Business & Economy
|
Business & Economy
|
|
|
Trump officials ordered to 'immediately' unblock funds
|
A federal judge has ordered the Trump administration to quickly end any federal funding pause, after several attorneys general claimed an earlier directive was not being fulfilled.
|
“The broad categorical and sweeping freeze of federal funds is, as the Court found, likely unconstitutional and has caused and continues to cause irreparable harm to a vast portion of this country,” U.S. District Judge John McConnell said on Monday.
Democratic attorneys general in 22 states and Washington, D.C., who challenged the freeze said the Trump administration was not complying with the judge’s initial command.
The judge said withheld funds that must be restored include those appropriated under two laws championed by former President Biden — the Inflation Reduction Act and Infrastructure Investment and Jobs Act — and those intended for institutes and other agencies such as the National Institutes of Health (NIH).
In a memo last month, the Office of Management and Budget directed federal agencies to pause the disbursement of grants while the administration assessed its spending to assure it aligned with Trump’s agenda, sparking legal challenges and widespread confusion.
Though the memo was later withdrawn, McConnell said the reversal was “in name only” after White House press secretary Karoline Leavitt specified on social media that the administration’s rescission only referred to the memo itself, not the entire freeze.
The rescission “may have been issued simply to defeat the jurisdiction of the courts. The substantive effect of the directive carries on,” McConnell, an appointee of former President Obama, wrote in his previous order.
The Justice Department has appealed the judge's order.
The Hill's Ella Lee has more here.
|
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
|
|
|
Key business and economic news with implications this week and beyond:
|
|
|
Elon Musk in a post on his social platform X appeared to back conservative commentator Charlie Kirk’s suggestion that former Rep. Ron Paul (Texas) replace Jerome Powell as chair of the Federal Reserve.
|
|
|
|
Sen. Elizabeth Warren (D-Mass.) on Monday slammed the Trump administration’s reported efforts to shutter the Consumer Financial Protection Bureau (CFPB) as “another scam.”
|
|
|
|
Colorado Gov. Jared Polis (D) on Monday backed President Trump’s direction to halt penny production, calling it a “great move.”
|
|
|
|
President Trump announced Sunday that he asked the Treasury Department to stop producing pennies, calling the 1-cent coin wasteful.
|
|
|
|
Welcome to Tax Watch, a new feature in The Hill's Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
|
House, Senate battle over Trump agenda intensifies
|
House and Senate Republicans are racing each other this week to see who can advance President Trump’s sprawling domestic agenda, as the two chambers move forward with their contrasting legislative strategies.
In the House, Speaker Mike Johnson (R-La.) and Republicans are vowing to keep working on a budget resolution to advance Trump’s priorities in a single bill, despite such an agreement eluding them for days.
The chamber is set to blow through another self-imposed deadline as lawmakers remain at odds over key issues.
In the Senate, meanwhile, top Republicans are moving on an effort to advance Trump’s agenda in two separate bills, as the conference grows impatient with the House’s lack of progress.
The chamber vs. chamber battle comes as GOP lawmakers are eager to enact items on Trump’s wish list, but remain in disagreement over the best strategy to do so — with neither side willing to back down.
The Hill's Mychael Schnell has more here.
|
|
|
{{if !contains(profile.lists,"Evening Report")}
{/if}}{{if !contains(profile.lists,"Evening Report")}
{/if}}
Upcoming news themes and events we're watching:
|
-
Federal Reserve Chair Jerome Powell delivers his semiannual report before the Senate Banking Committee at 10 a.m.
