LA Times Today: Take it from California's election czar, the SAVE Act is a sham

For much of America's history, the right to vote was reserved for a select few. African Americans, women and other minorities were unable to cast ballots. Last month, the House of Representatives passed the Safeguard American Voter Eligibility – or SAVE Act.
California Secretary of State Shirley Weber wrote an opinion piece for the L.A. Times calling the bill 'Jim Crow 2.0.'

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Fox News

an hour ago

• Fox News

SCOOP: House Republicans target 'vulnerable' Democrats for voting against tax cuts in 'big, beautiful bill'

Print Close By Paul Steinhauser Published June 23, 2025 FIRST ON FOX – The House Republican campaign committee is taking aim at congressional Democrats whom they charge are "pushing the largest tax hike in generations." As part of their aggressive messaging following the passage last month of the GOP's landmark spending and tax cut bill – dubbed by President Donald Trump as his "big, beautiful bill" – the National Republican Congressional Committee (NRCC) is launching ads on Monday against 25 House Democrats who likely face challenging re-elections in the 2026 midterms. "Democrats jacked up inflation, making life more expensive for all of us. We need help. Now, they're pushing the largest tax hike in generations," charges the narrator in the digital ads, which were shared first with Fox News. The narrator argues that the Democrats being targeted in the ads are "completely out of touch" and urges viewers of the spots to tell the Democratic lawmakers to keep their "hands off your hard-earned money." FIRST ON FOX: TRUMP-ALIGNED GROUP LAUNCHES SECOND ACT IN PUSH TO PASS 'BIG, BEAUTIFUL BILL' The bill passed the House of Representatives last month by just one vote, along partisan lines. And Trump is pushing for a July 4 deadline for the measure to pass through Congress and land on his desk at the White House. The GOP-crafted measure is stuffed full of Trump's campaign trail promises and second-term priorities on tax cuts, immigration, defense, energy and the debt limit. It includes extending his signature 2017 tax cuts, which are set to sunset this year without action by Congress – and eliminating taxes on tips and overtime pay. But the measure, if signed into law, would likely even further fuel the nation's massive budget deficit. The national debt currently sits at $36,215,397,741,847.76 as of June 18, according to FOX Business' National Debt Tracker. FOX NEWS POLL: WHAT AMERICANS THINK ABOUT THE ECONOMY AND TRUMP'S 'BIG, BEAUTIFUL BILL' The spots, backed by a modest ad buy, are targeting California Democrats Josh Harder (9th District), Adam Gray (13th), George Whitesides (27th), Derek Tran (45th) and Dave Min (47th), and Florida's Darren Soto (9th) and Jared Moskowitz (23rd). Also included are Reps. Frank Mrvan (1st) of Indiana, Jared Golden (2nd) of Maine, Kristen McDonald Rivet (8th) of Michigan, Don Davis (1st) of North Carolina, Nellie Pou (9th) of New Jersey, Gabe Vasquez (2nd) of New Mexico, Dina Titus (1st), and Susie Lee (3rd), and Steven Horsford (4th) of Nevada. The NRCC ads also take aim at Reps. Tom Suozzi (3rd), Laura Gillen (4th) and Josh Riley (19th) of New York, Marcy Kaptur (9th) and Emilia Sykes (13th) of Ohio, Henry Cuellar (28th) and Vicente Gonzalez (34th) of Texas, Eugene Vindman (7th) of Virginia, and Marie Gluesenkamp Perez (3rd) of Washington state. Democrats are working to win back control of the House in next year's midterms, as the GOP defends its razor-thin majority in the chamber. "Out of touch House Democrats lit the fire of inflation and tried to slap Americans with the biggest tax hike in decades, all to fund their radical agenda. Voters won't forget this betrayal – not now, not next November," NRCC spokesman Mike Marinella claimed. FIRST ON FOX: THESE REPUBLICAN GOVERNORS SAY THEY 'STAND UNITED' IN SUPPORT OF TRUMP'S 'ONE BIG, BEAUTIFUL BILL' A memo last month by the NRCC encouraged House Republicans to make the tax cuts a priority as they defended their votes on the tax and spending bill, and to take aim at Democrats for pushing to raise taxes on average Americans. The memo highlighted that the bill "prevents tax increases to put more money in every American's pocket." As Democrats attack the bill, they're highlighting the GOP's proposed restructuring of Medicaid – the nearly 60-year-old federal program that provides health coverage to roughly 71 million low-income Americans. The changes to Medicaid , as well as cuts to food stamps, another one of the nation's major safety net programs, were drafted in part as an offset to pay for extending Trump's 2017 tax cuts. The measure includes a slew of new rules and regulations, including work requirements for many of those seeking Medicaid coverage. CLICK HERE TO GET THE FOX NEWS APP Democrats have relentlessly attacked Republicans over what they say will be "huge cuts" to Medicaid if the bill becomes law. But the NRCC pushes back, saying in its memo that it is "protecting Medicaid by removing illegal immigrants and eliminating fraud." Print Close URL

USA Today

15 hours ago

• USA Today

Trump rips Massie over Iran strike comments, threatens to campaign for primary challenger

