economic-policy19.38 min read
Debt crosses $40 trillion as Washington faces hard fiscal choices
3 days ago•Source: The Washington Post
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Tariffs on Canada Take Effect as U.S.-Canada Talks Collapse
The United States has imposed 50% tariffs on Canada after trade talks failed to avert the measures, and Canada said it would match the tariffs dollar-for-dollar, escalating tensions as the new duties take effect.
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US-Canada near deal to avert 50% tariffs on hockey sticks and wine
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Treasury scraps US ownership-disclosure rule for domestic firms
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Conservatives clash over a $20 burrito as inflation becomes a political talking point
Republicans are debating whether a burrito could cost $20, using the discussion to highlight rising food prices and affordability concerns that are shaping political messaging and strategies ahead of the midterms.
Trump Relaunches Bid to Oust Fed Governor Lisa Cook After Court Block
The White House is restarting its bid to remove Federal Reserve governor Lisa Cook, sending a notice with a 21-day response deadline over unproven mortgage fraud allegations after the Supreme Court blocked a prior attempt, highlighting tensions over Fed independence.
Senate sprint to avert shutdown as GOP rushes budget, nominees and Iran-war aid
Senate Republicans are racing to pass a stopgap spending bill to avert a government shutdown ahead of the midterm elections, while also moving a package to fund the Iran war and inflation-battered farmers, and pushing to confirm 74 nominees and advance votes on Russia sanctions and a cryptocurrency bill before leaving town.
GOP budget push stalls as internal divisions threaten midterm agenda
House Speaker Mike Johnson aims to move a stopgap funding bill to avert a government shutdown and a $95 billion package for the Pentagon, farmers, and election security before August recess, but intra-party divisions and Trump-aligned voting restrictions complicate passage ahead of the November midterms.
Trump expands tariff regime over forced-labor concerns
The Trump administration will impose tariffs on goods from roughly 60 trading partners, including the EU, China, Japan and Britain, citing insufficient prohibitions on forced labor; tariffs range from about 10% to 12.5% depending on the country, marking a broad expansion of the U.S. tariff regime after a Section 301 review and a Supreme Court ruling invalidating earlier tariffs.
Senate edges toward bipartisan housing-cost package
The U.S. Senate is nearing passage of a White House-backed, bipartisan package to lower housing costs, featuring new grants and a ban on large institutional investors from buying hundreds of homes in an effort to boost affordability ahead of the midterm elections.
Judge finds IRS repeatedly violated federal law by sharing tax data with DHS
A federal judge found the IRS violated federal law roughly 42,695 times by sharing confidential taxpayer addresses with DHS immigration authorities in a data-sharing agreement last summer, highlighting privacy and legal concerns over IRS data handling.
Trump pitches a sweeping federal-style retirement plan for private workers
In his State of the Union address, Trump floated a major new federal-style retirement benefit for roughly 54 million private-sector workers, but the White House lacks the legal authority to enact it and experts are skeptical about the proposed legislation.
Banks oppose Trump's proposed 10% credit card interest rate cap
President Trump has proposed a one-year cap of 10% on credit card interest rates, aiming to reduce consumer costs, but financial institutions criticize the move, arguing it could limit access to credit.
"Biden's $10,000 Tax Credit Plan to Address Housing Affordability Crisis"
President Biden has proposed new tax breaks to address affordable housing issues, including a $5,000 per year "mortgage relief credit" for middle-class, first-time homebuyers and a one-year credit of up to $10,000 for middle-class families who sell their "starter homes." However, experts have mixed opinions on the proposals, with concerns about the impact on mortgage rates and the ongoing housing supply crisis.