Red Alert & Democratic Coalition Debate: From Michael Flynn to Tax Reform
Cheddar hosts Kristen Scholer and Tim Stenovec cover the breaking news that former Trump National Security Adviser Michael Flynn will plead guilty to lying to the FBI. Jarad Gelner, Senior Advisor, Democratic Coalition, and Peter Van Voorhis, Writer at Red Alert Politics, join in the conversation as well.
Plus, Senator John McCain has flipped his view on the tax reform bill and will now vote "yes." As the Senate rushes to vote the bill through, some Republicans are still pushing back on the lack of a plan to safeguard the deficit. The Joint Committee on Taxation says the Senate bill will add $1 trillion to the deficit over a decade.
In addition, Senator Ron Johnson of Wisconsin met with President Trump to express his concerns about pass-through entities. He's now expected to vote "yes" on the bill. The Republicans hope to have a version of the bill on President Trump's desk next week.
Sabrina Siddiqui, National Politics Reporter at The Wall Street Journal, joins to break down the SNAP funding delays and the human cost of the ongoing shutdown.
Arguments at the Supreme Court have concluded for the day as the justices consider President Donald Trump's sweeping unilateral tariffs in a trillion-dollar test of executive power.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
