Donald Trump's 'big, beautiful bill'? Not to Elon Musk, DOGE: 'I don't know if it can be both'
We may be witnessing a crack in the bond between Musk and Trump.
Watch what Musk told CBS Sunday Morning, Kentucky Senator Rand Paul's view with Fox News Sunday and more:
DOGE stands for Department of Government Efficiency. The department was created for "modernizing Federal technology and software to maximize governmental efficiency and productivity."
Yes. DOGE posted a couple of tweets of recent activity to an X account on May 25, 2025.
According to the DOGE website, the government has saved approximately $1.75 billion through DOGE cuts for an average of $1,086.96 per taxpayer. However, multiple reports from The Atlantic, Newsweek and others have disputed these claims, noting the math doesn't add up as some contracts listed among the savings had already been canceled.
According to the House Budget Committee, the bill "encompasses President Trump's full legislative agenda to restore economic prosperity in the United States.
Lawmakers say "The One Big Beautiful Bill Act" is intended to provide tax relief for working families and small businesses; reverse the Biden-Harris administration's whole-of-government assault on domestic energy; rein in reckless spending that lit the fuse on inflation; and give the Trump Administration the critical resources they need to secure our border and strengthen our national security.
Read all 47 pages breaking down each section of the "The One Big Beautiful Bill Act," provided by the U.S. House Committee on Ways & Means.
The One Big Beautiful Bill Act passed the U.S. House of Representatives by a vote margin of 215-214 on May 22, 2025. The bill still needs to be approved by the U.S. Senate.
Republicans have set a July 4 deadline for both chambers to pass the bill. Several Republicans in the U.S. Senate have expressed the need for changes to the bill.
Among them was Kentucky Senator Rand Paul, who called spending cuts "wimpy and anemic" but noted he would support the bill "even with wimpy and anemic cuts if they weren't going to explode the debt" in an appearance on Fox News Sunday.
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Yahoo
26 minutes ago
- Yahoo
White House takes Powell battle to Fed HQ with tour of $2.5 billion refurb
Renovations at the Federal Reserve are set to get a probing today when a group of Trump allies make a visit to the central bank's headquarters on the National Mall after weeks of mounting criticisms over the $2.5 billion renovation. The high-profile construction site tour is also just one of numerous political pressure points being put before Chair Jerome Powell by President Trump's team and his allies — even as the latest rhetoric from the president and Treasury Secretary Bessent have downplayed the chances of any imminent attempt to fire the central banker. "In eight months, he'll be out," Trump noted on Tuesday, with Bessent adding Wednesday "we're in no rush" to change leadership as both men also showed no signs of making Powell's life simpler anytime soon. In short, Powell's job is looking slightly more secure this week — but the central bank chief's problems clearly aren't going away. Up first is today's visit from Trump allies, some of whom sit on the National Capital Planning Commission, which could go so far as attempting to stop ongoing construction pending further review. Then in the coming weeks, Powell will wrestle with calls for an "exhaustive internal review" of how the Fed operates as well as pressure from Republicans on Capitol Hill that could ramp up in the fall. There's even a long-shot call for the Department of Justice to get involved and look at Powell personally. And it comes as Powell is set to gather the Federal Open Market Committee (FOMC) next week for another interest rate decision that markets and many analysts say is pushing all of Trump's actions as the president continues a daily pressure campaign to press the central banker and his colleagues to cut interest rates. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Up first: A high profile site tour Up first is a tour of the Federal Reserve headquarters at the behest of Trump allies recently appointed to the National Capital Planning Commission (NCPC). James Blair, one of Trump's deputy chiefs of staff, is a new member of the NCPC and has leveled a series of attacks on Powell for weeks now over the building cost overruns, even charging at one point, "What do they not want us to see?" The charges are ones that the central bank has repeatedly defended itself against, even going so far as publishing a page on its website devoted to the renovations, saying the increased costs came because of increased material cost and "unforeseen conditions" like asbestos, toxic contamination in the soil, and a higher-than-expected water table. The costs of the project have grown from around $1.9 billion to $2.5 billion after the Fed submitted designs to the NCPC and received approval from that agency in 2020 and 2021. The two buildings, Powell added in a recent note, were in need of "significant structural repairs" after they had not had a comprehensive renovation since they were built in the 1930s. The changes, argue Trump allies like White House budget director Russell Vought, could mean the project is out of compliance with the approved plan — leading to a possible standoff as to whether the central bank needs to resubmit to the NCPC. Powell is clearly looking to avoid that scenario, writing that the bank "does not regard any of these changes as warranting further review," but White House officials are sending a different message. "We want to see it for ourselves," Blair recently told reporters, adding he is also looking to obtain "all of the revised plans since 2021." In