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President Donald Trumps big bill making its way through Congress will cut taxes by $3.75 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office. The CBO also estimates an increase of 10.9 million people without health insurance under the bill by 2034, including 1.4 million who are in the United States without legal status in state-funded programs. The package would reduce federal outlays, or spending, by nearly $1.3 trillion over that period, the budget office said. In the words of Elon Musk, this bill is a disgusting abomination, said Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, reviving the billionaire former Trump aides criticism of the package. House Speaker Mike Johnson said he called Musk late Tuesday to discuss the criticism but had not heard back. “I hope he comes around, Johnson told reporters. Trump pushing Congress to act The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by the Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page-plus package. Ahead of the CBOs release, the White House and Republican leaders criticized the budget office in a preemptive campaign designed to sow doubt in its findings. Republicans criticize the CBO White House press secretary Karoline Leavitt said the CBO has been historically wrong, and Senate Majority Leader John Thune said the CBO was flat wrong because it underestimated the potential revenue growth from Trumps first round of tax breaks in 2017. The CBO last year said receipts were $1.5 trillion, or 5.6% greater than predicted, in large part because of the burst of high inflation during the COVID-19 pandemic in 2021. White House Budget Director Russ Vought said when you adjust for current policywhich means not counting some $4.5 trillion in existing tax breaks that are simply being extended for the next decadethe overall package actually doesn’t pile onto the deficit. He argued the spending cuts alone in fact help reduce deficits by $1.4 trillion over the decade. Democrats and even some Republicans call that current policy accounting move a gimmick, but it’s the approach Senate Republicans intend to use during their consideration of the package to try to show it does not add to the nation’s deficits. Vought argued that the CBO is the one using a gimmick by tallying the costs of continuing those tax breaks that would otherwise expire. Leavitt also suggested that the CBOs employees are biased, even though certain budget office workers face strict ethical rulesincluding restrictions on campaign donations and political activityto ensure objectivity and impartiality. When it comes time to make prognostications on economic growth, theyve always been wrong, House Majority Leader Steve Scalise (R-LA) said at a press conference. Asked if its time to get rid of the CBO, Scalise did not dismiss the idea, saying it’s valid to raise concerns. Alongside the costs of the bill, the CBO had previously estimated that nearly 4 million fewer people would have food stamps each month due to the legislations proposed changes to the Supplemental Nutrition Assistance Program, known as SNAP. What’s in the bill The bill, called the One Big Beautiful Bill Act after the presidents own catchphrase, is grinding its way through Congress, as the top priority of Republicans, who control both the House and the Senateand face stiff opposition from Democrats, who call it Trumps big, ugly bill. All told, the package seeks to extend the individual income tax breaks that had been approved in 2017 but that will expire in December if Congress fails to act, while adding new ones, including no taxes on tips. It also includes a massive buildup of $350 billion for border security, deportations, and national security. To help cover the lost revenue, Republicans want to slash some federal spending. They propose phasing out green energy tax breaks put in place during Democrat Joe Biden’s presidency. New work requirements for some adults up to age 65 on Medicaid and SNAP would begin in December 2026 and are expected to result in less spending on those programs. Republicans argue their proposals are intended to make Medicaid and other programs stronger by rooting out waste, fraud, and abuse. They want the federal funding to go to those who most need health care and other services, often citing women and children. But Senate Democratic Leader Chuck Schumer said those claims are bogus and are simply part of long-running GOP efforts to repeal and replace the Affordable Care Act, or Obamacare, as most states have expanded Medicaid to serve more people under the program. They just want to strangle health care, Schumer said. The package also would provide a $4 trillion increase to the nations debt limit, which is now $36 trillion, to allow more borrowing. The Treasury Department projects the debt limit will need to be raised this summer to pay the nations already accrued bills. CBO aims for impartiality Now in its 50th year, the CBO was established by law after Congress sought to assert its control, as outlined in the Constitution, over the budget process, in part by setting up the new office as an alternativeto the White Houses Office of Management and Budget. Staffed by some 275 economists, analysts, and other employees, the CBO says it seeks to provide Congress with objective, impartial information about budgetary and economic issues. Its current director, Phillip Swagel, a former Treasury official in Republican President George W. Bushs administration, was reappointed to a four-year term in 2023. By Lisa Mascaro, AP congressional correspondent Associated Press writers Kevin Freking and Joey Cappelletti contributed to this report.
