Bloomberg News Now May 16, 2025: Supreme Court Denies Deportations, US Credit Rating Downgraded, More
May 17, 2025
A significant ruling from the Supreme Court halts the deportation of Venezuelans due to lack of proper notice, marking a critical legal decision. Meanwhile, Moody's downgrade of the U.S. credit rating raises concerns about economic stability. The podcast also delves into the Federal Reserve's workforce changes, a cybersecurity breach at Coinbase, and insights into President Trump's diplomatic interactions with China. Each topic paints a vivid picture of the current political and economic landscape.
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Supreme Court Halts Deportations
- The Supreme Court blocked Trump's use of the 1798 Alien Enemies Act to deport Venezuelans due to inadequate notice given.
- The Court also issued a stay on removals if it takes the case, signaling procedural fairness concerns.
US Credit Rating Downgraded by Moody's
- Moody's downgraded the U.S. credit rating to AA1 from AAA due to rising government debt.
- This marks a notable shift as other rating agencies had already lowered their ratings.
Budget Bill Faces GOP Resistance
- The House Budget Committee rejected a tax and spending bill citing cost concerns and demanding deeper cuts.
- Negotiations will continue, with the possibility of either a major bill or temporary extensions.