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Elon Musk and Republican senators, led by Sen. Rand Paul, are exploring a plan to recover billions in federal spending through a rescission package that would require only 51 Senate votes. Musk expressed enthusiasm for the proposal, which aims to reverse previously approved funding, with Paul suggesting a target of $500 billion. This initiative follows a recent Supreme Court ruling against President Trump's efforts to withhold appropriated funds, complicating future spending cuts without congressional approval.
Elon Musk met with GOP senators at the Capitol, discussing the Department of Government Efficiency (DOGE) and its savings of approximately $4 million daily through audits and waste reduction. He humorously noted that identifying government waste is easier than many think and advocated for the repeal of the National Environmental Policy Act (NEPA) to expedite energy projects. Musk praised federal workers for their willingness to assist in identifying fraud and waste, emphasizing their newfound motivation to help.
Elon Musk's recent comments labeling Social Security as "the biggest Ponzi scheme of all time" have sparked backlash from Democrats, including Representative Alexandria Ocasio-Cortez, who criticized him for targeting vulnerable populations for personal gain. As the Social Security Administration plans to cut 7,000 jobs amid ongoing staffing shortages, concerns grow over the program's future, which has provided benefits to millions for 86 years. Critics argue that Musk's influence and the push for federal budget cuts threaten the integrity of this essential program.
Elon Musk criticized U.S.-funded NGOs, labeling them as potentially the "biggest scam ever," claiming they contribute to America's financial decline. He highlighted issues of untraceable payments and the lack of accountability in government spending, suggesting that many NGOs serve as vehicles for wealth accumulation rather than genuine aid. Musk emphasized that while some funding may yield positive outcomes, the majority appears wasteful, with a significant portion of funds unaccounted for.
Stock markets will halt trading on Thursday in honor of former President Jimmy Carter, who passed away at 100. His presidency (1977-80) was marked by significant events, including the Iran Hostage Crisis, and he later became known for his humanitarian efforts.On Friday, the U.S. Bureau of Labor Statistics will release the Employment Situation report, with expectations of 155K jobs added in December and an unemployment rate steady at 4.2%. This report is crucial for the Federal Reserve's monetary policy considerations, especially amid concerns about the incoming administration's economic impact.
Elon Musk and Vivek Ramaswamy are advocating for significant federal spending cuts through their Department of Government Efficiency (DOGE), but face challenges in Congress, particularly with a proposed $2 trillion reduction deemed unrealistic. While some Republicans are open to limited reforms, the majority of mandatory spending programs remain off-limits, complicating efforts to achieve substantial cuts. Additionally, proposals to require federal employees to return to the office are gaining traction, though the impact on overall spending may be minimal.
Stock futures remained mostly unchanged as investors awaited Nvidia"s quarterly earnings report, with Dow futures up 56 points and Nasdaq 100 futures slightly higher. Nvidia shares rose nearly 5% in anticipation of strong demand for its Blackwell AI chips, which could influence market trends for the S&P 500 and Nasdaq Composite. Additionally, Comcast plans to spin off its cable networks, including MSNBC and CNBC, with the separation expected to take about a year.
Two prominent Senate Republicans, Bill Cassidy and Susan Collins, criticized the Bureau of Labor Statistics for its recent significant revisions to employment data, labeling the agency's failure to provide reliable initial figures as "unacceptable." The senators, poised to take on key oversight roles next year, expressed their concerns in a letter to the BLS.
Treasuries edged higher, reducing their weekly losses as attention shifted from Donald Trump's election victory to economic data and Federal Reserve commentary. The yield on the 10-year note fell for a second consecutive day, while investors await US retail sales figures and insights from Fed officials. Fed Chair Jerome Powell's remarks on rate cuts contributed to a rise in two-year yields.
Susan Collins
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