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The U.S. budget deficit totaled $307 billion for President Donald Trump’s first full month in office, up 4%, or $11 billion, from a year ago, the Treasury Department said on Wednesday, even as growth in receipts outpaced that of spending. Receipts totaled $296 billion in February, a record for that month. That figure was up 9%, or $25 billion, compared with a year earlier. But outlays in February totaled $603 billion, also a record for that month. That was up 6%, or $36 billion, from the year-earlier period. After calendar adjustments for both receipts and outlays, the adjusted deficit would have been $311 billion, a 3% increase over the figure in February 2024, the Treasury Department said. The deficit for the first five months of fiscal 2025 came to $1.147 trillion, up 38%, or $318 billion, from a year earlier. Fiscal year-to-date receipts rose 2%, or $37 billion, to a record $1.893 trillion, but outlays grew 13%, or $355 billion, to a record $3.039 trillion. Driving the spending growth in February was higher spending on Treasury’s interest on the public debt, outlays for Child Tax Credit payments and increased Social Security payments due in part to a 2.5% cost-of-living adjustment for 2025. David Lawder, Reuters
Category:
E-Commerce
Shiny golden shoes that retail for $300. Branded bibles. Combat-themed cologne. By now, the sight of Donald Trump shilling products is as familiar as his gravitationally improbable hairstyle or below-belt-length neckties. Most often, however, what hes really selling is himself. On Tuesday, Trump made a rare presidential sales pitch for a brand beyond his own, staging, on the South Lawn of the White House, a bizarre infomercial for the Tesla. In front of a scrum of reporters, he moseyed around a fleet of gleaming electric cars, like potential prizes on The Price Is Right, extolling their virtues from a scripted sales pitch. (Everythings computer! he marveled at one point.) What Trump was truly selling, though, wasnt just Tesla, and for once it wasnt even just himself. This time, he was selling the idea that the person most deserving of consumer empathy and cash right now is Tesla CEO Elon Musk. Dont expect a lot of people to buy it. The reasons the president might feel the need to come to Musks aid are obvious. Teslas stock, which hit an all-time high in December, has been tanking steadily in the months since. As the Musk-led Department of Government Efficiency (DOGE) has fired thousands of qualified workers, canceled popular programs, and ransacked private data since Trumps inaugurationall while Musk remains an unelected government officialTesla dealerships and individual car owners have become a frequent target for protesters and vandalism. Although Musk has made the baseless claim that this backlash is being funded by George Soros, who has taken on a Thanos-like role in the conservative imagination, polling around Musk and DOGE appears to line up with the spirit of the protests and plummeting stock. Tesla investors are souring on the company After the publicly traded companys shares dropped more than 15% on Monday alone, making it the worst performing stock in the S&P 500 Index, the president snapped into action. The attacks on his benefactor, who contributed more than $250 million to Trumps 2024 campaign and countless free publicity on X, would no longer go unchecked. (It probably didnt hurt that Musk reportedly signaled hes interested in putting another $100 million into Trumps political operation.) Elon Musk is putting it on the line in order to help our Nation, and he is doing a FANTASTIC JOB! Trump wrote late Monday night in a lengthy post on Truth Social. But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla. He signed off by announcing his intention to buy a brand-new Tesla the next day, as a show of confidence and support for Elon Musk, a truly great American. At some point between then and Tuesday afternoon, the idea evolved from a social media post and subsequent car-purchase to a full-on televised infomercial from a sitting U.S. president. The surreal event looked like a challenge from Trumps old reality TV game show, The Apprentice, in which entrepreneurial contestants competed with kooky marketing gimmicks. It essentially amounted to a government-blessed version of one of those Happy Honda Days seasonal sales; a Toyotathon for Tesla. In between rattling off features and pricing details, as if strolling through a dealership showroom, Trump made headlines with the chilling declaration that anyone caught vandalizing Tesla dealerships would now be considered a domestic terrorist. He continued showering Tesla with attention throughout the day, posting further endorsements on social media and speaking glowingly of the company during an appearance at a Business Roundtable event. Shiller in chief It was far from the first time Trump has advertised a public company in his capacity as presidentor as an aspiring president, as was the case during last falls McDonalds stunt. He has a history of supporting those that have supported him. Just before taking office in January 2017, he tweeted a shout-out to L.L.Bean after one of the companys heirs took some heat for backing him in the election. The following month, he promoted his daughter Ivankas clothing line after Nordstrom stopped selling it. (The company cited poor sales performance for the decision, not politics.) And perhaps most infamously, after the CEO of Goya incurred some backlash for praising Trump in the summer of 2020, the president shared a photo on Instagram of himself in the Oval Office, ensconced in Goya products, two thumbs way up. View this post on Instagram A post shared by President Donald J. Trump (@realdonaldtrump) Like those other instances, the Tesla promotion was transactional. It was meant to return the favor to his most generous financial supporter. Indeed, Trump outright admitted during the stunt that he hoped it would raise Teslas flagging stock price. The