Latest news with #Vought
Yahoo
2 days ago
- Business
- Yahoo
White House likely to send another rescissions package to Congress
White House budget chief Russell Vought said Thursday that the administration is likely to send another rescissions package to Congress to claw back previously approved spending. Vought's comments came as Republicans on Capitol Hill appeared poised to revoke $9 billion in previously approved federal funding as part of an initial package of cuts put forward by the White House. 'I don't want to get ahead of the package itself,' Vought said of a future proposal during an event hosted by the Christian Science Monitor. Vought did not provide specifics about what funds would be targeted or a timeline for when the next package would be sent to Congress, but told reporters, 'It's likely to come soon.' The administration has targeted government spending for cuts it has deemed wasteful or that does not align with the president's 'America first' agenda. 'There is still a great enthusiasm for these rescissions bills,' Vought said. The $9 billion package, which was passed by the Senate early Thursday morning and will head to the House for a final vote, targets money for global aid programs and the Corporation for Public Broadcasting, which funds National Public Radio and PBS, organizations President Trump and his allies accuse of liberal bias. The White House agreed to an amendment to remove from the package $400 million in cuts to the President's Emergency Plan for AIDS Relief global anti-AIDS initiative in the face of GOP pushback. Even as the bill is expected to reach the president's desk once it passes the GOP-controlled House, some Republicans have expressed frustration about a perceived lack of information in the White House's request. Vought pushed back on those criticisms Thursday. He argued the administration provided the same amount of detail as previous rescissions packages, laying out dollar amounts for programs the administration wanted to cut. 'People always want more detail,' Vought said. 'We provided all the detail that was needed.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Politico
2 days ago
- Business
- Politico
Hill Republicans brace for another grueling fight over Trump's spending cuts
'The appropriations process has to be less bipartisan,' Vought said. Without a course correction from the administration, there's no guarantee Republicans would welcome another interruption of their legislative agenda to conduct another exercise that exposes them to Democratic attacks or forces them to potentially cross the president. That Congress is now entering the pivotal weeks before the Sept. 30 deadline to avoid a government shutdown could further diminish the enthusiasm for another rescissions package. Senate Majority Leader John Thune (R-S.D.) was noncommittal this week when asked about Congress signing off on additional funding cuts, pointing instead to the appropriations process as his top priority. 'We'll see what the future holds, but the goal right now is to get into the appropriations process. Let's start marking up bills, trying to get them on the floor,' Thune said. 'So my hope would be that that's the way we deal with a lot of these issues.' Sen. John Hoeven (R-N.D.), a member of the Senate Appropriations Committee, also suggested his priorities were shifting as the funding cliff deadline approaches. Asked what appetite his colleagues had for more rescissions packages, Hoeven said it 'depends who you ask.' While they could try to do rescissions and appropriations, 'I want to get the approps process going,' Hoeven said. Even Schmitt, who confirmed that 'additional rescissions are being contemplated,' conceded the Senate is now facing a major scheduling crunch. Democrats are also warning that pursuing more GOP-only rescissions packages could blow up bipartisan government funding talks, with trust between the two parties already eroding in light of Vought's latest comments. Top Senate Appropriations Democrat Patty Murray (Wash.), during an Appropriations Committee meeting after Vought's comments, called the GOP's multi-part rescissions push a 'dangerous new precedent.' 'Bipartisanship does not end with any one line being crossed,' she said. 'It erodes over time, bit by bit. And frankly I am alarmed by how quickly that erosion is happening.' At the same time, GOP leaders may have no choice but to plow ahead, especially in the House. Speaker Mike Johnson, his top lieutenants and Trump himself have repeatedly promised votes on an elaborate patchwork of more rescissions packages, party-line reconciliation bills and spending cuts in government funding measures. They did so to appease fiscal hawks who balked at the trillions in new spending in the just-enacted Trump megabill. Rep. Anna Paulina Luna (R-Fla.), a close ally of Trump, said in an interview earlier this month that she's discussed with the president and Republican leadership a 'multi-step plan' to cut spending that includes 'massive rescissions' and more reconciliation bills.
