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Business & Economy
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Business & Economy
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Biden-appointed judge holds up Trump aid freeze
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A federal judge blocked President Trump’s plan to freeze federal aid just minutes before it was set to go into effect late Tuesday afternoon.
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U.S. District Judge Loren AliKhan said she was granting a “brief administrative stay” that preserves federal disbursements at least until Monday after a group of nonprofit and public health organizations filed a lawsuit.
The challenge was brought by the National Council of Nonprofits; SAGE, a pro-LGBTQ advocacy organization for older adults; the American Public Health Association; and small-business group Main Street Alliance. They are represented by Democracy Forward, a left-leaning legal organization that has frequently battled Trump in the courts.
The move comes as Democrats have been raising questions of the legality of Trump’s recent order since it was rolled out on late Monday.
The recent order directed federal agencies to temporarily pause “all activities related to obligation or disbursement of all Federal financial assistance” while the government conducts a review to ensure spending aligns with Trump’s agenda.
The administration defended its plan Tuesday and stressed its limitations, insisting the plan doesn’t apply across the board and won’t affect Social Security and other direct payments to individuals.
The Hill’s Zach Schonfeld and Ella Lee have more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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DORAL, Fla. — Speaker Mike Johnson (R-La.) in a Tuesday interview with The Hill’s Emily Brooks floated the possibility of working with Democrats to raise the debt ceiling instead of including it in the GOP’s reconciliation package, which Republicans hope to pass in a party-line vote.
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Top Senate Republicans want to pass their party’s wide-ranging agenda with two different acts by using a legislative process called budget reconciliation, a technical workaround that avoids the Democratic filibuster in the Senate and allows a law to be passed with a simple majority.
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Employees at a Philadelphia Whole Foods made history as the first Amazon-owned grocery chain to unionize following a Monday vote.
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Sen. Susan Collins (R-Maine), the chair of the powerful Senate Appropriations Committee, called a new memo from the White House budget office freezing the disbursement of federal loans and grants “far too sweeping” and warned it would have a substantial impact on the delivery of federal services.
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Welcome to Tax Watch, a new feature in The Hill’s Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Taxes, spending cuts on the menu at GOP retreat
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President Trump and House Republicans are huddling in Florida this week to chart a path forward for their ambitious legislative agenda. Here are some of the tax and spending moves they could make to fund it.
Republicans have been considering provisions from a menu of more than 200 options that include making the consumer price index for urban consumers (CPI-U) the permanent index for national poverty programs, requiring school attendance for Social Security benefits and levying a 10-percent general tariff that could bring in $1.9 trillion over 10 years.
They have also considered eliminating the home mortgage interest deduction at a savings of about $1 trillion, lowering the corporate tax rate to 15 percent from 21 percent at a cost of $522 billion, repealing Democrats’ Inflation Reduction Act corporate alternative minimum tax at a cost of $222 billion.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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- The Senate holds confirmation hearings for Commerce secretary nominee Howard Lutnick and Health and Human Services secretary nominee Robert F. Kennedy Jr. on Wednesday starting at 10 a.m. ET.
- The Federal Reserve is expected to announce it will hold interest rates steady at 2 p.m., after which Fed Chair Jerome Powell will hold a press conference at 2:30 p.m.
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Branch out with more stories from the day:
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Chinese artificial intelligence startup company DeepSeek stunned markets and AI experts with its claim …
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Business and economic news we’ve flagged from other outlets:
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- Meta Scrambles After Chinese AI Equals Its Own, Upending Silicon Valley (The Information)
- Trump got what he wanted with Colombia. But his tactics could come back to bite him. (Politico)
- US Subsidiary of Chinese Chemical Conglomerate Gave $250,000 to Trump Inauguration (Mother Jones)
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Top stories on The Hill right now:
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OPM sued over privacy concerns with new government-wide email system
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Two federal employees are suing the Office of Personnel Management (OPM) to block the agency from creating a new email distribution system — an action that comes as the information will reportedly be directed to a former staffer to Elon Musk now at the agency.
Read more
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State Medicaid programs across the country reported Tuesday they had lost access to federal payment portals one day after President Trump announced a freeze on federal grants and aid. Read more
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Opinion related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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