full-court-press Tesla festival even extended beyond Trump and over to one of his greatest allies in media, Sean Hannitywho made a similar show of buying a Tesla on Tuesday and announced a Tesla giveaway for his fans. Were all the publicity and endorsements to achieve their intended effect and reverse the slumping Tesla stock, it would amount to a government bailout for Musk. So far, a noticeable Trump bump appears to have emerged, with the stock price surging 7% overnight. It does not seem destined to solve all the companys woes, though. Its a Band-id for a gunshot wound. Can Tesla survive on MAGA support alone? Despite Musk and Trumps public insistence that the backlash is being astroturfed, deep down they both must sense that its very much realand a direct consequence of their actions. Although Musk personally commands a vast, loyal following of MAGA fans, electric vehicle owners tend to be more progressive. A 2023 Gallup poll, for instance, revealed that 71% of Republicans would not consider buying an electric vehicle, compared with 17% of Democrats. In fact, just before his turnaround on Teslas, Trump himself had been deeply critical of electric vehicles for years. In other words, the people poised to be most enthused about the industry leader in electric vehicles are also the people most likely to be outraged by Musks work with DOGE. Musk seems to understand as much himself, even if hes loath to publicly admit it. When he went on Larry Kudlows Fox Business show Monday night, he appeared distraught almost to the point of tears while discussing the Tesla backlash. If he truly thought Soros was spending billions to create the mere appearance of a backlash, he wouldve probably seemed angrier. Instead, in that Kudlow appearance, Musk betrayed the kind of sadness that comes when his information bubble is punctured and true public sentiment seeps inlike the time in 2022 when he was loudly booed during an appearance at a Dave Chappelle show and reacted so harshly that some of his employees reportedly considered calling the police to do a wellness check on him. It remains unclear whether Trump also realizes that the protests are not being staged. If he did, perhaps he wouldnt have landed on a solution that highlights the association between Tesla and the White House. Also, unlike Goya beans, Teslas dont come cheap. The fact that Trump thinks hawking them on TV will solve the companys woes suggests that he is governing for the kind of people who, amid a stock market in free fall, can casually afford to spend anywhere from $32,000 to $125,000 on a new car. Anyone paying close attention then should understand exactly what Trump is selling here, and who hes selling it to. And that should lower their own personal buying temperature.
Category:
E-Commerce
In what he called the most consequential day of deregulation in American history, the head of the Environmental Protection Agency announced a series of actions Wednesday to roll back landmark environmental regulations, including rules on pollution from coal-fired power plants, climate change and electric vehicles. We are driving a dagger through the heart of climate-change religion and ushering in Americas Golden Age,” EPA Administrator Lee Zeldin said in an essay in The Wall Street Journal. His actions will eliminate trillions of dollars in regulatory costs and hidden taxes, Zeldin said, lowering the cost of living for American families and reducing prices for such essentials such as buying a car, heating your home and operating a business. Our actions will also reignite American manufacturing, spreading economic benefits to communities,” Zeldin wrote. In all, Zeldin said he is rolling back 31 environmental rules, including a scientific finding that has long been the central basis for U.S. action against climate change. Zeldin said he and President Donald Trump support rewriting the agencys 2009 finding that planet-warming greenhouse gases endanger public health and welfare. The Obama-era determination under the Clean Air Act is the legal underpinning of a host of climate regulations for motor vehicles, power plants and other pollution sources. Environmentalists and climate scientists call the endangerment finding a bedrock of U.S. law and say any attempt to undo it will have little chance of success. In the face of overwhelming science, its impossible to think that the EPA could develop a contradictory finding that would stand up in court,” said David Doniger, a climate expert at the Natural Resources Defense Council, an environmental group. In a related action, Zeldin said EPA will rewrite a rule restricting air pollution from fossil-fueled fired power plants and a separate measure restricting emissions from cars and trucks. Zeldin and the Republican president incorrectly label the car rule as an electric vehicle “mandate.” President Joe Biden’s Democratic administration had said the power plant rules would reduce pollution and improve public health while supporting the reliable, long-term supply of electricity that America needs. The EPA also will take aim at rules restricting industrial pollution of mercury and other air toxins, as well as separate rules on soot pollution and federal protections for significant areas of wetlands. This isnt about abandoning environmental protection its about achieving it through innovation and not strangulation, Zeldin wrote. By reconsidering rules that throttled oil and gas production and unfairly targeted coal-fired power plants, we are ensuring that American energy remains clean, affordable, and reliable. University of Pennsylvania climate scientist Michael Mann called the EPAs action just the latest form of Republican climate denial. They can no longer deny climate change is happening, so instead theyre pretending its not a threat, despite the overwhelming scientific evidence that it is, perhaps, the greatest threat that we face today. Matthew Daly, Associated Press
Category:
E-Commerce
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