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The 'big beautiful bill' is a big part of the reason why the market is where it is: Jason Trennert

The 'big beautiful bill' is a big part of the reason why the market is where it is: Jason Trennert

CNBC11-08-2025
Jason Trennert, Strategas Research Partners chairman and CEO, joins 'Squawk Box' to discuss the latest market trends, President Trump's tariff agenda, state of the economy, and more.
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Texas county cuts over 100 polling sites as Trump attacks mail-in voting nationally
Texas county cuts over 100 polling sites as Trump attacks mail-in voting nationally

Yahoo

time5 minutes ago

  • Yahoo

Texas county cuts over 100 polling sites as Trump attacks mail-in voting nationally

Officials in a large North Texas county decided this week to cut more than 100 Election Day polling sites and reduce the number of early voting locations, amid growing concern about GOP efforts to limit voting access ahead of next year's midterm elections. The 3-2 vote on Tuesday by commissioners in Tarrant County, which includes Fort Worth, came one day after President Donald Trump vowed to end the use of mail-in ballots. The president lacks the unilateral power to decide how individual states run elections, but his declaration speaks to long-brewing and unfounded claims by some conservatives that the country's electoral system is insecure and vulnerable to widespread fraud. Trump has repeatedly and falsely asserted that he won the 2020 presidential election instead of Joe Biden. Tarrant County Judge Tim O'Hare, who heads up the commissioners court, has also raised numerous questions about the security of local elections, helping to launch an electoral integrity unit in the county after he became judge in 2022. As of last summer, however, the unit had received fewer than 100 allegations of voter fraud. He and fellow Republican commissioners also cut funding to provide free bus rides to the polls for low-income residents. 'I don't believe it's the county government's responsibility to try to get more people out to the polls,' O'Hare said at the time. And commissioners prohibited outside organizations from registering voters inside county buildings after Tarrant County GOP leaders raised concerns about what they said were left-leaning groups holding registration drives. (ProPublica and The Texas Tribune have previously written about O'Hare's political influence in North Texas.) On Tuesday, O'Hare voted with the two Republican commissioners on the court to reduce the number of polling sites in the county to 216, down from 331 in 2023. The decision also cut down the number of early voting sites. County officials said the move was to save money, as they historically see low voter turnout in nonpresidential elections. Throughout the meeting, O'Hare repeatedly emphasized that the cuts were intended to make the election more efficient. He argued that both the switch to county-wide voting in 2019, which allows voters to cast a ballot at any polling site in the county, and the expected low turnout made the cuts appropriate. "I would venture to guess 99% of the public cannot name a single thing on (the 2025 ballot),' he said during the meeting. Fewer voting sites means fewer voters, Brandon Rottinghaus, a political science professor at the University of Houston, told the Report. 'If you move a polling place farther away from someone's house, then they're less likely to vote because you've increased the cost of voting,' said Rottinghaus, who has studied poll placement and its impact on turnout. 'The cost can be your time. It can be your gas.' The county's move falls in line with a national trend that generally sees Republican-led states and localities 'restrain and restrict' how voting operates — often in the name of discouraging illegal voting or, in Tarrant County's recent case, cutting costs, Rottinghaus said. This could look like reducing voting locations or shortening early voting hours, he said. Texas has led multiple efforts to make going to the polls more difficult, he said, such as making mail-in ballots harder to obtain and requiring photo IDs when casting a ballot. No single law dramatically impacts voter turnout, Rottinghaus said, rather, it's the collective of ever-changing policies that can discourage people from voting. 'The more you move around how voting occurs, like the hours and the locations, the harder it is for voters to understand exactly what they're supposed to do and when,' he said. 'A confused voter is usually a nonvoter.' This is not the first time Tarrant County has been at the forefront of changing political headwinds. Earlier this summer, the commissioners, led by O'Hare, voted along party lines to redraw the county precincts; such changes usually happen after the decennial census rather than in the middle of the decade. O'Hare admitted the goal of the redrawn maps was to favor Republican candidates. 'This is about Republican versus Democrat, period,' O'Hare told Dallas television station WFAA ahead of the commissioners' June 3 vote. 