Massie said his "side of the MAGA base" is made up of "non-interventionists" who are "tired from all these wars." President Donald Trump lashed out at Kentucky Rep. Thomas Massie, a fellow Republican, over his criticism of U.S. airstrikes on three Iranian nuclear sites and threatened to campaign for the person running against him in the Republican primary next year. Soon after the military operation amid the Israel-Iran war was announced on June 21, Massie said the move was 'not Constitutional' on X. The day after the strike, Massie said it was 'a good week for the neocons and the military-industrial complex, who want war all the time" on CBS's "Face the Nation." Massie said his 'side of the MAGA base' is made up of 'non-interventionists" who are "tired from all these wars." Trump ripped into the lawmaker shortly afterward saying he was 'not MAGA, even though he likes to say he is.' 'Actually, MAGA doesn't want him, doesn't know him, and doesn't respect him,' Trump wrote on Truth Social on June 22. 'He is a negative force who almost always Votes 'NO,' no matter how good something may be.' Massie and Rep. Ro Khanna, D-California, had also introduced a resolution on June 17 to prohibit U.S. involvement in the Israel-Iran war without Congressional approval. Describing the bombings of the three nuclear sites as a 'spectacular military success' Trump called Massie a 'lightweight' congressman who was 'weak and ineffective.' The lawmaker was one of two Republicans who voted against his tax bill in the House of Representatives last month. 'He'll undoubtedly vote against the Great, Big, Beautiful Bill, even though non-passage means a 68% Tax Increase for everybody, and many things far worse than that,' wrote Trump. 'MAGA should drop this pathetic LOSER, Tom Massie, like the plague!'

CNBC

2 days ago

• CNBC

How the stablecoin bill gives Treasury Secretary Bessent a new tool to fund the U.S. deficit

The crypto industry is on the verge of a major regulatory milestone, and it could lead to digital assets being a significant source of funding for the U.S. government. On Tuesday, the Senate passed the GENIUS Act , which lays out a regulatory framework for stablecoins, sending it on to the House of Representatives with bipartisan support. Treasury Secretary Scott Bessent praised the bill in a post on X , saying that a regulated and growing stablecoin market could create new buyers for U.S. government debt. "A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users — across the globe — to the dollar-based digital asset economy," Bessent said. "It's a win-win-win for everyone involved" The exact size the stablecoin market can reach in the future is unclear, but it does appear that the U.S. government will have plenty of debt to sell to it. The Congressional Budget Office's dynamic score — which takes into account the legislation's potential changes to factors like economic growth — said the tax and spending bill that recently passed the House would increase the total deficit by $3.4 trillion from 2025 to 2034, including interest costs. The current size of the U.S. dollar-denominated stablecoin market is around $230 billion to $250 billion, according to Robbert van Batenburg, strategist at The Bear Traps Report, and there is a theory that a clearer regulatory framework can help lead to wider adoption. Several major tech and consumer companies are reportedly exploring issuing their own stablecoins or using existing coins more frequently. Bessent previously told the House Financial Services Committee in May that there is "speculation" the stablecoin market could be "up to $2 trillion of demand over the next few years for U.S. government securities from digital assets." The market could in theory surpass that $2 trillion figure if stablecoins start to take market share from traditional credit card payment networks, van Batenburg said. The stablecoin bill also comes at a time when Wall Street has started to fret about foreign investors and governments turning away from U.S. assets. Katie Haun, founder and CEO of Haun Ventures and former Coinbase board member, said Friday on " Squawk Box " that the stablecoin industry is already 14th largest holder in the world of U.S. Treasurys, ahead of nations like Germany and Norway, and that the new legislation should help it continue to grow. "I've been asking for regulatory clarity and more rules of the road, and I think the GENIUS Act is exactly that," Haun said. How stablecoins work Stablecoins are a type of digital currency that is often used to facilitate crypto trading but can also work for other types of transactions. They are designed to be "stable" at a set value. Some stablecoins have drawn scrutiny in the past over concerns that their reserves were insufficient or relied on mechanisms that would unreliable in times of market stress. The Senate bill calls for stablecoins to be backed on at least a 1-to-1 basis by highly liquid assets, including U.S. currency, U.S. Treasury bills, repurchase agreements — or "repos" — backed by Treasury securities, government money market funds and central bank reserve deposits. An example of a stablecoin's reserves can be found in the disclosures from Circle , which went public earlier this month and has seen its stock soar . CRCL 1M mountain Shares of Circle have soared since the IPO. Circle's IPO prospectus shows that the vast majority of its stablecoin reserves are held in a BlackRock vehicle called the Circle Reserve Fund . That fund's holdings are split roughly 50-50 between short-term U.S. Treasury Debt and Treasury repurchase agreements. If the GENIUS Act is enacted as currently written, stablecoin companies will be required to certify they have these holdings on a monthly basis, with the oversight of registered public accounting companies. Risks A growing stablecoin industry in the U.S. is not likely to completely fix the government's debt funding problem, and it could introduce additional risks. Nonprofit group Better Markets opposes the GENIUS Act, and its policy director Amanda Fischer said in a statement that the bill ignores "the susceptibility of stablecoin companies to runs, bankruptcies, and taxpayer-funded bailouts." Counting on the industry as a funding source for the Treasury market could also be tricky. Lawrence McDonald, founder of the Bear Traps Report, cautioned that additional demand from stablecoins will take time to develop while the U.S. Treasury will likely need to issue significant amounts of debt securities over the next year. McDonald also said that, while interest costs of short-term debt are cheaper than that of 30-year Treasurys, relying so heavily on the short-end of the bond market can be a problem for countries. "If something ever went wrong, in terms of say oil, and that prevented the [Federal Reserve] from cutting, then you're going to have a high bill rate for a long-time and the deficit is going to spiral out of control," McDonald said.