Time of India
2 days ago
- Business
- Time of India
Fed's Powell responds to White House on Fed headquarters renovation
Federal Reserve Chair Jerome Powell on Thursday responded to a Trump administration official's demands for information about cost overruns for a renovation project at the central bank's Washington headquarters campus, saying the project was large in scope and involved a number of safety upgrades and hazardous materials removals. "As explained on the Board's public website, we take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people," Powell wrote in his letter to Office of Management and Budget Director Russell Vought. "We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017." Explore courses from Top Institutes in Select a Course Category healthcare CXO MCA Finance Leadership Artificial Intelligence Cybersecurity Project Management PGDM Degree Public Policy Digital Marketing others Design Thinking Management MBA Data Analytics Technology Others Data Science Operations Management Healthcare Data Science Product Management Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details He noted the project's budget is subject to annual approval by the Fed Board and the Fed's inspector general has full access to information on costs and other details. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Harry Potter Actress Stuns Fans With Grown-up Pics Cash Roadster Vought last week accused Powell of overseeing an "ostentatious" and costly overhaul of the buildings, and demanded answers from Powell to a series of questions about the project, which has emerged as the latest line of attack against Powell by the Trump White House. "Dear Mr. Vought," Powell said in his letter, "both buildings were in need of significant structural repairs and other updates to make the buildings safe, healthy, and effective places to work, including the removal of asbestos and lead contamination, complete replacement of antiquated systems such as electrical, plumbing, heating, ventilation, and air conditioning, as well as fire detection and suppression systems." Live Events The project did not include private elevators or VIP dining rooms, as Vought asserted, or new marble except where the original was damaged "or where needed to keep with historic preservation guidelines and to address concerns raised by external review agencies," Powell said. President Donald Trump , who wants Powell gone from the Fed because he has not delivered interest-rate cuts, has raised the renovation project as a possible reason for ousting the Fed chief, suggesting there could be fraud without providing evidence. LAWMAKERS Some Republican lawmakers have piled on, with Representative Anna Paulina Luna on Thursday saying on social media platform X she was referring Powell to the Justice Department for investigation, and Senator Cynthia Lummis calling for Powell's resignation. But several other members of the Senate Banking Committee, which oversees the Fed, have come to Powell's and the Fed's defense. "I just think long term, it really is best for the economic conditions in our country that the markets understand that the Fed really is independent," Republican Senator Mike Rounds, a member of the Senate Banking Committee, told reporters on Thursday. Vought has said administration officials are trying to visit the site to inspect it. "It's for a big, beautiful mansion for the federal chairman," White House spokeswoman Karoline Leavitt said during a White House press briefing on Thursday. "It's completely unnecessary. It's overpriced, and I think it's a good thing the administration, led by the president, is looking into it." Leavitt was asked if the review finds any wrongdoing, would it trigger the president to fire Powell. "Look, it's a hypothetical question. We'll see where it goes," Leavitt said. Powell's letter was largely a reiteration of what he told members of the Senate Banking Committee earlier this week, and of detailed explanations on the Fed's website of the project, countering Vought's assertions that changes to the project violated rules set by the National Capital Planning Commission and required the commission's review. The Fed has worked closely and collaboratively with the NCPC, Powell said, and the changes the Fed has made were not substantial and therefore did not meet the NCPC's own guidance for what would need additional review.