Category:
E-Commerce
Following last weeks mainstream debut of the Wall Street-borne acronym TACO, or Trump Always Chickens Out, high-ranking Democrats and random social media users alike have turned the taunt into a weekly celebration: Taco Tuesday. Just in time for a fresh round of tariffs. Though the slogan had quietly circulated for weeks among stock traders navigating tariff turbulence, it hit critical mass on May 28, when a reporter asked Trump about it during a press conference. The presidents nuclear response, a warning to not ever say what you said, ended up Streisand Effect-ing the catchphrase into instant ubiquity. Democrats at the highest levels embraced itincluding Rep. Eric Swalwell, who made a stilted TikTok about it, for which he was rightly roasted onlinewhile millions of others simply wanted to know more. According to CNNs Harry Enten, by May 30, Google searches for Trump TACO had shot up 9,900%. If it werent obvious enough from the press conference, a separate CNN report confirmed that the acronym got under Trumps skin. Apparently, the president later chewed out members of his team for not alerting him that the taco meme had gained traction, leaving him to find out in real time, in full public view. It clearly bothered him, primarily because it demonstrated a lack of understanding about how he actually utilizes those threats for leverage, a source told CNN. But obviously hes not a guy who looks kindly on weakness, so the idea anyone would think that with respect to his actions isnt received well. Perhaps sensing how much the press conference blowup had stung Trump, both elected Democrats and random social media users went all in on the acronym. “Taco Trump” memes retained an ambient internet presence throughout the week, before erupting on- and offline on Tuesday. Taking advantage of the existing cultural branding, Taco Tuesday, Trump critics including Rep. Jamie Raskin used the occasion of the first such day since the slogans debut to drill down on their message. It's Taco Tuesday!— FEISTY (@crzyfkinworld.bsky.social) 2025-06-03T12:48:57.999Z On X and Bluesky, there was a fresh round of AI-generated taco imagery alternately depicting Trump as a chicken, a baby, a restauranteur, a reluctant diner, and, somewhat inexplicably, Mr. Miyagi from the Karate Kid movies. (Tax on, tax off, a caption reads.) Billy Baldwin, younger sibling of perennial Trump foe Alec Baldwin, couldnt resist tweeting some AI slop, while New Yorker artist Barry Blitt offered a decidedly non-AI take on the subject matter. In a new Kvetchbook, Barry Blitt imagines a new portrait of Donald Trump. www.newyorker.com/cartoons/bli…— The New Yorker (@newyorker.com) 2025-06-04T01:15:29.866Z Meanwhile, the Democratic Party commemorated the day by commissioning a taco truck to serve free meals near the Republican National Committees headquarters in DC. Though the gesture risked convincing oblivious pedestrians that Trump himself was offering free tacos, it was meant to contrast Democrats agenda with Trumps tariff tactics. “With his idiotic trade policy,” DNC chair Ken Martin said in a statement, he talks a big game, caves, and then leaves working families and small businesses to deal with the fallout. A TACO truck is parked near the GOP HQ in DC LOLDon't forget to subscribe: www.dworkinsubstack.com/subscribe— Scott Dworkin (@dworkin.bsky.social) 2025-06-03T17:46:33.152Z Making the celebration timelier, this Taco Tuesday happened to fall on the day before Trumps latest tariff gambita whopping increase from 25 to 50% levies on steel and aluminum from nearly every country around the globewent into effect. Senator Adam Schiff was sure to highlight the correlation in his post about the holiday on Bluesky. As for Trumps defenders, the response has mainly been to brush off the taco stuff as cringey. JD Vance quote-tweeted a post touting the Democrats taco truck with a devastatingly dismissive caption, We have the lamest opposition in American history. (Abhi Rahman, deputy communications director for the DNC, quickly responded to the tweet, telling Fox News, “We understand that JD Vance, the cringiest VP in American history who cannot order a donut like a normal human being, prefers to take food away from people, including 40 million Americans whose SNAP benefits were just scrapped in the GOP budget.”) What gives Vances eye-rolling response some heft is the fact that Trump hasnt offered any additional glimpses into his feelings about the acronym since that disastrous press conference. His anger was the reason that TACO took off; his silence on the matter since then has neutralized the power of posts that act as though Trump is actively livid about it at all times. Given that there are now fresh tariffs to potentially back down from, though, and a standing appointment for calling out the pattern if Trump does, the meme might potentially give everyone something to taco bout for weeks to come.
