by Hurricane Helene reopened to the public on Friday, nine months after the storm brought historic flooding, destruction and loss of life. North Carolina Gov. Josh Stein and other officials attended a reopening ceremony at Chimney Rock State Park, which is about 25 miles (40.2 kilometers) southeast of Asheville. The main portion of the park will now be open again from Fridays to Mondays to visitors who make reservations, Stein's office said. Stein also signed into law before the ceremony's crowd another state Helene recovery bill finalized by the General Assembly on Thursday that sends $700 million to the state's Helene relief fund and appropriates $500 million of that. And Stein announced a new tourism campaign to encourage travel and spending in the North Carolina mountains. 'Today's reopening is a huge achievement,' Stein told attendees. 'Chimney Rock is just one of the many places that make western North Carolina unforgettable.' Last September's storm swept away the ornate stone and concrete bridge across the Broad River to reach the portion of the park that contains the 315-foot (96-meter) high geological formation that's shaped in keeping with the park's name. The park, which also features hiking trails and other amenities, usually attracts 400,000 people annually. A road had to be paved and a temporary bridge made from old railroad cars was laid over the river. The reopening provides needed encouragement to those in adjoining Chimney Rock Village, where a third of the hamlet's businesses were destroyed as river waters removed buildings from their foundations. 'It almost wiped us off the map,' village Mayor Peter O'Leary said on Friday. 'The village knew one thing that was of utmost importance to our survival. We had to have Chimney Rock State Park open again.' Some village businesses are reopening. Before Friday's bill signing, the General Assembly already had appropriated or reallocated more than $1.6 billion for Helene recovery. The new Helene law is the fifth relief package approved by the Republican-controlled General Assembly since last fall. The Democratic governor said Friday that he's still seeking direct aid for small businesses and more funds for affordable housing. But he was still pleased with the legislature's action. 'We have a lot of work to do, but it's also good to take stock and recognize that today is a good day,' Stein said. The governor is also seeking more federal funds for Helene recovery beyond the billions already received by the state and by those harmed by the storm. State officials say the storm caused more than 100 deaths in North Carolina and generated roughly $60 billion in damages and needs.
Winnipeg Free Press
20 minutes ago
- Winnipeg Free Press
How Wall Street powered to a record high and what comes next
A trade war. A real war with bombs dropped in the Middle East. A barrage of insults hurled by the president of the United States at the head of the Federal Reserve. The stock market has powered through all of that in the past few months to set a new record Friday and reward investors who stayed their ground through a volatile stretch. The S&P 500 closed at an all-time high of 6,173. While Wall Street can take a bow — and breath a sigh of relief — there's no let-up ahead. The pause President Donald Trump put in effect for many tariffs expires in early July. Second-quarter profit reports and upcoming economic indicators could reveal more about the impact of the tariffs that did go into effect. The Fed could face a tricky decision on interest rates. Here's a look at what's happened in markets and what could lie ahead. Tariff shock Trump appeared in the Rose Garden on April 2 and announced steeper-than-expected tariffs on almost all U.S. trade partners. He especially targeted China, eventually raising the duties on imports from China to 145%. Beijing retaliated by raising tariffs on U.S. goods to 125%. Within just four days, the S&P 500 fell about 12%, and the Dow Jones Industrial Average lost nearly 4,600 points, or about 11%. Trump shrugged off the stock market drop but he couldn't ignore the signs of trouble in the bond and foreign exchange markets. Tumbling prices for U.S. government bonds raised worries that the U.S. Treasury market was losing its status as the world's safest place to keep cash. The value of the U.S. dollar also sank in another signal of diminishing faith in the United States as a safe haven for investors. Time to pause On April 9, Trump announced on social media a '90-day PAUSE' for most of the tariffs he'd announced, except those against China. The S&P 500 soared 9.5% for one of its best days ever. In May, the administration struck a trade deal with the United Kingdom. Then came the biggest news: The U.S. and China said that they were temporarily rolling back most of the tariffs they'd imposed on one another. The countries have indicated they've reached a deal, but details are scarce. Markets briefly got spooked when Trump threatened tariffs against the European Union, but he decided to hold off — until July 9 — as the countries negotiate. War and oil The trade war was pushed out of the headline by a real war this month as Israel and Iran attacked each other. The price of oil spiked, threatening to boost inflation and slow the global economy. A U.S. strike on Iranian nuclear facilities was followed by a cease-fire and oil prices dropped sharply. Relieved, Wall Street resumed its climb toward a new record. Trump and the Fed Trump wants the Fed to lower interest rates. The Fed says it needs to see the impact of Trump's tariffs before it can act. The president has taken to regularly bashing Jerome Powell, whose term as Fed chair expires next year. According to the Wall Street Journal, Trump could name his nominee to replace Powell unusually early, in an attempt to undermine him. The drama could influence trading in the bond and foreign exchange markets, and by extension on Wall Street. The bottom line Monday Mornings The latest local business news and a lookahead to the coming week. Strong profit reports for the first quarter helped offset the pressure from tariffs. Soon, companies will report results for the quarter ending June 30. While Wall Street analysts have lowered their expectations for earnings growth for the companies in the S&P 500, they still forecast solid growth of 5%, according to FactSet. The average quarterly profit growth over the past five years is 12.7%. Some companies withdrew profit forecasts amid the uncertainty created by tariffs, making forecasting even trickier. Tariffs redux? In a sign that stocks are still sensitive to trade developments, the S&P 500 fell briefly Friday afternoon after Trump said he was halting trade negotiations with Canada over its plans to continue with its tax on technology firms. The '90 day PAUSE' with most countries ends July 8. There's considerable uncertainty about what's going to happen after that. Trump's so-called reciprocal tariffs — aimed at countries with which the United States runs trade deficits and ranging from 11% to 50% — could snap back into place, something that risks spooking the markets. The president could also say that his negotiators are making progress with some or all of the targeted countries and give them another reprieve. Members of his administration seemed to indicate this week that there is some flexibility in the deadline.