Time of India
2 days ago
- Business
- Time of India
Federal Reserve System controversy: Jerome Powell denies extravagant spending; refutes claims
Russ Vought (Image: X) and Jerome Powell (AP image) Federal Reserve Chair Jerome Powell sent a letter on Thursday to White House Budget Director Russ Vought, responding to allegations that he mismanaged the renovation of the Federal Reserve Board's Eccles Building and the 1951 Constitution Avenue facility. The letter comes amid growing speculation that the Trump administration may seek to remove Powell, using the renovation issue as a possible justification. Last week, Vaught alleged that the renovation included extravagant features such as rooftop gardens, luxury elevators, fountains and premium marble. In a letter, he said the project was under investigation and criticised its growing cost. 'As explained on the Board's public website, we take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people,' Powell wrote in his letter to Vought. Firmly rejecting the claim, he clarified the facts. He explained that there are no rooftop gardens. The term "garden terrace" appeared in one planning document, but it refers only to a standard green roof designed to manage stormwater and improve energy efficiency. 'There are no VIP dining rooms being constructed as part of the project,' Powell wrote. Existing conference rooms some of which are used during meals are simply being renovated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why seniors are rushing to get this Internet box – here's why! Techno Mag Learn More Undo Powell wrote that the Federal Reserve buildings "were originally constructed using marble for the façades and stonework." He explained that the renovation project has saved the original exterior marble to reinstall it and will use new marble from Georgia in areas where the original is damaged or needs replacement to meet historic preservation standards. He also said that no special or VIP elevators are being installed. Powell wrote that although the Board's original design included new water features for the 1951 Constitution Avenue building, those plans have been removed. He added that the original fountains at the Eccles Building are being restored. Powell sent his letter after the White House's official 'rapid response' account on social media platform X shared video of Vought telling Fox Business that he is investigating the costly renovation of the Federal Reserve headquarters. The project has also been mentioned by President Donald Trump as a possible reason to fire Powell "for cause". Vought told Fox Business host Larry Kudlow, who served as an advisor to President Trump during his first term, that the president is a builder and finds it exasperating how expensive the building project has become and how much it has gone over budget. He added that they will seek as much information as they can gather, as reported by the Guardian. Earlier the same day, Representative French Hill, a Republican from Arkansas who chairs the House Financial Services Committee, tried to downplay speculation about Powell's possible dismissal. When asked by CBS News if there was any scenario in which the president could or should fire the Fed chair, Hill replied, 'He's not gonna fire Jay Powell, and I don't believe he can fire Jay Powell.' Despite these reassurances, tensions remain. While Hill and other Republicans are trying to ease concerns that the president might trigger financial instability by removing the chairman of the US central bank, Vought and some others in the White House seem to be taking steps to create pressure on Powell possibly in the hope that he will choose to resign. On Tuesday, Trump suggested that Powell could be dismissed over the $2.5 billion renovation plan for the central bank's headquarters. However, on Wednesday, while speaking to reporters in the Oval Office, Trump downplayed the possibility, though he did not completely rule it out. When asked if he had decided against firing Powell, he said he never rules anything out, but called it 'highly unlikely.' He added that the only exception would be 'unless he has to leave for fraud. '
CNBC
2 days ago
- Business
- CNBC
Fed Chair Powell responds to White House questions about HQ renovation
Federal Reserve Chairman Jerome Powell on Thursday formally replied to a set of pointed questions from the director of the White House Office of Management and Budget about the renovation of the Fed's Washington headquarters. Powell pointed to a newly launched page on the Fed's public website dedicated to answering questions about the project, which is over budget. He also batted down accusations by OMB director Russell Vought that the renovated buildings will feature luxurious amenities like a private elevator, VIP lunch rooms or a rooftop garden. "The Board believes it is of the utmost importance to provide transparency for our decisions and to be accountable to the public," Powell wrote. Vought had put questions about the project to Powell in a public letter one week ago, and demanded a response to them in seven days' time. Vought's letter was more than just a request for information, however. As President Donald Trump grows more and more frustrated with the Federal Reserve's refusal to lower interest rates, the White House is looking for ways to pressure Powell to leave the central bank. The July 10 letter from Vought was the latest move in this months long pressure campaign. In it, Vought accused the chairman of having "grossly mismanaged the Fed," and he singled out the years-long historic renovation effort as an example of this. He also suggested that Powell had lied to Congress in recent testimony about the status of the construction project. "The President is extremely troubled by your management of the Federal Reserve System. Instead of attempting to right the Fed's fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters," wrote Vought. Powell pointedly did not respond to these critiques in his reply, nor did he adopt the same confrontational tone Vought used. Instead, he explained the reasons for the cost overruns, pointed Vought several times to the public website and emphasized that the Fed's cooperation with an obscure Washington planning board was voluntary, not mandatory. "Although the Board is not generally subject to the direction of NCPC with respect to its building projects, we voluntarily collaborated with the NCPC and benefitted from robust and collaborative engagement with the commission in earlier stages of the project," wrote Powell, referring to the National Capital Planning Commission. It is unlikely that Powell's reply will be enough to satisfy the White House, or Powell's detractors in Congress. Vought said Thursday that he was planning a site visit to the Fed's headquarters, which is a few blocks from his office near the White House, to see the renovation project for himself. Later the same day, Republican Rep. Anna Paulina Luna of Florida said she would ask the Justice Department to open an investigation into whether Powell gave accurate testimony about the renovation to Congress in June.