'If it passes with one of the maps that I would want to see pass, it's a very strong likelihood that we will have three Republicans on the Commissioners Court.' In July, Gov. Greg Abbott added redistricting to the agenda of a special legislative session — a step he was apparently reluctant to take until he received a call from Trump to discuss the issue, the Tribune reported. The proposal has sparked a national fight over the redrawing of congressional maps. On Wednesday, the GOP-led Texas House took an initial vote adopting a new map designed to increase the number of Republican seats in the U.S. Congress. Abbott has also fanned concerns about allegations of illegal voting, last year announcing the removal of more than 1 million ineligible voters from the state's rolls, including more than 6,500 potential noncitizens. An investigation by ProPublica, the Tribune and Votebeat, however, found that the number of alleged noncitizens the governor cited was likely inflated and, in some cases, wrong. Concerns about the cuts More than three dozen speakers at Tuesday's meeting denounced the move to cut polling sites and early voting locations, with some raising concerns that it amounted to the suppression of Black, Hispanic and college-age voters. Several speakers called the cuts a more extreme version of O'Hare's failed effort to remove eight early voting locations at colleges last year. Only one person spoke in favor of the reductions. Sabrina Ball, who opposed reducing the polling sites, said she has worked as an election judge in Republican Commissioner Manny Ramirez's district in northwest Tarrant County. She said she's seen firsthand people working hard to find the time to get to a polling location and vote. 'You're not saving money. You're sacrificing democracy to save a buck,' she said. The two Democratic commissioners, Roderick Miles Jr. and Alisa Simmons, voted against the changes after unsuccessfully trying to delay the decision. 'Everybody deserves the right to have a place that they are comfortable with and familiar with to go and to cast their vote,' said Miles, who represents predominantly Black neighborhoods that saw a reduction in voting locations. He later added, 'To dismantle or take those rights away from us that we worked hard to get is unacceptable at any level.' Simmons said it was inappropriate to reduce voting locations as Tarrant County's population grows. She pointed out that the Republican members of the Commissioners Court used that growth as a reason to redistrict the county's precincts midcycle this year — a change that would significantly increase the chances of a GOP candidate defeating her in 2026. A Texas law passed in May reduces the county's minimum Election Day voting locations to 212 — rolling back a 2023 requirement of 347. Tarrant County Election Administrator Clinton Ludwig said the sites meet the state's new 'bare minimum,' with 'a little bit of wiggle room' in case certain planned locations fall through. He told commissioners that the initially proposed cuts aimed to save about $1 million. He said he based the reductions on voter turnout in 2023, which saw about 12.5% registered voters cast ballots, he said. Locations' accessibility and ability to securely store voting information were also considered, Ludwig said. He said that no commissioner had any influence on the list and that no partisan analysis was taken into account. Ludwig and O'Hare's office did not immediately respond to requests to comment following the vote. O'Hare has also not responded to ProPublica and the Tribune's previous reporting about him, declining multiple interview requests and refusing to answer questions, though a spokesperson sent the newsrooms a list of eight of his major accomplishments, including cutting county spending and lowering local property tax rates. Rottinghaus said some counties 'yo-yo' year to year in the number of polling places they have. Elections such as November's typically have fewer locations than presidential and midterm ones, he said. Still, Tarrant County's reduction seems 'aggressive,' he said. Once the number of polling places goes down, it usually stays down, Rottinghaus said. 'You're going to generally see that same number continue for at least the near term,' he said. Though he ultimately voted to reduce polling locations, Ramirez pushed back on the initial list of cuts to early voting sites, some of which he said were established and popular with voters. Ramirez said the county must balance access and efficiency. Commissioners then added back nine early voting locations. O'Hare was the lone vote against that move, saying some of those sites had historically low turnout. 'The formula for where you put these voting sites has to be scientific,' Ramirez told the Report ahead of the vote. 'It should be population-based and proximity to additional site-based.' Several Fort Worth City Council members urged their constituents to speak against the effort in the lead-up to the vote. Council member Carlos Flores, who represents parts of northwest Fort Worth, issued a statement against the vote, saying fewer sites negatively impact diverse communities. In a statement to the Report, he added that limited polling locations and inconvenient voting procedures contribute to low turnout. Mia Hall, who represents southwest Fort Worth, sent a news release to her district on Monday, decrying the proposed cuts in parts of her district that are predominantly Black or Hispanic. 'These communities have long fought for equitable access to the ballot box, and removing their polling locations is simply unacceptable,' Hall wrote. 'While I understand the pressures of state regulations and budgetary constraints, disenfranchising entire communities is not an acceptable response.' Drew Shaw is a government accountability reporter for the Fort Worth Report. Contact him at Disclosure: The University of Houston has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune's journalism. Find a complete list of them here. More all-star speakers confirmed for The Texas Tribune Festival, Nov. 13–15! This year's lineup just got even more exciting with the addition of State Rep. Caroline Fairly, R-Amarillo; former United States Attorney General Eric Holder; Abby Phillip, anchor of 'CNN NewsNight'; Aaron Reitz, 2026 Republican candidate for Texas Attorney General; and State Rep. James Talarico, D-Austin. Get your tickets today! TribFest 2025 is presented by JPMorganChase.

CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don't let it ruin your summer
CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don't let it ruin your summer

CNBC

time5 minutes ago

  • CNBC

CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don't let it ruin your summer

If you have any U.S. technology stocks in your portfolio (and let's face it, who doesn't?), you might want to look away. For the second day in a row, tech stocks dragged markets lower, with the Nasdaq Composite slipping 0.67%. Juggernauts such as Apple, Amazon and Alphabet were more meh-nificent than magnificent, falling more than 1%. Palantir — the standout S&P 500 stock, having more than doubled so far this year — spent its sixth consecutive day in the red and lost its place among a ranking of the 20 most valuable U.S. companies. While Palantir's slide was partly triggered by a report from short seller Andrew Left's Citron Research, which called the company "detached from fundamentals and analysis," there was no single trigger for the broader pullback. Investors could have been spooked by OpenAI CEO Sam Altman's caution about an AI bubble forming, although some analysts dispute that assertion. "In our view the tech bull cycle will be well intact at least for another 2-3 years," said Wall Street tech bull Dan Ives. Or it could be something benign, like traders locking in profits. "Tech stocks," said Carol Schleif, chief market strategist at BMO Private Wealth, "have had an incredibly strong run – with some up over 80% since the early April lows." Summer, after all, is far from over. Some investors might have just wanted to cash out for another round of margaritas. Fed officials divided over inflation and employment worries. Central bank governors generally agreed there were risks on both sides. But a couple — breaking from the majority — saw the labor market woes as more pressing, according to minutes of the Fed's July meeting. Trump likely to pick Kevin Hasset as next Fed Chair. The director of the National Economic Council firmly led the pack, according to a CNBC Fed Survey. However, respondents think the president "should" pick former Fed Governor Kevin Warsh. No new solar or wind power projects, Trump says. Renewable energy projects will no longer receive approval, Trump posted Wednesday on Truth Social. His comment comes after the administration already tightened federal permitting last month. Fourth day of losses for the S&P 500. Investors continued selling off technology stocks on Wednesday, with Palantir having its sixth straight losing day. The U.K.'s FTSE 100 closed at another high despite inflation in July coming in hotter than expected. [PRO] The Fed is expected to cut just as markets trade at highs. This is what tends to happen when both factors coincide, according to Goldman Sachs research. Trump has snapped up more than $100 million in bonds since taking office U.S. President Donald Trump has been on a multimillion-dollar bond-buying spree since taking office in January, investing in debt issued by local authorities, gas districts and major American corporations. Across 33 pages of filings with the U.S. Office of Government Ethics, or OGE, dated Aug. 12, the president outlined 690 transactions that have taken place since he took office. The documents were made public on Tuesday.

These states could redistrict before the 2026 midterms
These states could redistrict before the 2026 midterms

