President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers.
Meanwhile, the White House has officially asked Congress to claw back $9.4 billion in already approved spending, taking funding away from programs targeted by Elon Musk's Department of Government Efficiency. It's a process known as "rescission," which requires Trump to get approval from Congress to return money that had previously been appropriated.
That would include 1.4 million who are in the country without legal status in state-funded programs. The package would reduce federal outlays, or spending, by $1.3 trillion over that period, the nonpartisan Congressional Budget Office said.
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 Fourth of July.
The analysis comes at a crucial moment as President Trump is pushing to have the final product on his desk by Fourth of July.
The White House and GOP leaders have been sowing doubt on the Congressional Budget Office's work. But its findings as the official scorekeeper of legislation will be weighed by lawmakers and others seeking to understand the budgetary effects of the sprawling 1,000-page plus package.