Latest news with #OBBB
Yahoo
3 days ago
- Business
- Yahoo
Wolfe stays defensive but sees AI spending supporting growth stocks
-- Wolfe Research maintained a defensive investment stance amid economic uncertainty, but continues to back growth stocks with exposure to artificial intelligence. In a note, the firm said it expects interest rates to remain unchanged but warned markets may be too relaxed about inflation. 'Our sense is there could be a potential risk of the Fed cutting interest rates 0 times this year,' analysts at Wolfe wrote, citing lingering inflationary risks in the second half of 2025 despite recent soft readings. Nevertheless, the firm does not anticipate a recession in 2025. 'We do not see a recession this year based on continued spending from the U.S. consumer,' the analysts said, pointing to the resilience of both high-income households, supported by the wealth effect, and lower-income households, which may benefit from the OBBB. In this environment, Wolfe's U.S. Market Cycle Framework continues to signal a 'late cycle' backdrop. The firm recommends investors maintain exposure to defensive sectors like consumer staples and utilities. However, it also sees promise in secular growth sectors—particularly technology and discretionary—due to their link to artificial intelligence. 'We'd remain defensively positioned (Staples, Utilities), while also favoring secular growth areas of the market (Tech, Discretionary) given their exposure to the AI Spending narrative,' the note said. Related articles Wolfe stays defensive but sees AI spending supporting growth stocks Sina: Liu vows innovation after 'five-year decline,' targets travel Goldman upgrades Chinese EV makers XPeng and Nio on cost cuts, product improvement
Yahoo
11-06-2025
- Politics
- Yahoo
From a 'day of love' to 'if they spit, we will hit': Trump's about-face on violence against police
President Donald Trump has promised swift retribution for any violence against law enforcement by protesters in Los Angeles. 'IF THEY SPIT, WE WILL HIT, and I promise you they will be hit harder than they have ever been hit before,' he wrote on his social media platform after making a similar statement a day earlier to reporters. 'Such disrespect will not be tolerated!' It is an about-face for the president. On Jan. 6, 2021, Peter Stager assaulted an officer with a flagpole during the riot on the U.S. Capitol. Another, Daniel 'D.J.' Rodriguez, drove a stun gun into the neck of a Capitol police officer and pleaded guilty to the crime. And a third, Julian Khater, pepper-sprayed Capitol Police Officer Brian Sicknick in the face. Sicknick later died. Trump pardoned them all. Trump's tolerance for violence against law enforcement during the Jan. 6 Capitol riot is facing renewed scrutiny in the wake of his remarks and actions in Los Angeles, where his administration is taking a hard line against protesters. He federalized thousands of National Guard members and sent 700 U.S. Marines to the country's second-largest city — against the wishes of state and local officials — after protesters blocked immigration enforcement actions. It's a sea change from how Trump treated the Jan. 6 riot, when his supporters attacked the Capitol in an attempt to block Congress' certification of Joe Biden's 2020 election win. In an address Tuesday evening about events in his state, California Gov. Gavin Newsom addressed the disparity. 'By the way, Trump, he's not opposed to lawlessness and violence, as long as it serves him. What more evidence do we need than Jan. 6?' Newsom said. Harry Dunn, a former U.S. Capitol police officer who was serving in the Capitol during the attack, told NBC News that he sees Trump's actions then and now as hypocritical. 'Donald Trump is OK with violence, as long as it's done in his name. That's the message that he's sending right now,' Dunn said. 'That's why he pardoned the people on Jan. 6: They did it in his name … what about the officers on Jan. 6? Just put an asterisk by those officers and say, 'Not them. They stopped Donald Trump from succeeding.'' The White House says Trump is fulfilling his mandate. 'President Trump was elected to secure the border, equip federal officials with the tools to execute this plan, and restore law and order. This also underscores the need to pass the OBBB, which would provide record funding and resources to those on the front lines in Los Angeles,' White House spokesman Harrison Fields said in a statement, referring to Trump's push for his 'One big beautiful bill,' the legislative vehicle for his agenda currently before Congress. On Wednesday, NBC News also asked Attorney General Pam Bondi about how the Trump administration is handling California versus Jan. 6, 2021. 'Well, this is very different,' she said. 'These are people out there hurting people in California right now. This is ongoing. No longer. We're going to protect them. We're going to do everything we can to prosecute violent criminals in California. California is burning. These people are waving Mexican flags, yet they don't want anyone to go back to Mexico. They're burning American flags. This is the United States of America, and we're going to protect Americans. We're going to protect all citizens out there.' During the riot at the Capitol, no National Guard help arrived for hours, despite pleas from those inside the building. Then-acting Defense Secretary Christopher Miller testified before a House panel that Trump never gave a formal deployment order, and other testimony described then-Vice President Mike Pence taking the lead in attempting to get the National Guard out to help control the mob. Meanwhile, rioters violently broke through barriers, smashed windows, brutalized officers and chanted threats to Pence. In all, at least 140 police officers were injured. Trump later called it 'a day of love' and has referred to the rioters as 'hostages,' 'warriors' and 'victims.' 