addition to Blair and Vought, today's tour is also expected to include Federal Housing Finance Agency Director Bill Pulte, who has emerged as another vocal Powell critic. Pulte has even gone so far as to travel to the site already to film a video as he called the construction costs "very disturbing." Other key pressure points This week's site visit comes as Powell is also weathering an array of pressure points, with many lines of inquiry ongoing from Capitol Hill. Rep. Dan Meuser of Pennsylvania is a subcommittee chair on the House Financial Services Committee and told Semafor this week that he is weighing a congressional investigation of the Fed — even as his Senate colleagues have shied away from that idea. And Rep. Anna Paulina Luna of Florida, another Trump ally, even formally requested that the DOJ investigate Powell for perjury over comments in June around the renovations. That is seen as a long shot at best. Perhaps more pressing is that House Speaker Mike Johnson said in an interview with Bloomberg reporters and editors this week that he is "disenchanted" with Powell and even open to modifying the 1913 act that created the Fed. That would be a major change but is not expected to be before Congress in the near term, as the House of Representatives went home Wednesday evening for a recess that is scheduled to last for the rest of the summer. Treasury Secretary Bessent has also called for an "exhaustive internal review" of the Fed, saying it could be Powell's "legacy" as he accused the central bank of mission creep in its non-monetary policy activities. Trump has signaled his support for the effort, and some observers say this could be the most consequential change — if the idea gains steam and looks to reshape how the central bank operates. A recent note from Signum Global Advisors called this potentially "an even more holistic reshaping of the Fed than a 'mere' dismissal of Chair Jerome Powell," adding it's an effort that could extend even beyond the end of Powell's chairmanship. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices 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
CNET
27 minutes ago
- CNET
Mortgages Cool Off for Homeseekers: Today's Mortgage Rates on July 24, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. The average interest rate for a standard 30-year fixed mortgage is 6.77% today, down -0.01% from seven days ago. The average rate for a 15-year fixed mortgage is 6.01%, which is an increase of 0.02% from the same time last week. To qualify for lower mortgage rates, experts recommend making a higher down payment, improving your credit and comparison shopping between lenders. What's behind high rates these days? Lingering inflation, threats of a global trade war and policy turbulence have created an uncertain economic outlook. In response, the Federal Reserve has adopted a wait-and-see approach and kept interest rates steady in 2025. Most economists predict the Fed will start lowering rates in September, particularly if President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate. Prospective homebuyers shouldn't bank on mortgage rates becoming affordable overnight. While cheaper borrowing costs gradually trickle down to the housing market, the Fed doesn't directly set lenders' mortgage rates. In today's unaffordable housing market, mortgage rates are just one piece of the puzzle. Prospective buyers still have to contend with high home prices and skyrocketing homeownership expenses. The possibility of a job-loss recession is also pushing many households to tighten their budgets and take on less financial risk. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. Are mortgage rates considered high right now? The average 30-year fixed rate has hovered just below 7% for the last several months, resulting in cost-prohibitive monthly payments. Mortgage rates primarily take their cues from the 10-year Treasury yield, which reflects investors' collective expectations regarding inflation, labor market health, upcoming monetary policy shifts and the impact of global factors like tariffs. If investors anticipate persistently high inflation or significant government borrowing, they'll demand higher returns on their bonds, which in turn keeps mortgage rates elevated. "Rates could fall if inflation keeps cooling and the labor market softens," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." Even as the Fed eventually starts to dial back interest rates, experts caution that significant market volatility is likely. As a result, homebuyers are adopting a more patient and strategic approach to financing, comparing various loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Smith. For a look at mortgage rate movement in recent years, see the chart below. Expert predictions for mortgage rates in 2025 While the housing market was expected to rebound in 2025, it has remained stagnant due to ongoing economic and political uncertainties. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Mortgage rates would have to take a big step down, close to 6% or below, to drum up significant homebuying demand. But according to Smith, the more likely scenario is that interest rates will take modest and gradual steps down over the coming months. A return to the record-low rates, around 2-3%, we saw during the pandemic would only happen if the economy tipped into a severe recession. Fannie Mae's forecast puts rates around 6.5% by the end of 2025 and 6.1% by the end of 2026. Ongoing uncertainty could cause rates to stay high, or increase further. For instance, if tariffs cause inflation to reignite, which most experts and Fed officials expect, it could result in higher bond yields and fewer interest rate cuts by the central bank. Neither would help bring mortgage rates down for prospective buyers. What is a good mortgage type and term? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages For a 30-year, fixed-rate mortgage, the average rate you'll pay is 6.77% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 6.01%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 ARM has an average rate of 5.88% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. What are some tips for finding the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