- The Senate Finance Committee will vote on Trump's U.S. Trade Representative nominee Jamieson Greer at 11:30 a.m.
|
|
|
Branch out with more stories from the day:
|
|
|
NEW YORK (AP) — U.S. stocks rose Monday as Wall Street took President Donald Trump’s latest threat …
|
|
|
Business and economic news we've flagged from other outlets:
|
-
S&P 500 closes higher, Nasdaq pops nearly 1% Monday as investors shrug off tariff worries (CNBC)
-
Trump administration seeks urgent end of ‘impermissible’ court order blocking access to Treasury systems (Politico)
-
Elon Musk-Led Group Makes $97.4 Billion Bid for Control of OpenAI (The Wall Street Journal)
|
|
|
Top stories on The Hill right now:
|
|
|
Kendrick Lamar’s Super Bowl halftime performance is growing in viewership hours after the big game, gaining more 11 million views since it aired Sunday night. Read more
|
|
A federal judge in Rhode Island ordered the Trump administration to comply with his order to unfreeze federal grants, after attorneys general for several Democratic states claimed the directive was not being fulfilled. Read more
|
|
|
Opinions related to business and economic issues submitted to The Hill:
|
|
|
|
You're all caught up. See you tomorrow!
|
Save story
-
A federal judge has temporarily blocked the National Institutes of Health from implementing cuts to medical research grants under the Trump administration after 22 states sued to halt the process. ...
CBS News - 6h
-
A group of 22 states and the District of Columbia said the Trump administration was not complying with a judge's order blocking its freeze on federal assistance.
CBS News - 6h
-
The National Institutes of Health says the cuts will save more than $4 billion a year, but critics say it puts potentially lifesaving research in jeopardy.
CBS News - 7h
-
A coalition of 22 attorneys general sued the federal government, claiming that the $4 billion in cuts would “grind to a halt” studies on cancer, heart disease and other conditions.
The New York Times - 7h
-
A federal judge in Rhode Island said that the Trump administration had violated his order halting a sweeping federal funding freeze and ordered the government to “immediately restore frozen ...
NBC News - 9h
-
A federal judge in Rhode Island on Monday said that the Trump administration had violated his order halting a sweeping federal funding freeze and ordered the government to “immediately restore ...
NBC News - 4h
-
A federal judge in Massachusetts has granted a restraining order against the National Institutes of Health (NIH) and its recent research funding cut after 22 states filed a lawsuit to block the ...
The Hill - 9h
-
John McConnell says administration had defied earlier order to resume disbursement of billions of dollars. A federal judge said on Monday that the Trump administration had defied his order to ...
The Guardian - 10h
-
A third federal judge indefinitely blocked President Trump’s executive order to restrict birthright citizenship, dealing another stark blow to the controversial directive. U.S. District Judge ...
The Hill - 17h
-
Rep. Nancy Mace (R-S.C.) made a series of allegations of sexual abuse, rape and voyeurism perpetrated against herself and other women by a group of four men in a personal — and highly unusual — ...
The Hill - 4h
-
President Trump on Monday signed a full and unconditional pardon for Rod Blagojevich, the former Democratic governor of Illinois, who served eight years in prison on corruption charges until Trump ...
The Hill - 4h
-
At least one person was killed and others were injured when private jets collided Monday afternoon at the Scottsdale Airport in Arizona, authorities said.
The Hill - 5h
-
A federal judge temporarily reinstalled the head of the Office of the Special Counsel, allowing Hampton Dellinger to return to his post after he was fired Friday by President Trump. The order from ...
The Hill - 6h
-
Welcome to The Hill's Defense & NatSec newsletter {beacon} Defense &National Security Defense &National Security The Big Story Hegseth moves to implement Trump’s ban on transgender troops ...
The Hill - 7h
-
Hampton Dellinger filed a lawsuit claiming President Donald Trump illegally dismissed him last week.
NBC News - 4h
-
Rep. Nancy Mace (R-S.C.) made a series of allegations of sexual abuse, rape and voyeurism perpetrated against herself and other women by a group of four men in a personal — and highly unusual — ...
The Hill - 4h
-
President Trump on Monday signed a full and unconditional pardon for Rod Blagojevich, the former Democratic governor of Illinois, who served eight years in prison on corruption charges until Trump ...
The Hill - 4h
-
At least one person was killed and others were injured when private jets collided Monday afternoon at the Scottsdale Airport in Arizona, authorities said.
The Hill - 5h
-
Acting U.S. Deputy Attorney General Emil Bove has ordered federal prosecutors in New York to drop corruption charges against New York Mayor Eric Adams, a senior Justice Department official said ...
NBC News - 5h
| | |
