West Virginia will deploy hundreds of National Guard troops to D.C.
'West Virginia is proud to stand with President Trump in his effort to restore pride and beauty to our nation's capital,' Morrisey wrote in a statement on Saturday. 'The men and women of our National Guard represent the best of our state, and this mission reflects our shared commitment to a strong and secure America.'
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Wealth tax for school funding initiative starts signature collection with opposition pouncing
A copy of the petition to be circulated by the Invest in MI Kids Ballot Proposal Coalition. July 31, 2025 | Photo By Kyle Davidson/Michigan Advance The constitutional amendment to implement a new tax on wealthy Michiganders is still aiming for the 2026 ballot after facing some initial setbacks and new attacks, with its signature collection driving kicking off on Friday. Members of Invest in MI Kids said it started collecting signatures last week using the 100-word summary that was approved June 27 by the Michigan Board of State Canvassers. That has opened up further complications for the effort, as the board on July 10 walked back the approval for the previous 100-word summary and then deadlocked on a revised summary at their July 31 meeting. Initiative officials said Friday that the effort which resulted in the board deadlocking was just one part of well-funded right-wing attacks against the proposal, which is estimated to generate nearly $1 billion annually. But those attacks keep coming. The Coalition to Stop the Business and Family Tax Hike, an organization opposed to the Invest in MI Kids initiative, issued a cease and desist motion to prevent the group from collecting its signatures. Jase Bolger, CEO of West Michigan Policy Forum and a former Republican Michigan House speaker, said in a statement that the amendment would hurt small businesses – even though the initiative was aimed at the wealthiest Michiganders. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX 'I applaud the move today by the Coalition to Stop the Business and Family Tax Hike,' Bolger said. 'They filed a cease and desist motion to stop the signature gathering for an unapproved ballot initiative. Because, the proponents of this devastating proposal are using language that is misleading. Voters should not be fooled.' In response, Imani Foster, a spokesperson for the Invest MI Kids initiative, told Michigan Advance that the coalition is focused on the task at hand. 'While we're busy engaging Michiganders, together with our thousands of volunteers, we won't be distracted by meaningless letters from big money Washington lawyers,' Foster said. The group also noted its belief that the board had no authority under Michigan law to rescind its prior approval of the petition summary language. 'The petitions currently being circulated by Invest in MI Kids include a petition summary that the director of elections has deemed compliant with the Michigan Election Law twice and that the Board of Canvassers has approved as compliant once,' Foster added. Solve the daily Crossword
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Landry pledges Louisiana National Guard troops for Trump's DC takeover
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Intel's CEO Draws Support for Revival From SoftBank, Trump
(Bloomberg) -- Less than two weeks after President Donald Trump called for the ouster of Intel Corp.'s Lip-Bu Tan, the company's chief executive officer has a shot at securing billions of dollars in fresh capital that could help him turn around the troubled US chipmaker. The Trump administration is in discussions to take a stake of about 10% in Intel, possibly by converting grants made to the company under the US Chips and Science Act into equity, according to people familiar with the matter. That could allow Intel to tap about $10 billion in capital as Tan works out a strategy for revival. 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Earlier this month, Tan's hold on his CEO role looked precarious after Trump called on him to resign over alleged conflicts of interest. Yet the executive quickly visited Trump at the White House to clear the air, with the president then praising the Intel CEO for his career success and 'amazing story.' That set the stage for the government's possible investment, which would make the US the chipmaker's largest shareholder. The federal government is considering an investment that, under one scenario, would involve converting some or all of the $10.9 billion in grants the company had won under the Chips Act, said the people, who asked not to be identified because the information is confidential. The company can also draw on up to $11 billion in loans under the 2022 law. The grant money, which was originally designed to be disbursed over time as Intel meets project milestones, is roughly enough to pay for the targeted holding. At Intel's current market value, a 10% stake in the chipmaker would be worth around $10.5 billion. The exact size of the stake, as well as whether the White House chooses to move ahead with the plan, is still in flux, the people said. White