'What they've done to some people that are so innocent, you ought to be ashamed of yourself,' Trump said to former President Joe Biden at last year's first presidential debate, referring to the rioters. 'What you have done, how you've destroyed the lives of so many people. Michael Fanone, a former D.C. police officer who was attacked by Rodriguez on Jan. 6, took issue with Trump's posture in California. Fanone called the president 'a hypocrite,' and 'a liar.' 'Had those people storming the Capitol been illegal f--- immigrants or Black people or any other group that … his base found to be displeasing, then they would have said 'open fire,'' Fanone said in an interview. The Los Angeles clashes began Friday as federal immigration agents attempted to carry out arrests in the city. Some protesters tried to stop vehicles carrying detained immigrants and the confrontations soon turned violent, with officers using pepper spray and batons. By Sunday, National Guard troops, outfitted with heavy military equipment, moved into downtown Los Angeles. Some demonstrators pelted law enforcement vehicles with rocks and debris, and set numerous vehicles on fire. Dozens of people were arrested over the weekend, and the L.A. Police Department reported five officers suffering minor injuries and two others treated and released from the hospital in recent days. By Monday, Trump had deployed the U.S. Marines into the state. At a news conference on Tuesday, Speaker Emerita Nancy Pelosi, D-Calif., and Rep. Jimmy Gomez, D-Calif., both brought up comparisons to Jan. 6. 'We begged the President of the United States to send in the National Guard. He would not do it,' Pelosi said. 'That day he didn't do it. He forgave those people.' Gomez spoke of the furor with which the events unfolded that day. 'There was 50,000 people outside,' Gomez said. 'They were scaling the walls, scaling the walls. They were bashing in, breaking in, with members of Congress, members of Congress, trapped in the gallery, including myself, including a lot of the people here.' Earlier this year, Trump issued more than 1,500 pardons or commutations for the Jan. 6 rioters on his first day in office. Among the crimes Trump dissolved was that of Stager, a 44-year-old truck driver from Arkansas who was sentenced to four years in prison for the flagpole assault. According to prosecutors, Stager was caught on a Jan. 6 video saying, 'Every single one of those Capitol law enforcement officers, death is the remedy, that is the only remedy they get.' Dunn, the former U.S. Capitol police officer, noted that the same Republicans who are in lockstep with Trump at this moment in California are the same ones who have refused to display a plaque commemorating those who died and were injured on Jan. 6. 'What about the blue from Jan. 6th? They don't even want to put the plaque up! Back the blue that way then,' Dunn added. 'It's hypocritical and they're aware that it's all about appeasing their base and appeasing the leader of their party, which is Donald Trump.' This article was originally published on
Yahoo
11-06-2025
- Politics
- Yahoo
Trump gets the OK to end protections for national monuments, from the Statue of Liberty to the Grand Canyon
President Donald Trump has the authority to abolish national monuments protected by his predecessors, the Justice Department recently said. In a legal document dated to May 27, the department overturned a nearly 90-year-old opinion that said presidents did not have that ability, saying that its conclusions were 'wrong' and 'can no longer be relied upon.' 'The Antiquities Act of 1906 permits a president to alter a prior declaration of a national monument, including by finding that the 'landmarks,' 'structures,' or 'objects' identified in the prior declaration either never were or no longer are deserving of the act's protections; and such an alteration can have the effect of eliminating entirely the reservation of the parcel of land previously associated with a national monument,' the Office of Legal Counsel's Deputy Assistant Attorney General Lanora Pettit wrote. ' The contrary conclusion of the Attorney General in Proposed Abolishment of Castle Pinckney National Monument, 39 Op. Att'y Gen. 185 (1938), was incorrect.' The document specifically refers to former President Joe Biden establishing California's Chuckwalla and Sáttítla Highlands National Monuments. The monuments, that have particular significance to Native American tribes and extend over some 848,000 acres of land, barred oil and natural gas drilling and mining there. The Trump administration told The Washington Post in March that it has plans to eliminate them. In April, the paper reported that Interior Department Officials were studying whether to scale back at least six national monuments, and a person briefed on the matter said the aim was to free up land for drilling and mining. Biden established 10 new monuments during his tenure. 