President Donald Trump’s tariffs and the market reaction have been the highlight of the week, but in the Senate, Republicans are working on advancing Trump’s tax plans and other domestic spending priorities. There are concerns within the GOP about the budget strategy, particularly in relation to tax cuts and potential cuts to Medicaid.
Senate Republicans managed to move their budget plan forward for debate after addressing delays caused by concerns within their own party. Some senators are worried about the party’s strategy to extend Trump’s tax cuts, which are estimated to cost $4.6 trillion over a decade. There are also concerns about potential cuts to Medicaid.
Meanwhile, questions about Trump’s tariffs remain unanswered. These include how the administration will explain the tariffs to the American public, what the economic fallout will look like, and when Americans will start to benefit from the trade policy. The possibility of a national or global recession due to the tariffs is a concern among some Republicans.
In other news, Trump announced an extension to the deadline for TikTok to find a non-Chinese buyer, the North Carolina Court of Appeals ruled for a recount in a contested race, and top officials at the NSA and FDA have exited. Additionally, Elon Musk is considered a “special government employee” and is not receiving a government salary. Instead, he provides expertise on a part-time basis under certain rules.
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