Newsweek
28 minutes ago
- Newsweek
Trump Gets Silver Lining in New Poll As More Voters Approve of Economy
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump can take heart from a new Fox News poll that shows rating for the economy improving and feelings on the economic direction inching up even though a majority of voters disapprove of the job he is doing, dislike his new budget law, and doubt his dealings with Iran are making the U.S. safer. The poll was conducted from July 18-21 and is based on interviews with a sample of 1,000 randomly selected voters. Why It Matters The poll is a wide-ranging survey of voter feelings six months after Trump began his second term and comes as his administration is engulfed in a political crisis over the late convicted sex offender Jeffrey Epstein. The poll found that only 13 percent of respondents think the government has been open and transparent about the case. President Donald Trump bangs a gavel after signing the "Big Beautiful Bill Act" at the White House in Washington, D.C., on July 4, 2025. President Donald Trump bangs a gavel after signing the "Big Beautiful Bill Act" at the White House in Washington, D.C., on July 4, 2025. Brendan SMIALOWSKI / POOL / AFP/Getty Images What To Know Thirty-two percent of voters rate economic conditions positively, the Fox poll shows. That is the highest number, by one percentage point, in about a year. On a personal level, 44 percent rate their financial situation positively, up from 39 percent in March and 38 percent in December. The poll found that 71 percent of respondents said inflation caused them financial hardship in the last six months but that is the lowest number since 2021, and down from a high of 78 percent in 2022, Fox said. The hardship is evenly distributed with large shares of Democrats (79 percent), independents (74 percent), and Republicans (62 percent) saying they felt it. "Overall, 56 percent are dissatisfied with the direction the country is taking. The silver lining is that's an improvement: 68 percent were dissatisfied at the end of last year, and it was 66 percent last summer," Fox said. On the president's key budget legislation, the "The One Big Beautiful Bill," or OBBB, Fox said "beauty is in the eye of the beholder." More respondents disapprove (58 percent) of the legislation than approve (39 percent) and more than twice as many think the law will hurt rather than help their family. Unsurprisingly, opposition to the budget comes from a large majority of Democrats, (89 percent) and independents (70 percent), but also one in five Republicans (21 percent). The poll found that significant shares of Trump's base oppose the bill, including 52 percent of rural voters, 46 percent of white men without a college degree, and 37 percent of white evangelical Christians, Fox said. The elements of the law that voters most dislike are increasing the debt ceiling (74 percent), reducing food stamp funding (65 percent), and making tax cuts permanent for those with higher incomes (64 percent). The most popular elements include removing taxes on tips (70 percent), making tax cuts permanent for those with yearly income of less than $250,000 (68 percent), and increasing military spending (61 percent), Fox said. "The survey reveals the greatest ideological agreement is on ending taxes on tips and making tax cuts to lower-income individuals permanent, as majorities of Democrats, Republicans, and independents approve—as well as on increasing the debt limit, as majorities of each disapprove," Fox said. Trump gets his best marks on border security with 56 percent approval compared with 44 percent disapproval. Voters are more disapproving of the job he is doing on other top issues such as immigration (48 percent approve and 51 percent disapprove), foreign policy (45 percent approve and 54 percent disapprove), the economy (44 percent approval, 55 percent disapproval), and inflation and tariffs (36 approve while 62 percent disapprove on both). "Currently, 46 percent of voters approve of Trump's performance, while 54 percent disapprove. That's exactly where things stood last month, and better than at this point eight years ago when 41 percent approved," Fox said. Attitudes on the U.S. strikes on Iran's nuclear facilities were mixed, with 47 percent approving and 50 percent disapproving. On whether the strikes were mostly successful or mostly a failure, 31 percent thought the former and 27 percent the latter with the highest share, 42 percent, saying it was too soon to say. On the Epstein case, only 13 percent think the government has been open and transparent about it, with more than five times as many, 67 percent disagreeing with that, including 60 percent of Republicans and 56 percent of MAGA supporters. One voter in five says they haven't been following the case, Fox said. What People Are Saying Fox News said: "Six months into Donald Trump's second presidency, the political tea leaves are muddled." On Iran, Fox said: "Bottom line, 43 percent think Trump's dealings with Iran have made the U.S. less safe, which is 15 points higher than the 28 percent who say the country is safer," Fox said. What Happens Next The poll indicates that the Epstein case could sap Trump's support but sustained perceptions of an improving economy should help him.