'America's energy infrastructure was on life-support when President Trump got into office; and in nearly six months, the administration has shocked this critical industry back into life, making good on another promise to the American people,' the White House's Harrison Fields, principal deputy press secretary, told The Independent in an emailed statement responding to question about the Justice Department's opinion. 'It's imperative that the Senate passes OBBB to completely end Biden's war on American energy, and will liberate our federal lands and waters to oil, gas, coal, geothermal, and mineral leasing.' The Justice Department did not immediately respond to The Independent's request for comment on the matter. While this opinion does not overturn any national monument, it hints at future action. Trump has taken steps to shrink monuments in the past. During his first administration, he moved to slash Utah's Bears Ears and Grand Staircase-Escalante national monuments: the first such move of its kind in more than 50 years. Biden reversed Trump's decision before the courts could make a final ruling on the matter. Earlier this year, Trump opened the Pacific Islands Heritage Marine national monument to commercial fishing while leaving the monument in place. The Interior Department is weighing changes to monuments across the country as part of the push to 'restore American energy dominance.' The National Park Service alone manages more than 100 national monuments established under the authority of the Antiquities Act. Some are also co-managed by the U.S. and Wildlife Service, the U.S. Forest Service, the Bureau of Land Management, the U.S. Army, and the National Oceanic and Atmospheric Administration. Some of those include the Statue of Liberty, the Stonewall Inn, the Grand Canyon, Sequoia National Forest, and the Lincoln Memorial. While Congress must approve the designation of national parks, a national monument is designated by a president via the Antiquities Act. Around half of the nation's national parks were first designated monuments, and all except three presidents have used the act to protect areas both offshore and on land. Presidents, including Dwight Eisenhower, have also diminished monuments. Responding to the document, environmental advocate groups have asserted there might not be much legal standing and that moves to eliminate or shrink monuments would be less than popular. "There's no reason to think the OLC opinion should make much difference to the White House. National monuments have broad public and political support, and shrinking or revoking them will only damage the Trump Administration's popularity,' Aaron Paul, the staff attorney for the Grand Canyon Trust, told The Independent in an emailed statement. 'Besides, if the president tries to shrink or eliminate monuments, it would send the question to the courts, which is the real test of whether the OLC's views have any validity or not." 'The Trump administration can come to whatever conclusion it likes, but the courts have upheld monuments established under the Antiquities Act for over a century. This opinion is just that, an opinion. It does not mean presidents can legally shrink or eliminate monuments at will,' Jennifer Rokala, executive director of The Center for Western Priorities, said in a written statement. 'Once again the Trump administration finds itself on the wrong side of history and at odds with Western voters,' she said. With reporting from The Associated Press
NBC News
11-06-2025
- Politics
- NBC News
From a 'day of love' to 'if they spit, we will hit': Trump's about-face on violence against police
President Donald Trump has promised swift retribution for any violence against law enforcement by protesters in Los Angeles. 'IF THEY SPIT, WE WILL HIT, and I promise you they will be hit harder than they have ever been hit before,' he wrote on his social media platform after making a similar statement a day earlier to reporters. 'Such disrespect will not be tolerated!' It is an about-face for the president. On Jan. 6, 2021, Peter Stager assaulted an officer with a flagpole during the riot on the U.S. Capitol. Another, Daniel 'D.J.' Rodriguez, drove a stun gun into the neck of a Capitol police officer and pleaded guilty to the crime. And a third, Julian Khater, pepper-sprayed Capitol Police Officer Brian Sicknick in the face. Sicknick later died. Trump pardoned them all. Trump's tolerance for violence against law enforcement during the Jan. 6 Capitol riot is facing renewed scrutiny in the wake of his remarks and actions in Los Angeles, where his administration is taking a hard line against protesters. He federalized thousands of National Guard members and sent 700 U.S. Marines to the country's second-largest city — against the wishes of state and local officials — after protesters blocked immigration enforcement actions. It's a sea change from how Trump treated the Jan. 6 riot, when his supporters attacked the Capitol in an attempt to block Congress' certification of Joe Biden's 2020 election win. In an address Tuesday evening about events in his state, California Gov. Gavin Newsom addressed the disparity. 