CNN 5 Things Vance’s tie-breaking vote, weather forecast, Jimmy Swaggart dies & more
Jul 1, 2025
Political tensions escalate as President Trump's megabill faces hurdles in the House. Meanwhile, a feud brews with Elon Musk over Trump's agenda. The Federal Reserve's rate cut plans could be impacted by ongoing tariffs. Severe storms loom over parts of the U.S., heightening concerns amidst a dangerous heatwave in Europe. Adding to the news, the controversial televangelist Jimmy Swaggart has passed away, leaving behind a complex legacy fraught with scandal.
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Senate Tie-Breaks Mega Bill
- The Senate passed a major domestic policy bill with a 50-50 tie broken by Vice President J.D. Vance.
- It now faces a difficult vote in the House where Speaker Mike Johnson leads a narrow GOP majority.
Musk-Trump Feud Hits Tesla Stock
- Elon Musk criticized the tax cut and spending bill's cost, sparking a feud with President Trump.
- Tesla's stock fell significantly amid the controversy, impacting Musk's wealth tied to Tesla shares.
Tariffs Delay Fed Rate Cuts
- Fed Chair Jerome Powell said the Federal Reserve might have cut rates this year if not for Trump's tariffs.
- The Fed remains cautious due to inflation uncertainty related to tariffs, delaying expected rate cuts until fall.