Trump says he has 'two or three' choices to replace Fed's PowellNew Foto - Trump says he has 'two or three' choices to replace Fed's Powell

By Jasper Ward WASHINGTON (Reuters) -U.S. President Donald Trump said on Tuesday he has two or three top choices to replace Jerome Powell as Federal Reserve chair. Powell, whose term ends in May 2026, was nominated by Trump to lead the U.S. central bank during his first administration. When asked abroad Air Force One whether he has a top choice to succeed Powell, Trump told reporters, "I have two or three top choices," but declined to provide further information. The Wall Street Journal reported last week that Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett as replacements. Treasury Secretary Scott Bessent is also being pitched as a potential candidate, according to the newspaper, which also listed former World Bank President David Malpass and Fed governor Christopher Waller as potential nominees. According to the Journal, Trump has toyed with the idea of selecting and announcing a replacement as early as September or October. However, Bessent told Bloomberg TV on Monday that the Trump administration is considering using the next expected Federal Reserve Board of Governors vacancy in early 2026 for appointing a successor. Since returning to the White House in January, Trump has criticized Powell and other Fed governors for deciding not to lower interest rates, which are currently in the 4.25%-4.50% range. Fed chairs have long been seen as insulated from presidential dismissal for reasons other than malfeasance or misconduct, but Trump has threatened to test that legal premise with frequent threats to fire Powell. A Supreme Court ruling in May eased concerns that Trump could fire Powell as the justices called the Fed "a uniquely structured, quasi-private entity." (Reporting by Jasper Ward; Editing by Daniel Wallis)

Trump says he has 'two or three' choices to replace Fed's Powell

Trump says he has 'two or three' choices to replace Fed's Powell By Jasper Ward WASHINGTON (Reuters) -U.S. President Donald Tru...
US Senate budget bill slashes money to fill oil reserveNew Foto - US Senate budget bill slashes money to fill oil reserve

WASHINGTON (Reuters) -The budget bill passed by the U.S. Senate on Tuesday slashes the amount of money available to replenish the Strategic Petroleum Reserve even though President Donald Trump vowed on his first day in his second term to fill it "right to the top". Former President Joe Biden conducted several sales from the SPR including 180 million barrels, the most ever, after Russia invaded Ukraine. The sales left the SPR at its lowest level in 40 years, when the U.S. was far more dependent on oil imports. The budget bill slashed the amount of money for crude oil purchases to replenish the SPR to $171 million from $1.3 billion. That's only enough to buy about 3 million barrels instead of 20 million barrels at today's prices. Rapidan Energy, a consultancy group, told clients in a note that the funding was hit by the Senate's struggle to find budget cuts elsewhere as it softened some of the cuts to green energy in a version of the House bill. The bill now heads to the U.S. House, but it was unclear when lawmakers there would vote. Trump said on Tuesday that he plans to fill up the SPR when the market conditions are right, but it was unclear when or how. Even deliveries of oil to the SPR that were scheduled after Biden bought back some crude last year are as much as seven months delayed. Biden scheduled 15.8 million barrels of deliveries to the SPR from January through May. So far, only 8.8 million of that has been delivered to the reserve, a situation the Trump administration blamed on maintenance. The Senate bill kept a measure to cancel 7 million barrels in congressionally-mandated sales. Lawmakers could cancel further mandated sales in legislation later in the year. The SPR has nearly 403 million barrels, far less than the 727 million barrels it held in 2009, the most ever. It is still the world's largest emergency reserve of oil. The U.S. hit record oil output under Biden, production Trump is looking to expand. (Reporting by Timothy Gardner, Editing by Franklin Paul)

US Senate budget bill slashes money to fill oil reserve

US Senate budget bill slashes money to fill oil reserve WASHINGTON (Reuters) -The budget bill passed by the U.S. Senate on Tuesday slashes t...
Coco Gauff is out in the first round of Wimbledon with a 7-6 (3), 6-1 loss to Dayana YastremskaNew Foto - Coco Gauff is out in the first round of Wimbledon with a 7-6 (3), 6-1 loss to Dayana Yastremska

