Live: Linda McMahon testifies about education budget in Senate hearing
President Donald Trump's 2026 budget request includes a 15% funding cut to the department. It allocates $66.7 billion to education, a $12 million drop from the previous year's discretionary budget authority.
Student Loans: Ed Dept pauses plan to garnish Social Security checks
The funding changes include a $1,000 slash to maximum Pell Grant rewards, a 35% funding cut for the Office of Civil Rights and reductions to other student aid plans.
The School Superintendents Association has criticized the plan: 'The Administration preserved funding for priority programs such as IDEA and Title I in the proposal, but eliminated other crucial education funding, under the guise of efficiency.'
Harvard-Trump court battle — and polarizing debate — continue
When nominated and confirmed to her position, Trump tasked McMahon with putting herself out of a job as the administration works to shutter the Education Department altogether.
In a March interview with NewsNation, McMahon said the department's end is not a 'turn off the lights and walk out of the department. It's with close consultation with Congress and looking how the needs of students can best be serviced.'
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures rise after US strikes a trade deal with Japan
US stock futures stepped higher on Wednesday after the US struck a trade deal with Japan and Wall Street readied for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings. Dow Jones Industrial Average (YM=F) rose roughly 0.3%, while S&P 500 futures (ES=F) moved up 0.2% on the heels of the benchmark ekeing out another record closing high. Contracts on the tech-heavy Nasdaq 100 (NQ=F) edged up 0.1%. Trump posted on Truth Social on Tuesday evening, 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made." The president said that the agreement includes a 15% tariff on imported goods from Japan. Read more: The latest on Trump's tariffs Google-parent Alphabet and Tesla are set to kick off highly anticipated second-quarter results from the "Magnificent Seven" after the bell Wednesday. Tesla CEO Elon Musk's rocky relationship with Trump is looming large over the EV maker's earnings. With its stock down nearly 18% year-to-date, investors are watching for updates on the company's core auto business and its robotaxi rollout. With Alphabet, investors are looking for signs that AI investments are starting to pay off as the company pours billions into the technology. A federal judge's decision that could force the company to sell Google Chrome will also be in focus. Other earnings results set to land on Wednesday include Chipotle (CMG), which is expected to report its second straight quarter of declining sales, as well as AT&T (T), IBM (IBM), and Alaska Air (ALK). Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Trending tickers in after-hours trading Texas Instruments, Inc. (TXN) Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump's tariffs. Enphase Energy, Inc. (ENPH) Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company's stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump's removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market. Read more here. Analog Devices, Inc. (ADI) Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI's earnings reports, still not due for another month. Japanese auto stocks surge as US announces lower-than-expected tariffs Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Shares of Japanese automakers pumped after U.S. President Donald Trump announced a trade deal with Japan, lowering the previously discussed 25% auto tariffs on Japanese vehicles to 15%. Honda (HMC) surged 9.8%, Toyota (TM) jumped 13.9%, Nissan (7222.T) gained over 5%, and Mazda (7261.T) soared 17.7%. Mitsubishi Motors (7211.T) rose over 12%. According to Japan's NHK, the revised tariff structure includes a 12.5% cut plus a 2.5% 'Most Favored Nation' base rate. The move comes as Japanese auto exports to the US have suffered, plunging 26.7% in June. Trump hailed the deal as the 'largest Deal ever,' claiming Japan would invest $550 billion in the US and allow greater access to its markets, including for American autos, trucks, and agricultural goods. Trending tickers in after-hours trading Texas Instruments, Inc. (TXN) Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump's tariffs. Enphase Energy, Inc. (ENPH) Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company's stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump's removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market. Read more here. Analog Devices, Inc. (ADI) Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI's earnings reports, still not due for another month. Texas Instruments, Inc. (TXN) Texas Instruments, a leading chipmaker with the broadest product list in the field, saw its share value drop over 11.6% in after-hours trading. The stock has seen 46% gains in the year to date following a boom in purchases with each wave of tariff announcements. The rapid cooling-off occurred when the executive team announced they were unaware how much of the increase in revenue had been dependent on consumers attempting to circumvent the hike in prices from Trump's tariffs. Enphase Energy, Inc. (ENPH) Solar equipment provider Enphase Energy saw a drop of over 7.2% in the company's stock value in extended trading. With 5% of the market share in the solar equipment field Enphase acts as an early indicator for the impact that Trump's removal of tax credits will have upon the industry. Enphase are pointing towards a 20% drop in the residential market. Read more here. Analog Devices, Inc. (ADI) Shares in semiconductor maker Analog Devices saw a drop of over 4.1% after-hours, erasing gains from the month so far. The company specializes in chips that convert real world input into electrical signals, processing sound, light, temperature, pressure and motion. Investors have been eyeing ADI's earnings reports, still not due for another month. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 minutes ago
- Yahoo
The director of national intelligence's assertions about what's coming next didn't really add up.
