Republicans cut Medicare in their budget bill... Target sales plummet because of DEI protests...

 

With that, here’s the latest:

·       The Congressional Budget Office (CBO) has released an analysis indicating that the Republican-backed budget plan would increase the federal deficit by $3.8 trillion over the next decade. This projection is primarily due to extensive tax cuts, including extensions of the 2017 Tax Cuts and Jobs Act, which are not fully offset by proposed spending reductions.

·       Due to the size of the federal deficit and the requirements of the PAYGO Act, automatic spending reductions will be triggered. As a result, Medicare is expected to face over $500 billion in cuts, with the Congressional Budget Office officially estimating the total at $535 billion.

·       The Congressional Budget Office reports that the GOP’s reconsideration bill negatively impacts the poorest 10% of Americans while providing benefits to the wealthiest 10%.

·       The analysis for the 2026–2034 period outlines the following overall impacts:

o   The federal deficit is projected to increase by $3.8 trillion due to tax changes, including the extension of provisions from the 2017 tax law, which affects both revenue and spending on refundable tax credits.

o   Federal subsidies for Medicaid would be reduced by $698 billion.

o   Federal spending on SNAP would decrease by $267 billion.

o   There would be a net reduction of $64 billion in spending across other areas. This includes higher spending on defense, immigration enforcement, and homeland security, partially offset by cuts to federal pensions, proceeds from spectrum auctions, and changes related to emissions regulations.

o   States would see a net increase of $78 billion in spending, reflecting their added contributions to SNAP and Medicaid, along with adjustments in state tax and spending policies to support these changes.

·       House GOP leaders have been considering a deal to speed up the repeal of major clean energy investment and production tax credits from the Inflation Reduction Act as part of the reconciliation bill. According to multiple sources, instead of phasing the credits out gradually after 2028—as the current bill does—they would be eliminated entirely for projects beginning service after that year. Discussions also include a possible exemption for nuclear energy.

·       Speaker Johnson is pushing for a vote [yesterday] on Trump’s bill, although the specifics of the negotiations he's conducted in recent days have not been made public. He told Fox News, “We’re going to put it on the floor, and I think we’ll have the votes,” despite already losing support from three Republican members earlier in the day.

·       Target is dealing with falling sales and growing challenges, including backlash over its shift on diversity, equity, and inclusion programs. The company also warned that tariffs under President Trump are driving up costs, prompting it to lower its financial outlook and project a slight decline in sales for the year.

·       Newly released emails show that Joe Kent, chief of staff to Tulsi Gabbard in her role as director of national intelligence, urged intelligence analysts to revise an assessment to shield both Gabbard and President Trump from criticism over a claim linking Venezuela’s government to a criminal gang. The edits were intended to align the report more closely with the administration’s narrative, raising concerns about political interference in intelligence work.

·       The Trump Justice Department has reportedly opened a criminal investigation into Andrew Cuomo, the leading candidate in the New York City mayoral race. The probe centers on allegations that he lied to Congress about actions he took as governor during the COVID-19 pandemic, raising concerns of possible election interference... 

·       Donald Trump's approval rating has declined to 42%, a 2-point drop from earlier this month, matching the lowest level of his current term, according to a Reuters/Ipsos poll conducted May 16–18.

·       U.S. intelligence indicates that Israel is preparing for a potential military strike on Iran's nuclear facilities. This development comes amid ongoing negotiations between the Trump administration and Tehran over Iran's nuclear program. Israeli military activities, including the movement of air munitions and completion of air exercises, have been observed, suggesting readiness for such an operation.

·       A federal judge has ordered the U.S. government to retain custody of migrants deported to South Sudan, citing potential violations of a prior court order. U.S. District Judge Brian E. Murphy expressed concern that the Trump administration may have unlawfully deported individuals from countries such as Myanmar and Vietnam to South Sudan without providing them the legally required opportunity to contest their removal.

— Aaron Parnas Perspective