Happy Friday! The focus this week has been on President Donald Trump’s tariffs and the reaction in the market. However, in the Senate, progress is being made towards Trump’s tax plans and other domestic spending priorities. Senate Republicans are facing challenges in agreeing on the details of the budget plan, including concerns about their strategy on tax cuts and potential cuts to Medicaid. A delay occurred as Republicans met to discuss these concerns with Senate Majority Leader John Thune.
Meanwhile, questions about Trump’s tariffs remain. Former Rep. Carlos Curbelo raised concerns about the lack of understanding of the plan and strategy. The economic fallout and timing of benefits for Americans are also under scrutiny. Senate Republicans have indicated a need for policy reevaluation if the tariffs lead to economic downturns.
In other news, Trump has extended the deadline for TikTok to find a non-Chinese buyer, and a North Carolina court has ruled for a recount in a contested race for the state Supreme Court. Changes in leadership at the NSA and FDA have also made headlines. Lastly, Elon Musk is classified as a “special government employee,” providing expertise part-time without a salary.
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