LONDON (AP) —Coco Gauffbecame just the third woman in the Open era to lose in the first round atWimbledonright after winning the championship at the French Open, eliminated 7-6 (3), 6-1 by unseeded Dayana Yastremska of Ukraine on Tuesday night. TheNo. 2-ranked Gauffmade mistake after mistake at No. 1 Court, finishing with just six winners and a total of 29 unforced errors that included nine double-faults. "Dayana started off playing strong," Gauff said. "I couldn't find my footing out there today." She joined another highly seeded American, No. 3Jessica Pegula, in bowing out on Day 2 of the tournament. In all,23 seeds— 13 men and 10 women — already are gone before the first round is even done, tying the most at any Grand Slam tournament since they began seeding 32 players in each singles bracket in 2001. It was just a little more than three weeks ago that Gauff was celebrating her second Grand Slam title by getting pastNo. 1 Aryna Sabalenka in the finalon the red clay of Roland-Garros. The quick turnaround might have been an issue, Gauff acknowledged. "I feel like mentally I was a little bit overwhelmed with everything that came afterwards," said the 21-year-old Gauff, "so I didn't feel like I had enough time to celebrate and also get back into it." She didn't think it mattered Tuesday that their match location was shifted from Centre Court to Court No. 1 or that she was told about a new start time only about an hour before the contest began. Even though Gauff's big breakthrough came at the All England Club at age 15 in 2019, when she beat Venus Williams in her opening match and made it all the way to the fourth round, the grass-court tournament has proved to be her least-successful major. It's the only Slam where Gauff hasn't made at least the semifinals. Indeed, she has yet to get past the fourth round and now has been sent home in the first round twice in the past three years. The transition from clay to grass has proven tough for most players, and the last woman to win the French Open and Wimbledon in the same season was Serena Williams a decade ago. Still, since the Open era began in 1968, only Justine Henin in 2005 and Francesca Schiavone in 2010 went from holding the trophy in Paris to exiting immediately in London. Gauff was never quite at her best Tuesday against Yastremska, who had lost all three of their previous matchups and currently is ranked 42nd. A particular problem for Gauff, as it often is, was her serving. She managed to put only 45% of her first serves in play, won 14 of her 32 second-serve points and had all of those double-faults, including a pair in the tiebreaker and another when she got broken to open the second set. "When I can serve well, and some games I did, it's definitely an added threat," Gauff said. "I didn't serve that well." Yastremska's best Grand Slam result was making it all the way to the semifinals on the Australian Open's hard courts last year, although she entered this event with a record of only 10-11 in first-round matches at majors. Gauff, by contrast, was 20-3 at that stage, including a loss to Sofia Kenin at Wimbledon in 2023. Yastremska's deepest run at Wimbledon was making the fourth round in 2019, although she did get to the final of the junior event in 2016. "I was really on fire," said Yastremska, who accumulated 16 winners. "Playing against Coco, it is something special." She recently reached her first tournament final on grass, at a smaller event in Nottingham, which she said gave her confidence heading to the All England Club. "I love playing on grass. I feel that this year we are kind of friends," Yastremska said with a laugh. "I hope the road will continue for me here." ___ More AP tennis:https://apnews.com/hub/tennis

Coco Gauff is out in the first round of Wimbledon with a 7-6 (3), 6-1 loss to Dayana Yastremska

Coco Gauff is out in the first round of Wimbledon with a 7-6 (3), 6-1 loss to Dayana Yastremska LONDON (AP) —Coco Gauffbecame just the third...
Marlins extend winning streak to 8, 1 shy of club record, with a 2-0 victory over the TwinsNew Foto - Marlins extend winning streak to 8, 1 shy of club record, with a 2-0 victory over the Twins