'By the way, Trump, he's not opposed to lawlessness and violence, as long as it serves him. What more evidence do we need than Jan. 6?' Newsom said. Harry Dunn, a former U.S. Capitol police officer who was serving in the Capitol during the attack, told NBC News that he sees Trump's actions then and now as hypocritical. 'Donald Trump is OK with violence, as long as it's done in his name. That's the message that he's sending right now,' Dunn said. 'That's why he pardoned the people on Jan. 6: They did it in his name … what about the officers on Jan. 6? Just put an asterisk by those officers and say, 'Not them. They stopped Donald Trump from succeeding.'' The White House says Trump is fulfilling his mandate. 'President Trump was elected to secure the border, equip federal officials with the tools to execute this plan, and restore law and order. This also underscores the need to pass the OBBB, which would provide record funding and resources to those on the front lines in Los Angeles,' White House spokesman Harrison Fields said in a statement, referring to Trump's push for his 'One big beautiful bill,' the legislative vehicle for his agenda currently before Congress. On Wednesday, NBC News also asked Attorney General Pam Bondi about how the Trump administration is handling California versus Jan. 6, 2021. 'Well, this is very different,' she said. 'These are people out there hurting people in California right now. This is ongoing. No longer. We're going to protect them. We're going to do everything we can to prosecute violent criminals in California. California is burning. These people are waving Mexican flags, yet they don't want anyone to go back to Mexico. They're burning American flags. This is the United States of America, and we're going to protect Americans. We're going to protect all citizens out there.' During the riot at the Capitol, no National Guard help arrived for hours, despite pleas from those inside the building. Then-acting Defense Secretary Christopher Miller testified before a House panel that Trump never gave a formal deployment order, and other testimony described then-Vice President Mike Pence taking the lead in attempting to get the National Guard out to help control the mob. Meanwhile, rioters violently broke through barriers, smashed windows, brutalized officers and chanted threats to Pence. In all, at least 140 police officers were injured. Trump later called it ' a day of love ' and has referred to the rioters as ' hostages,' ' warriors ' and 'victims.' 'What they've done to some people that are so innocent, you ought to be ashamed of yourself,' Trump said to former President Joe Biden at last year's first presidential debate, referring to the rioters. 'What you have done, how you've destroyed the lives of so many people. Michael Fanone, a former D.C. police officer who was attacked by Rodriguez on Jan. 6, took issue with Trump's posture in California. Fanone called the president 'a hypocrite,' and 'a liar.' 'Had those people storming the Capitol been illegal f--- immigrants or Black people or any other group that … his base found to be displeasing, then they would have said 'open fire,'' Fanone said in an interview. The Los Angeles clashes began Friday as federal immigration agents attempted to carry out arrests in the city. Some protesters tried to stop vehicles carrying detained immigrants and the confrontations soon turned violent, with officers using pepper spray and batons. By Sunday, National Guard troops, outfitted with heavy military equipment, moved into downtown Los Angeles. Some demonstrators pelted law enforcement vehicles with rocks and debris, and set numerous vehicles on fire. Dozens of people were arrested over the weekend, and the L.A. Police Department reported five officers suffering minor injuries and two others treated and released from the hospital in recent days. By Monday, Trump had deployed the U.S. Marines into the state. At a news conference on Tuesday, Speaker Emerita Nancy Pelosi, D-Calif., and Rep. Jimmy Gomez, D-Calif., both brought up comparisons to Jan. 6. 'We begged the President of the United States to send in the National Guard. He would not do it,' Pelosi said. 'That day he didn't do it. He forgave those people.' Gomez spoke of the furor with which the events unfolded that day. 'There was 50,000 people outside,' Gomez said. 'They were scaling the walls, scaling the walls. They were bashing in, breaking in, with members of Congress, members of Congress, trapped in the gallery, including myself, including a lot of the people here.' Earlier this year, Trump issued more than 1,500 pardons or commutations for the Jan. 6 rioters on his first day in office. Among the crimes Trump dissolved was that of Stager, a 44-year-old truck driver from Arkansas who was sentenced to four years in prison for the flagpole assault. According to prosecutors, Stager was caught on a Jan. 6 video saying, 'Every single one of those Capitol law enforcement officers, death is the remedy, that is the only remedy they get.' Dunn, the former U.S. Capitol police officer, noted that the same Republicans who are in lockstep with Trump at this moment in California are the same ones who have refused to display a plaque commemorating those who died and were injured on Jan. 6. 'What about the blue from Jan. 6th? They don't even want to put the plaque up! Back the blue that way then,' Dunn added. 'It's hypocritical and they're aware that it's all about appeasing their base and appeasing the leader of their party, which is Donald Trump.'