House spokesman Kush Desai declined to comment on the specifics of the discussions, saying only that no deal is official until it's announced by the administration. The Commerce Department, which oversees the Chips Act, also declined to comment. Intel didn't respond to a request for comment. SoftBank's investment is another unconventional bet on Tan's ability to revive Intel's fortunes. The Japanese company announced its plan to buy new shares at $23 a share, a small discount to Intel's last close. Son has ambitions to design an energy-efficient AI chip through what he calls the 'Izanagi' project to compete with Nvidia's products, though that has yet to translate into a marketable product. Son held talks with Intel's chief executive about buying the company's contract chipmaking business before agreeing to make the $2 billion investment, the Financial Times reported, citing people familiar with the talks. The investment doesn't preclude a bigger deal for that part of Intel's business, the newspaper said. A big question is whether a government holding and SoftBank's vote of confidence would help reinvigorate Intel's business. The tech pioneer has fallen behind Taiwan Semiconductor Manufacturing Co. in contract chipmaking and Nvidia Corp. in chip design, missing out on a boom in spending on artificial intelligence. Last week, Intel's stock had its biggest one-week rally since February, after the initial news of the government's possible investment. Tan, who served on SoftBank's board for two years, is seeking a turnaround. But his efforts have largely been focused on cutting costs and eliminating jobs. Intel will add large-scale manufacturing capacity only once customers are committed to using its more advanced production techniques, Tan said last month, sparking concern among investors that the company may be bowing out of the race for semiconductor leadership. The Trump administration is particularly focused on shoring up Intel's sprawling project in Ohio, the home state of Vice President JD Vance. Intel has repeatedly delayed the anticipated opening of that site, which the company originally envisioned as the world's biggest semiconductor facility. Beyond Intel, the White House official also floated the possibility that the administration could convert other Chips Act awards into equity stakes. It's not clear whether that idea has gained traction broadly within the administration or whether officials have broached the possibility with any companies that could be affected. The Chips Act set aside $39 billion in manufacturing grants — plus loans and tax credits — to revitalize the American semiconductor industry after decades of production shifting to Asia. Using Chips Act money for an Intel stake would mean the chipmaker isn't necessarily getting a bigger government infusion than expected — possibly just one that's on a faster timeline. As is the case for all Chips Act winners, Intel's award was designed as a reimbursement, with the grant money split into tranches tied to specific project benchmarks. Intel had received $2.2 billion of its award as of January. It's unclear whether that amount would be included in the possible equity stake, whether the company has received additional disbursements of its award since Trump took office, and on what schedule Intel would receive money under a possible equity stake. While TSMC and South Korea's Samsung Electronics Co. are expanding their US operations with Chips Act support, having an American company like Intel building cutting-edge chips on domestic soil has been a priority for both the Trump and Biden administrations. Biden officials, for example, tried to get companies like Nvidia and Advanced Micro Devices Inc. to consider using Intel as a manufacturing partner, and also explored long-shot ideas like a tie-up between Intel and GlobalFoundries Inc. Earlier this year, Trump's team held early-stage conversations with TSMC about potentially operating Intel's factories — an arrangement from which TSMC has backed away. Trump officials have also internally floated the prospect of seeking an Intel investment from the United Arab Emirates. It's unclear whether either of those approaches has progressed much past a thought exercise. Washington has become more aggressive in strategic sectors. The Trump administration's secured an agreement to receive a 15% cut of AI chip sales to China and took a so-called golden share in United States Steel Corp. as part of a deal to clear its sale to a Japanese rival. That's while the Defense Department announced a plan that would make it the largest shareholder in US rare-earth producer MP Materials Corp. The US government and the Japanese tech conglomerate both see the potential for a turnaround at Intel, although each likely values different parts of the business. For the Trump administration, a recovery of the chipmaker's manufacturing prowess would help win jobs and voters. For SoftBank, Intel's chip design operations beckon with the promise of high margins. --With assistance from Brody Ford, Ville Heiskanen, Ryan Gould, Josh Wingrove, Min Jeong Lee and Edwin Chan. 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