MIAMI (AP) — Kyle Stowers homered and the Miami Marlins stretched their winning streak to eight, one shy of the club record set in 2008, with a 2-0 win over the Minnesota Twins on Tuesday night. Edward Cabrera (3-2) struck out six and only allowed two hits and one walk in seven innings, the longest start of the season by a Marlins pitcher. He struck out Byron Buxton to end the third for his 400th career strikeout, becoming the third-fastest to reach the mark in franchise history. Stowers gave Miami a 1-0 lead in the second inning with his 14th home run of the season. He initially took first base after appearing to get hit by a pitch. But Minnesota challenged and the call was overturned. Anthony Bender pitched a perfect eighth and Ronny Henriquez struck out back-to-back batters to begin the ninth to help secure his fourth save. Minnesota starter Joe Ryan (8-4) also went seven innings, allowing just one earned run on five hits. The Twins, who wereshut out by the Tigerson Sunday, were blanked for the seventh time this season. Key moment Miami added an insurance run in the eighth. Jesús Sánchez sent a shot to deep center field and Buxton made a leaping attempt at the wall to keep the ball in play. Sánchez hustled to third and a review showed it was not a home run. Otto Lopez was intentionally walked to put runners on first and third but Nick Fortes hit a single down the left-field line for a two-run lead. Key stat The win was Miami's fifth shutout of the season. Up next RHP Janson Junk (2-0, 3.73 ERA) is set to face the Twins for the first time in his career on Wednesday night against RHP Simeon Woods Richardson (3-4, 4.63). ___ AP MLB:https://apnews.com/hub/mlb

Marlins extend winning streak to 8, 1 shy of club record, with a 2-0 victory over the Twins

Marlins extend winning streak to 8, 1 shy of club record, with a 2-0 victory over the Twins MIAMI (AP) — Kyle Stowers homered and the Miami ...
Trump's big tax bill is a win. It could also be a big problem for GOPNew Foto - Trump's big tax bill is a win. It could also be a big problem for GOP