Tulsi Gabbard teased the release of 'further documents tomorrow' after Barack Obama's office firmly shut down her 'ridiculous' claims that he conspired to subvert the 2016 election. The director of national intelligence appeared on Newsmax Tuesday night to defend her allegations against Obama administration officials, after various analyses cast them as deeply misleading and thin. She dropped a report on Friday claiming to have uncovered a 'treasonous conspiracy' by Obama-era officials to play up Russian election interference claims that 'laid the groundwork for a years-long coup' against Trump. Obama's office issued a rare rebuke on Tuesday, dismissing the allegations as 'ridiculous' and a weak attempt at distraction' as MAGA is roiled by the Jeffrey Epstein controversy.
Politico
6 minutes ago
- Politico
House Dems Find Their Mojo With the Epstein Saga
In the middle is Trump, who once had a well-documented friendship with Epstein and who has been referenced in court documents surrounding the now deceased financier — though who is not accused of wrongdoing in connection with Epstein. Trump has tried to smother the controversy, even scolding his supporters for obsessing. 'Everyone's always talking about Trump being 'Teflon' — obviously that's because all Hill Republicans are pretty much a suit of armor for him, right? But in this instance, they're not,' said a senior Democratic aide discussing the strategy. 'And so it exposes him, I think, to more attacks that otherwise would be brushed off — and makes it easier for us to drag his numbers down while creating chaos among the Republicans.' The most interesting part about the strategy is how organically it came together. After watching the MAGA-sphere melt down over the administration's announcement in early July that there was no 'client list,' Rep. Ro Khanna (D-Calif.) grabbed the issue, telling his colleagues that the matter was kryptonite for the GOP, according to people close to him. In the House Rules Committee, ranking Democrat Jim McGovern of Massachusetts and his team had similarly been watching the feeding frenzy with right-wing podcasters and influencers, sensing an opportunity to needle Republicans so clearly out of step with their own base. Khanna found an unexpected ally in libertarian gadfly Rep. Thomas Massie (R-Ky.), teaming up to launch a discharge petition that could let House members circumvent Johnson's attempt to keep the issue from a vote on the floor. Through it all, Democratic leaders were cheering on their members. Beyond giving Khanna tacit support to work with Massie, Minority Leader Hakeem Jeffries set the tone for members early last week. He insisted in press conferences and in private meetings that this issue was a lose-lose situation for Republicans: either Trump and his allies had been lying for years about what was in those files or they were right and were now hiding evidence to protect their cronies. For longtime Hill watchers like myself, Jeffries' embrace of the scandal was a surprise. As Axios wrote last week, Jeffries has been known for an 'often taciturn approach to salacious stories of the day, preferring to remain disciplined and on-message in his public communications.' But like his members, Jeffries sensed the Epstein scandal was different, insisting it could feed into a narrative of corruption that would resonate beyond just the Democratic base.
