The $1 Billion for Trump’s Ballroom Is in Trouble
Punchbowl News: “The White House’s $1 billion request to secure President Donald Trump’s new ballroom is getting a very frosty reception on Capitol Hill, casting doubt on whether GOP leaders can keep it in the upcoming immigration reconciliation package.”
“Several House and Senate Republicans are privately raising alarms about the money and the political pitfalls of funding anything related to Trump’s controversial ballroom, even as the White House, administration officials and GOP leaders insist the $1 billion is only for security.”
“Some of these skeptical Republicans feel the ballroom project is just too politically toxic right now, especially when Trump said for so long that it would be paid for by private funds.”
GOP Wrangles Wishlist Ahead of Midterms
“Republicans facing a grueling midterm outlook see passing a sweeping package of party priorities as their best chance to win over voters, but it won’t be easy,” Politico reports.
“In recent weeks momentum has grown for a third party-line bill Republicans can pass without Democratic support. Last year’s success enacting President Donald Trump’s ‘big, beautiful bill’ and progress this spring on immigration enforcement spending legislation has raised expectations that a third bite at the apple may be possible in the lead up to November.”
“Lawmakers are now assembling a grab-bag style wishlist for reconciliation 3.0, ranging from affordable housing measures to a fraud crackdown to Iran war funding. But intraparty debates could easily derail the delicate budget process, especially with razor-thin majorities in both chambers.”
Staffers Make ‘Thousands’ Betting on Their Candidates
NPR: “For this campaign staffer, the method was simple. First, they’d receive a tip on an unreleased poll and compare it with the odds on a prediction market, like PredictIt or Polymarket. If the poll reported their candidate had a better chance of winning than the prediction markets, they’d use this edge to buy low-cost odds on their candidate — known as event contracts — before the poll was released.”
“On prediction markets, the price of an event contract often mirrors the market’s estimation of the probability of a given outcome — in this case the chance a candidate will win. So a contract selling for 20 cents means the market is pricing a 20% chance of success.”
“Once the poll went public, the prediction market contracts shot up in value. The staffer would then sell their contracts at a higher price and make money.”
Trump Threatens Europe with ‘Much Higher’ Tariffs
“President Donald Trump has said he will give the European Union until July 4 to ratify its trade agreement with the U.S.,’threatening to raise tariffs to ‘much higher” levels if the 27-nation bloc fails to do so,” CNBC reports.
DOGE Cuts to Humanities Grants Were Unconstitutional
“A federal judge ruled Thursday that the U.S. DOGE Service did not have the authority to cancel National Endowment for the Humanities grants, which made up more than $100 million in congressionally appropriated funds,” the Washington Post reports.
Rubio Swears Off 2028 Talk
Washington Post: “The growing media buzz surrounding Rubio comes as Vance has sought to carve out his own higher-profile portfolio in recent weeks. He led the U.S. negotiations with Iran in Islamabad, Pakistan, last month — as Rubio kept his distance — that ultimately did not result in a deal. And he is leading a new task force to root out fraud in federal benefits.”
“Vance leads in early polls of the potential 2028 GOP field, but his overall approval ratings have fallen alongside Trump’s as most Americans disapprove of the president’s handling of the Iran war and the economy.”
Washington Barely Notices Soaring U.S. Debt
New York Times: “The U.S. government learned last week that it may have reached an unfortunate milestone: The size of its debt surpassed the nation’s total economic output.”
“It was a striking imbalance, according to early estimates, one that the country has experienced only in rare circumstances — briefly during the pandemic, and in the aftermath of World War II. But the development barely seemed to register in the nation’s capital, where few policymakers bothered to acknowledge the latest warning sign about the government’s poor fiscal health.”
Hackers Strand Students During Finals Week
CNN: “Students attempting to access grades, study materials and quizzes were met instead with a message from a hacking group on Thursday.”
“Universities and school systems across the country, from local school districts to Georgetown University to the University of Oklahoma, reported a ransom note on the homepage of their schools’ Canvas sites. Canvas is a popular, cloud-based digital hub for classrooms.”
U.S. and Iran Exchange Fire in Persian Gulf
“The U.S. military said Iran launched missiles, drones and small-boat attacks at U.S. warships near the Strait of Hormuz, and that the U.S. responded by intercepting the threats and striking Iranian military sites responsible for the attacks,” the Wall Street Journal reports.
“President Trump said the cease-fire with Iran is still in effect, calling the latest U.S. strikes against the country a ‘love tap.'”
Fetterman Shuts Down Talk of Switching Parties
Sen. John Fetterman (D-PA) writes in the Washington Post that while he was “at odds” with Democrats on foreign affairs and immigration, he had “no plans to leave” the party.
Said Fetterman: “My values have not changed, and I have always turned to those kinds of ideals that defined being a Democrat. I remain strongly pro-choice, pro-weed, pro-LGBT, pro-SNAP, pro-labor and even pro-rib-eye over bio slop. I refuse to cave on my conscience because Pennsylvania deserves someone who is honest and can work across the aisle.”
Passports Revoked for Parents Who Owe Child Support
Associated Press: “The U.S. State Department will begin revoking the U.S. passports of thousands of parents who owe a significant amount of unpaid child support.”
Trade Court Rules Trump’s 10% Global Tariff Is Illegal
A federal trade court ruled on Thursday that President Trump’s nearly-universal 10 percent tariff is illegal, the New York Times reports.
The loss marked a new legal setback for the White House, which imposed the duties earlier this year as a temporary replacement to the initial slate of punishing duties struck down by the Supreme Court.
Trump Moves to Define Hakeem Jeffries
Rachel Bade: “Yes, Jeffries is on Trump’s mind — and it’s no wonder. If Democrats flip the House, Jeffries — poised to become the first Black speaker — instantly becomes Trump’s top rival. He’d have the final say over whether impeachment moves forward, set the cadence of subpoenas flying down Pennsylvania Avenue, and lead the messaging war against the White House in a gridlocked Washington full of finger-pointing.”
“But Trump’s allies also sees opportunity. They argue Jeffries is no Nancy Pelosi — that, unlike her iron grip on the caucus, he’s weak and getting yanked around by the left. They also note that Jeffries doesn’t yet have a strong nationwide name ID — and they’re eager to define him in a negative light before he can define himself.”
Oil-Price Bets Totaled $7 Billion
Reuters: “A series of well-timed market bets on falling oil prices totaling as much as $7 billion during March and April spread across multiple exchanges and types of fuel and derivatives just before major Iranian policy announcements by President Donald Trump.”
Gas Prices Won’t Return to Pre-War Levels Soon
Axios: “Even if the Strait of Hormuz opened right away, pump prices will likely remain higher — maybe a lot higher — than pre-war levels at least through the midterm elections.”
“U.S. retail prices are tethered to global oil markets that will be in turmoil for a while.”
U.S. Sells More Missiles to Gulf Nations
New York Times: “The Trump administration has approved sales of thousands of air defense interceptor missiles and related services valued at $17 billion to Kuwait, the United Arab Emirates and Bahrain, according to State Department and congressional officials.”
“The exports were approved despite alarm among some Pentagon officials over the dwindling U.S. stockpiles of such missiles, which have been expended in large numbers during the war against Iran.”
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