Sen. Thom Tillis was fed up, and took to the Senate floor to unload on PresidentDonald Trump's megabill. As the bill cleared a key hurdle, Tillis issued a warning. He attributed his rise to U.S. senator from North Carolina to blowback against former President Barack Obama's 2010 health care law,the Affordable Care Act, which fueled crushing Democratic losses across the country. Republicans won control of the U.S. House, stopping Obama's legislative agenda in its tracks. The GOP is now rushing into similarly perilous territory, Tillis implied, by cutting more than $1 trillionfrom Medicaid. "Republicans are about to make a mistake on health care andbetraying a promise," he said. More:Medicaid 'churn': How working Americans could lose coverage under Trump tax bill The speech capped a consequential 24 hours for Tillis. He came out against Trump's legislation because of deep cuts to the federal health insurance program for low-income Americans, prompting the president tothreaten a primary challenge. Tillis thenannounced he wouldn't seek reelection in 2026. Tillis' experience sums up theexplosive politicssurrounding a nearly 1,000-page bill that has deeply divided the GOP. Many Republicans are touting it as a landmark achievement, but others are worried the unpopular measure hurts vulnerable people, goes against the party's working-class outreach, balloons the deficit and could cost Republicans dearly in the next election. Elon Musk, the multibillionaire former Trump adviser, is threatening to primary GOP lawmakers and even start a new political party over his deficit concerns. Looming over the debate is a president who threatens retribution against those who oppose him, and is pushing to have the legislationon his desk by July 4. Term-limited and free from facing voters again, Trump is looking for a legacy achievement. His supporters predict the bill will prove out over time. Sen.Jim Justice, R-West Virginia, compared the controversy to someone sticking their hand in a bucket of water and jerking it out. More:Thom Tillis, key Republican holdout on Trump's tax bill, won't seek reelection "The water's turbulent for a little while but then it'll just settle right out," he told USA TODAY. "That's what I think will happen." The bill narrowly cleared the Senate by a 51-50 vote on July 1 - three Republicans and every Democrat opposed it ,and Vice PresidentJD Vancehad to break the tie in a dramatic flourish - after a different version earlier passed the House. It now heads back to the House for final approval, where lawmakers have expressed concerns that the spending cuts either go too far, or not far enough. Trump said July 1 it would be "wise" for Republicans to get on board. "It's a great bill," Trump said, adding: "Great for the border, great for low taxes, and I would say that they have to do it." Despite some of the GOP resistance, bucking the president is politically perilous – as Tillis experienced − and Trump appears poised for a major legislative victory. The billwould enact key campaign promisesinto law – including cutting taxes on tipped wages and overtime pay and greatly expanded deportation efforts, which would receive a massive funding increase. It also makes permanent the sweeping tax reductions Trump passed in 2017, cementing his record as a big tax cutter. Trump launched his second term with an aggressive policy agenda, but hasrelied on executive ordersthat can easily be undone if Democrats reclaim the White House. His megabill – dubbed the One Big Beautiful Bill Act - is a more lasting achievement, one that will help define his legacy. Yet like other major policy proposals from past presidents, the politics of the legislation have been difficult to navigate. Obama's health care bill divided Democrats, with 34 voting against it in the House. To help offset lost tax revenue, Trump's bill makes big cuts,most notably to Medicaid. That has some Republicans nervous. Any political victory from the bill could be short lived if it results in major blowback in the 2026 midterms. The legislation could complicate the GOP's pitch to blue collar voters. "This is a debate over the soul of the Republican Party," said Sen. Josh Hawley, R-Missouri. "Are we going to be a working class party or not?" More:Religious leaders protest GOP tax, Medicaid bill: 'It hurts working people' Democrats are eager to run against the bill, casting it as a largely benefiting the wealthy while hurting the poor. "The different ways in which this bill bites working families over and over is going to make it a problem for Republicans in the House and the Senate all the way through November of 2026 and beyond," Sen. Elizabeth Warren, D-Massachusetts, told USA TODAY. An analysis of the House bill released last month by the nonpartisan Congressional Budget Office found that the poorest households would lose about $1,600 a year under the legislation, largely because of cuts to Medicaid and food aid. The wealthiest households would gain about $12,000 a year,according to the CBO. The Senate bill has more aggressive cuts than the House. The CBO estimatesthat nearly 12 million people would lose Medicaid under the Senate bill, with the program facing roughly $1 trillion in cuts. More than250 people protestedthe deep cuts across from the Capitol at the steps of the Supreme Court on June 30, surrounded by dozens of caskets covered with statistics of how many people would lose Medicaid and food assistance in each state. The crowd chanted "you will not kill us and our people without a fight." Warren said criticism of the bill is resonating not just in blue states, but also red states, pointing to polling showing it's broadly unpopular. She recently drew 1,500 people to atown hall in Tennesseeblasting the legislation. "When people know anything about the Republican tax bill they hate it," she told USA TODAY. Republican lawmakers have largely rallied around Trump, accusing Democrats of misrepresenting the legislation. Sen. John Cornyn, R-Texas, said individual elements of the bill poll well but conceded the GOP has some "work to do" to sell the legislation. Trump ran a populist campaign that targeted blue collar voters with proposals such as tax cuts on tips and overtime, and Republicans have pointed to those provisions in the bill to counter criticism that it benefits the wealthy. But some Republican lawmakers worry cutting Medicaid could undermine GOP inroads to the working class. "You cannot be a working-class party if you are taking away healthcare for working class people," Hawley said over the weekend. Yet Hawley still supported the legislation, a sign of how intense the pressure is to deliver for Trump, who also is facing resistance from fiscal conservatives over projections the bill will increase the federal budget deficit by $3.3 trillion. Deficit hawks in the Senate ultimately caved and voted for the bill, and now attention turns to the House, where critics of the legislation's fiscal impact are being egged on by billionaire Elon Musk. "It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!"Musk wrote in a June 30 post on X. "Time for a new political party that actually cares about the people." Muskthreated primary challengesagainst GOP lawmakers who support the bill. Trump, meanwhile, is urging his party to fall in line and lashing out at dissenters such as Tillis and Rep. Thomas Massie, who voted against the legislation in the House. In the process, some lawmakers are bowing out. In addition to Tillis,Rep. Don Bacon, a moderate Nebraska Republican who has criticized Trump's megabill, announced he won't seek reelection. Losing lawmakers with bipartisan appeal could make it harder for the GOP to maintain their majorities. The North Carolina Senate race already was a toss up before Tillis resigned, noted University of Virginia political science professor Larry Sabato. It's even more competitive now, he said in a social media post. "Dems should send Trump a fruit basket of thanks,"Sabato said. Contributing: Sarah Wire This article originally appeared on USA TODAY:Trump's big bill is a win. But it could also be a big problem for GOP

Trump's big tax bill is a win. It could also be a big problem for GOP

Trump's big tax bill is a win. It could also be a big problem for GOP Sen. Thom Tillis was fed up, and took to the Senate floor to unloa...

 

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