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E-Commerce
For millions of older adults, a ride to the grocery store or a friends house isnt just about convenienceits about staying connected, independent, and well. When driving is no longer an option, transportation can become a barrier to everyday life, and even a risk factor for declining health. Aging adults and families who rely on ridesharing apps to get around now have a new option to explore from Uber, which just announced a pair of features designed to make the app easier and more intuitive for senior riders. The ridesharing company is introducing senior accounts, which allow family members to help set up, track and pay for rides, and simple mode, a senior-friendly version of the app for older adults who use it on their own. To set up a senior account, existing Uber users can add a senior adult to their family profile in the app. The head of the family profile can book rides for a senior rider, handle payment and set monthly spending limits. The family profile lets Uber users track a connected family member in real-time, contact drivers and add saved places for frequent stops. Riders using senior accounts can opt to pay with their own payment method, one registered by a family member or using a Medicare Flex card. Ubers new simple mode is for seniors who arent connected to a relatives family profile, with changes that increase the apps text size, streamline its interface and add clear in-app instructions. The refreshed version of the app also features bigger icons, fewer buttons and saved locations to make it easier for seniors to run errands and get out of the house with on-demand transportation. The accounts are now available in the U.S. and in some cities across France, Portugal, Mexico, Chile, Brazil, South Africa, Hong Kong and Taiwan. In India, simple mode is now available, but senior accounts are not. Last month, Lyft introduced its own app mode for senior adults, known as Lyft Silver. Uber says it developed the new set of senior-friendly features using advice from aging and accessibility advocates. These features reflect our dedication to designing technology that meets people where they are and supports mobility at every stage of life, Uber Director of Product Management Ashu Manohar said, describing the new features as an important milestone in its quest to make transportation more accessible. Ubers senior accounts arent its first profiles designed for a cohort of users with specific needs. Uber previously introduced teen accounts that let users under 18 travel alone in connection with a parents account. Like senior accounts, teen accounts come with payment support and live trip tracking to enhance safety. Tech for seniors matures along with the population Around the world, populations are getting older fast. The number of people over the age of 60 is expected to double between 2015 and 2050. While that trend began with slowing birth rates in high-income countries, low and middle income countries are undergoing similar population shifts. Those changes will leave the global community to grapple with how to accommodate a huge swath of people entering into a phase of life marked by unique challenges to health and well being. Meanwhile, the pace of technological progress feels like it never lets off the gas, particularly with the advent of AI. Aging adults have an impossible amount of new tech tools to keep up with even with classes dedicated to just that but those tools are at their best when they create real solutions that make everyday life easier Transportation is one of the biggest barriers to independence as people age, Silvia Candamil Neirra, Vice President, Global Initiative on Ageing and Longevity, said. Solutions like Ubers senior accounts help break down that barrier by offering a simple and flexible way for older adults to get where they need to gowithout always having to rely on others. Its about dignity, freedom, and staying connected to the people and places that matter most.
