Rep. Ro Khanna, the progressive U.S. Representative for California’s Silicon Valley, discusses the recent budget plan passed by the Republican-controlled House, criticizing the implications for working-class Americans. He shares insights on how Trump’s tax cuts disproportionately benefit the wealthy. The conversation also touches on immigration reforms, including a controversial 'green card plus' proposal, and the geopolitical impact of U.S. relations with Ukraine, especially regarding rare earth minerals.
The Republican budget plan prioritizes tax cuts and spending reductions, potentially exacerbating deficits while impacting essential social programs like Medicaid.
Kava's CEO emphasizes long-term growth by focusing on a diverse menu and minimal price adjustments despite facing inflationary challenges and competition.
Deep dives
House Republicans Pass Budget Plan
House Republicans narrowly passed a significant budget plan that aligns with President Trump's agenda focused on tax cuts and spending reductions. The approved plan includes substantial cuts to Medicaid, which could impact many Americans who rely on these services, particularly in states with higher poverty rates. Critics warn that the plan's fiscal implications could lead to greater deficits, as it prioritizes tax breaks for the wealthy over essential social programs. As the budget moves to the Senate, contention remains regarding the extent of tax breaks and how they will affect working-class citizens.
Kava's Growth Strategy Amid Economic Concerns
Kava, the Mediterranean fast-casual restaurant chain, faced earnings challenges but remains focused on long-term growth and expansion. Despite inflationary pressures, the CEO emphasized their commitment to opening new locations and increasing same-store sales, prioritizing a diverse menu and sourcing strategy. Kava's approach includes minimal price adjustments to ensure they remain competitive, especially amidst rising food costs. The chain aims to differentiate itself by catering to a growing interest in Mediterranean cuisine, buoyed by positive health trends.
U.S.-Ukraine Deal on Rare Earth Minerals
Recent discussions indicate that the U.S. and Ukraine are negotiating a deal to jointly develop Ukraine's rare earth mineral resources, a strategic move in light of geopolitical tensions. This deal comes after dropping of significant financial demands by the U.S. regarding revenue from these resources, aiming to foster a cooperative relationship during a tumultuous period of conflict. The implications of this agreement could create pathways to strengthen supply chains for these valuable materials amidst growing global competition. However, there are concerns about future scenarios where this cooperation could lead to further complications within the context of the ongoing war.
Trump's Proposal for Gold Card Immigration Program
President Trump proposed a gold card immigration program that would allow wealthy individuals to gain U.S. residency through significant financial contributions, a move seen as controversial and capitalist in nature. Critics argue that this approach undermines the existing immigration system, which prioritizes skills and contributions rather than wealth alone. It raises questions about equitable access to U.S. citizenship and whether this could foster an environment where only the affluent benefit. As discussions proceed, the effectiveness and implications of such a program will be closely scrutinized, especially regarding its potential impact on the immigrant landscape.
The Republican-controlled U.S. House of Representatives narrowly passed a multi-trillion-dollar budget plan late Tuesday, advancing President Donald Trump’s tax-cut and border security agenda. CNBC’s Emily Wilkins joins to outline the details of the bill. Then Rep. Ro Khanna discusses the budget’s passage, its impact on Democrats, who benefits from the Trump tax cuts, and his thoughts on proposed spending cuts. And Cava co-founder and CEO Brett Schulman weighs in on the company’s quarterly earnings, 2025 outlook, and the potential impact of tariffs. Plus, Trump floats a $5 million “gold card” visa as a new path to citizenship, the U.S. and Ukraine outline a deal to fund Ukraine’s future security and reconstruction through an investment fund backed by the country’s rare earth minerals, and McDonald’s pushes back against a proposed surcharge on egg-based meals.