The Congressional Budget Office has projected an alarming increase in the number of uninsured individuals across the United States due to President Donald Trump’s proposed legislative package. The office estimates that an additional 10.9 million people will be left without health insurance, including 1.4 million undocumented immigrants in state-assisted programs. This package, however, is expected to slash federal spending by $1.3 trillion over the proposed period.
Simultaneously, Trump is set to raise tariffs on foreign steel and aluminum to a steep 50% this Wednesday. This move is anticipated to severely impact industries ranging from automotive to construction, and could result in increased costs for the average consumer.
House Majority Leader Steve Scalise has voiced criticism against the Congressional Budget Office for what he perceives as its consistent failure to account for economic growth. During a press briefing with House leaders, Scalise remarked on the inaccuracy of the office’s economic growth forecasts, suggesting possible discussions about its future.
In a different sphere of contention, Pennsylvania has initiated a lawsuit against the U.S. Department of Agriculture, accusing it of unlawfully terminating a $1 billion food aid program. The program, designed to support distribution to schools, childcare centers, and food banks, was abruptly cut, prompting Governor Josh Shapiro to challenge the federal decision.
In international news, Phyll Opoku-Gyimah, best known as Lady Phyll, co-founder of UK Black Pride, expressed frustration after being denied a U.S. entry visa critical to her participation in World Pride’s human rights conference. The denial, attributed to her previous travels to Cuba, left many LGBTQ+ attendees wary of the U.S.’s current political climate, as traveler advisories were issued by multiple countries.
On Capitol Hill, analysts from the Congressional Budget Office have confirmed that Trump’s legislative package could severely impact the nation’s fiscal health, reporting a potential $2.4 trillion increase in the deficit despite a proposed $3.7 trillion tax cut. Trump is determined to have this legislation signed by the Fourth of July, casting doubt on the findings of the Congressional Budget Office.
In Virginia, a special election has been declared for September 9th to fill the Congressional seat left vacant by the passing of Democratic Representative Gerry Connolly. Candidates from both parties are gearing up for this important electoral event amidst a full election schedule in November.
Turning towards the financial domain, U.S. stock performance showed marginal gains following uncertainties in the labor market. The bond market reacted with a decrease in Treasury yields, influenced by unexpectedly low job creation figures from non-government sectors.
President Trump’s forthcoming “Summer Soirée” at the White House is set to honor his administration’s political appointees, while his Wednesday schedule predominantly revolves around strategic discussions about the hefty tax cut and spending bill.
International tension persists as the European Union and U.S. representatives deliberate over economic disputes. Meanwhile, criticism mounts against Trump’s administration over its energy policies and recent revocation of abortion-related health guidance.
Finally, President Trump has formally approached Congress for a reduction in approved federal spending, targeting $9.4 billion managed by programs from Elon Musk’s Department of Government Efficiency, further fueling debates on government fiscal and policy priorities under his administration.