Boston Globe

time7 minutes ago

  • Boston Globe

These states could redistrict before the 2026 midterms

Advertisement Republicans hold a 219-212 House majority, with four vacancies, and any change to the congressional map could determine which party controls the 119th Congress. Right now, the math favors Republicans, as red states have more opportunities to shift district lines to their advantage before the midterms. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Here's a look at some of the potential targets and the steps involved to change political boundaries in these states. Texas Rep. Todd Hunter, R-Corpus Christi, surrounded by fellow Republicans as he faced off with Democrats during debate over a redrawn US congressional map in Texas, during a special session on Wednesday. Eric Gay/Associated Press Texas The redistricting battle began with Texas, where Trump originally pressed Gov. Greg Abbott (R) to draw a new congressional boundaries with more safely red seats. The state legislature has control over drawing district boundaries, so the governor called a special session in early August to create and vote on a new map. The resulting proposed map would give Republicans five potential pickups in the House. Advertisement A majority of the state's Democratic lawmakers broke quorum by leaving the state, delaying a vote on the new map. Republicans subsequently kicked off a second special session after the first session ended Aug. 15, and most Democrats who had fled the state returned to Texas on Monday. Republicans later introduced two additional map tweaks, and the legislature Republicans control 25 of Texas's 38 House seats. The new map is more partisan — each of these new districts recorded double-digit vote margins in the 2024 presidential election, so none will be considered especially competitive. Two Democratic House members from Texas — Rep. Henry Cuellar in the 28th District and Rep. Vicente Gonzalez in the 34th — currently represent districts that split the ticket and favored Trump in 2024. Both districts have been redrawn to shift further to the right. California California was the second state to jump into the redistricting battle. In response to the potential Republican pickups in Texas, Gov. Gavin Newsom (D) and state Democrats have proposed a new map that would potentially turn five House seats blue, evening the score with the actions in Texas. But implementing any new maps off-schedule in California Advertisement California Assembly Republican leader James Gallagher spoke in opposition to Democrats' plan to advance a partisan effort to redraw the state's congressional map at a press conference on Monday. Tran Nguyen/Associated Press The current map in California is deeply blue, with Democrats holding all but nine of the state's 52 House seats. But many of the districts are considered competitive. In 2024, the presidential vote margin in 15 congressional districts was 10 points or less. The proposed map introduced by Democrats shifted most of the state's competitive districts toward the left. Indiana Vice President JD Vance visited GOP-controlled Indiana this month to discuss redrawing its congressional map, which could net Republicans one more seat. State law limits congressional map drawing to the first legislative session after the decennial census; however, Republicans have a supermajority in the state legislature and could easily change the law. GOP state lawmakers have seemed hesitant to shake up the state's political boundaries, but increased pressure from the White House could shift their stance. The most vulnerable seat is likely in the 1st District, which includes the edges of suburban Chicago. Rep. Frank J. Mrvan (D) won reelection there by eight points in 2024, but the district favored Democrat Kamala Harris by less than half a percentage point in the 2024 race. Ohio Redistricting is already on the table this year in Ohio, as the state is required to create a new congressional map ahead of the 2026 midterms. Congressional maps in Ohio must be approved by a supermajority in the legislature, but neither party has been able to agree on a new map since the state Supreme Court struck down the map drawn after the 2020 Census. In 2022, the Ohio Redistricting Commission adopted a map that could be used only until 2026. Advertisement The timing in Ohio couldn't be better for Republicans pushing to pick up more House seats ahead of 2026. Three of the state's Democratic-controlled districts had single-digit vote margins in the 2024 presidential election. Reps. Marcy Kaptur and Emilia Strong Sykes are probably the most vulnerable Democrats in any new maps, as both won by narrow margins in 2024. Illinois Governor JB Pritzker (left) joined Texas House Democratic Caucus Chair Gene Wu, along with other members of the Texas House, while they spoke about Texas Republican's plans to redraw the House map, on August 3. Mark Black/Associated Press Illinois Illinois jumped into the redistricting story when Gov. JB Pritzker (D) invited Texas House Democrats to stay in suburban Chicago after they left their state to stall the Republicans redistricting efforts. Pritzker has been vocal about the redistricting battle nationally, and Illinois state lawmakers have full control of the map-drawing process. But the impact of any map changes could be limited here — Democrats hold 14 out of the state's 17 House seats, and the map is already carved largely in Democrats' favor. Missouri Republicans are considering Missouri a possible target for redistricting ahead of 2026. The legislature could introduce new maps in September during its annual veto session. State Republicans may try to squeeze an additional red seat by carving up the 5th District, currently held by Rep. Emanuel Cleaver II (D). This solid blue district, which includes Kansas City, heavily favored Harris in 2024. Carving up Kansas City for a new GOP seat would leave only one solid blue district in Missouri — the 1st District around St. Louis. That is a majority-minority district and protected by the Voting Rights Act. Florida Florida's congressional map has shifted in favor of Republicans in recent years. The GOP picked up four additional seats after Gov. Ron DeSantis (R) pushed state lawmakers to redraw the map in 2022. Advertisement Florida House Speaker Daniel Perez (R) told state lawmakers he is creating a 'select committee' on congressional redistricting, and a few more districts could shift toward the GOP. But the state constitution has a 'Fair Districts' amendment that says districts cannot be drawn to favor any one political party, and any changes to the map could be challenged in court. Five congressional districts had 2024 presidential vote margins within 10 points, and all of those seats are held by Democrats. Maeve Reston, Patrick Marley, Molly Hennessy-Fiske and Yvonne Wingett Sanchez contributed to this report. Data analysis by Lenny Bronner. Presidential results for the proposed new districts are from a Washington Post analysis of 2024 precinct election results and data from Redistricting Partners.

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