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E-Commerce
The White House just unveiled a second version of President Trumps official portrait, and its even more foreboding than the first. The new portrait, which was taken by the chief White House photographer Daniel Torok and revealed on Monday, shows Trump in a dark blue suit and red tie, sitting in a nearly dark room. It appears to be an evolution of Trumps first official portrait, also taken by Torok, which debuted just before his inauguration. Trumps first portrait strayed markedly from the precedent set by past administrations in terms of how the chief executive is presented. But this 2.0 version includes a striking omission that even the first did not: theres no American flag. Its just the most recent development in Trumps monthslong campaign to adopt a darker, sterner personal brand that aligns with his desired image of control. Leaving convention at the door Cara Finnegan is a professor in the Department of Communication at the University of Illinois and author of the book, Photographic Presidents: Making History from Daguerreotype to Digital. According to Finnegan, presidents are “always deeply invested in their political image.” In an interview with Fast Company back in January, Rhea L. Combs, director of curatorial affairs at Smithsonians National Portrait Gallery, explained that presidential portraits have historically aimed to balance relatability with strong leadership and American pride. To signal relatability, every president in the last 60 years has been photographed with a wide smile, positioned at a straight-on angle to keep the subject eye-level with the viewer. The lighting is typically soft and even, giving the composition an approachable feel. And, to reinforce the concept of commitment to the country, each president since Gerald Ford has included the American flag in the background of their official portrait. During his first term in 2016, Trump hewed closely to this historical approach. In contrast, for his inaugural portrait this year, he bucked nearly every traditionincluding lighting, framing, angle, and facial expressionresulting in an official image that aimed to convey dominance rather than relatability. Still, he kept a sliver of the American flag in the background. For portrait 2.0, though, that final vestige of convention has also been abandoned. “The mug shot arguably is his presidential portrait” At the time of the first portraits release, Torok took to his personal X account to confirm that his portrait of Trump was inspired by the Presidents mug shot, taken after he was found guilty of 34 felony counts in May 2024. Trump used the mug shot as a marketing tool throughout his campaign, repositioning it as a kind of badge of honor by selling pieces of the suit he wore in the photo and featuring it on rally posters. This 2.0 version blurs the line between mug shot and presidential portrait even more. Once again, Trump is pictured making his signature scolding, eyebrow-raised expression from his mug shot that Torok already emulated once before. Compared to the first portraitwhich was significantly darker and more harshly lit than the average presidential portraitversion 2.0 has brought the dimmers down even further, obscuring almost half of Trumps face in shadow. And instead of an illuminated background featuring the American flag, this image features what is essentially an ominous black hole surrounding the President. On X, Torok responded to a commenter with a brief explanation of how he chose to capture the image: Fairly dark room. One massive overhead soft box. And a streak of sunlight from the sunset over his right shoulder. Cinematic lighting. That last detail of emulating cinema seems to hint at the broader rationale behind Trump’s sterner second term image, from an oil painting in the White House of his bloodied face to the commercialization of his mug shot: Its all about using production to craft a specific narrative. With portrait 2.0, the Trump administration seems to be saying Trump is the star, and the United States is merely the set. “What’s striking to me is that the release of each second-term official portrait has prompted comparisons to the 2023 mug shot,” says Finnegan. “It’s clearly become the image to which every subsequent photographic portrait of Trump is inevitably compared. Yes, Trump himself immediately embraced the mug shot and commercialized it, and now it even hangs outside the oval office, so he’s authorized it himself in that way. But if every photographic portrait of Trump is compared to the mug shot, then the mug shot arguably IS his presidential portrait.”
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E-Commerce
Stablecoin issuer Circle Internet Group is expected to go public this week. Share pricing is expected to surface on Wednesday for a possible listing on Thursday, though the company has not confirmed the timeline. The companys paperwork with the Securities and Exchange Commission (SEC), filed Monday, shows that Circle plans to sell 32 million shares and is aiming at a price target of $27 to $28 per share. That would give the company a valuation of more than $7 billion, an increase from earlier estimates. In a previous SEC filing, which surfaced last week, Circle said it was planning to sell 24 million shares priced between $24 and $26. In all, the company is expected to raise around $880 million with its updated numbers. Shares are expected to trade on the New York Stock Exchange (NYSE) under the symbol CRCL. The offering is being led by J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC Circle declined to comment. Headquartered in New York, Circle has grown significantly over the last five years, reporting $1.7 billion in revenue and reserve income in 2024, compared to just $15.4 million in revenue in 2020. It had net income of $155.7 million in 2024, verses net income of $267.6 million in 2023, and a net loss of $768.8 million in 2022. Why is Circles IPO a big deal? As Fast Company previously reported, Circles IPO has been a long time coming, and has generated a lot of excitement among potential investors. That’s in large part due to the surge in interest around stablecoinswhich are a form of cryptocurrency that have their values pegged to real assets. For instance, Circle’s flagship USDC, one of the largest cryptocurrencies on the market, is pegged to the U.S. dollar, which means one USDC is worth $1. Circle also issues EURC, which is pegged to the value of the euro. Meanwhile, stablecoin legislation is currently working its way through Congress, which could be adding to the anticipation around Circle’s imminent market debut. The Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, could soon pass the Senate, and with a crypto-friendly administration in office, it could become law. That would set up a regulatory framework for stablecoins, effectively and further ingraining them into the financial system. With that as a background, and a surge in interest this year in the crypto space, many investors have had Circles IPO date circled on their calendars.
Category:
E-Commerce
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