Yahoo
11-06-2025
- Business
- Yahoo
Trump wants ‘big beautiful' spending bill passed ASAP. So why is Mike Johnson still messing with it?
House Speaker Mike Johnson notched his first major policy win when he herded Republicans in the House of Representatives to pass President Donald Trump's 'One Big, Beautiful Bill' last month. By all appearances that began the process of the Senate deliberating its version of the legislation and dealing with holdouts in the upper chamber. All the better to get the signature legislation of Trump's second term onto his desk and ready for that famous Sharpie signing. Well, not so fast. The legislation technically has not been sent over to the Senate yet. Today, the House will vote on a rule that would also include a provision to make various corrections to the spending bill. The fixes are fairly minute. There is nothing on the changes to Medicaid, the size of the tax cuts or the phasing out of renewable energy tax credits or other concerns that some Republican Senators have raised. It also does not remove the ban on states regulating artificial intelligence that Rep. Marjorie Taylor Greene said she opposed despite her vote for the bill. Rather, they are mostly technical fixes, striking out various paragraphs about formatting. But that means the clock had not yet even started on the Senate's formal consideration of and debate over OBBB as Wednesday dawned. Later Wednesday, the corrected version was expected to be passed ... again ... and finally handed over to the Senate. The road to get here in the first place was circuitous at best. It ultimately took a day-long committee hearing, a last-minute deal cut behind closed doors and the deaths of older Democratic colleagues for Johnson to avoid a failure on the floor the first time around. The bill includes numerous provisions that Trump and Republicans want, such as extending the 2017 tax cuts, enacting work requirements for food assistance and Medicaid, rolling back numerous renewable energy credits and ramping up spending for oil drilling, the military and immigration enforcement. The Senate hopes to pass OBBB using budget reconciliation, which allows them to avoid a filibuster from Democrats as long as the bill relates to federal spending. Since 'big beautiful' also includes a debt limit increase, Republicans are working on a limited time table as the United States is set to hit the debt ceiling next month. Elsewhere, it removed the word 'intelligence' for a provision to spend '$90,000,000 for the development of reusable hypersonic technology for military strikes and intelligence.' It also struck a whole section titled 'Enhancement of Military Intelligence Programs.' Furthermore, the legislation removes part of the reconciliation bill that retracts a Biden administration-era public land rule that withdrew National Forest System lands from mining. Unsurprisingly, Democrats in the House and Senate are urging their Republican counterparts to, as Elon Musk famously implored, 'Kill the Bill.' 'The bottom line is this, though: a congressmember's core power is the power to vote,' Senate Minority Leader Chuck Schumer (D-NY) said in his morning remarks. 'That's what the Constitution gave them,' Schumer said. 'And House Republicans who say they don't like the bill should exercise that power today. They have a unique opportunity to make the very changes they've been talking about for weeks.' Schumer said that Democrats flagged the flaws in the language that caused the do-over. Jim McGovern, the top Democrat on the House Rules Committee, also sent a letter to his colleagues calling for them to kill the bill. 'Regardless of party, if you have sounded the alarm about this bill and vote yes on today's rule, you're complicit in what you claim to oppose,' he said. Most of these are technical changes, but they illustrate just how delicate of a process Republicans have to navigate to pass Trump's signature legislation. And that does not even begin to paper over the legitimate policy disputes between the House and Senate conference or even within the conferences about federal spending levels.
