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The top Democrat on the House Appropriations Committee warned Friday that President-elect Donald Trump is planning to "steal from the programs and services that affect middle-class, working, and vulnerable families" by refusing to spend money appropriated by Congress. Rep. Rosa DeLauro (D-CT) said in a statement that Trump's strategy, known as "impoundment," is "uninformed and unconstitutional," adding that "the Supreme Court , the Department of Justice, and the Government Accountability Office are all in agreement — the Constitution provides no impoundment power to the president to unilaterally withhold funds appropriated by Congress." "It is the sworn duty of the president of the United States to faithfully execute the law," DeLauro added, "and appropriations laws are no exception." In a new fact sheet , Democrats on the House Appropriations Committee note that "the Constitution gives Congress the power of the purse, and nowhere does it give the president any unilateral power to either temporarily or permanently impound — steal, withhold, or prevent from being spent — funds appropriated by Congress." "The Framers were right to give Congress the power of the purse," the fact sheet states. "If the president had the unilateral power to decline to spend resources as directed by Congress, then those who rely on Social Security, Medicare, Veterans Medical Care, and other federal spending programs would be subject to the whims of the executive branch. The American people would be unable to depend on promises made by Congress in appropriations laws." Trump has explicitly vowed to use impoundment to "squeeze the bloated federal bureaucracy for massive savings," a plan endorsed by the billionaire pair tapped by the president-elect to run a new commission tasked with identifying spending and regulations to slash. "With impoundment, we can simply choke off the money," Trump declared in a campaign ad. "They have no authority. Does anybody get that?" Following Elon Musk and Vivek Ramaswamy's visit to Capitol Hill on Thursday to discuss their plans for the "Department of Government Efficiency" (DOGE) with GOP lawmakers, The Washington Post reported that Republicans are "keen on expanding the president's power to impound spending—or refuse to spend money Congress authorizes." "Musk and Ramaswamy said they were eager to test the constitutional limits of Trump's ability to unilaterally control spending decisions," the Post reported, citing two unnamed lawmakers. "Republicans largely left the more than two-hour meeting giddy." Analysts argue Trump's plan to withhold federal spending would run afoul of the 1974 Congressional Budget and Impoundment Control Act (ICA). The law, as Propublica 's Molly Redden explained , "forbids presidents from blocking spending over policy disagreements." "A similar power grab led to his first impeachment," Redden wrote. "During his first term, Trump held up nearly $400 million in military aid to Ukraine while he pressured President Volodymyr Zelenskyy to open a corruption investigation into Joe Biden and his family. The U.S. Government Accountability Office later ruled his actions violated the Impoundment Control Act ." Democrats on the House Budget Committee recently pointed out that "although decided after the ICA passed, the Supreme Court unanimously held in Train v. City of New York that even without the ICA, the president does not have unilateral authority to impound funds." That hasn't stopped Trump, Musk, and Ramaswamy from exploring ways to cut or block spending without congressional approval. In a Wall Street Journal op-ed published last month, Musk and Ramaswamy wrote that "even without relying on" the view that the ICA is unconstitutional, "DOGE will help end federal overspending by taking aim at the $500 billion-plus in annual federal expenditures that are unauthorized by Congress or being used in ways that Congress never intended, from $535 million a year to the Corporation for Public Broadcasting and $1.5 billion for grants to international organizations to nearly $300 million to progressive groups like Planned Parenthood ." Housing assistance, childcare aid, student loan programs, and other spending would also be vulnerable under such an approach. "They want [to cut] $2 trillion ," DeLauro told reporters Thursday. "Think about the discretionary budget. It's $1.7 trillion. Where are they going for the money? Where are they going?" "They have no authority," she added. "Does anybody get that?"
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11 Greatest Wingers of the 21st Century [Ranked]President-elect Donald Trump rang the opening bell Thursday at the New York Stock Exchange after being recognized for the second time by Time magazine as its person of the year. The honors for the businessman-turned-politician are a measure of Trump's remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who won the White House decisively in November. Before he rang the opening bell at 9:30 a.m., a first for him, Trump spoke at the exchange and called it “a tremendous honor.” “Time magazine, getting this honor for the second time, I think I like it better this time actually,” he said. Trump, accompanied by his wife, Melania Trump, daughters Ivanka and Tiffany and Vice President-elect JD Vance, grinned as people chanted “USA” before he opened the trading day. He then raised his fist. In his remarks, he talked up some of the people he has named to his incoming administration, including Treasury pick Scott Bessent, and some of his announced policies, including a promise this week that the federal government will issue expedited permits, including environmental approvals, for projects and construction worth more than $1 billion. “I think we’re going to have a tremendous run. We have to straighten out some problems, some big problems in the world,” he said. Sam Jacobs, Time's editor in chief, announced on NBC's “Today” show that Trump was Time’s 2024 Person of the Year. Jacobs said Trump was someone who “for better or for worse, had the most influence on the news in 2024.” “This is someone who made an historic comeback, who reshaped the American presidency and who’s reordering American politics," Jacobs said. "It’s hard to argue with the fact that the person who’s moving into the Oval Office is the most influential person in news." In an interview with the magazine published Thursday, Trump spoke about his final campaign blitz and election win. “I called it ‘72 Days of Fury,’” Trump said. “We hit the nerve of the country. The country was angry.” Trump was on Wall Street to mark the ceremonial start of the day’s trading. The Time magazine cover featuring him was projected onto a wall at the stock exchange, flanked by American flags. Trump took the stage at the exchange flanked by family members and members of his incoming administration while his favored walk-on song, “God Bless the U.S.A.,” played. Trump was also Time's Person of the Year in 2016, when he was first elected to the White House. He was listed as a finalist for this year’s award alongside notables including Vice President Kamala Harris, X owner Elon Musk, Israeli Prime Minister Benjamin Netanyahu and Kate, the Princess of Wales. Jacobs, in making the announcement Thursday, said that “there’s always a hot debate” at the magazine over the honor, “although I have to admit that this year was an easier decision than years past.” The NYSE regularly invites celebrities and business leaders to participate in the 9:30 a.m. ceremonial opening trading. Thursday will be Trump's first time doing the honors, which have become a marker of culture and politics. Trump has long had a fascination with being on the cover of Time, where he first made an appearance in 1989. He has falsely claimed to hold the record for cover appearances, and The Washington Post reported in 2017 that Trump had a fake picture of himself on the cover of the magazine hanging in several of his golf country clubs. Earlier this year, Trump sat for interviews with the magazine for a story that ran in April. Time’s billionaire owner, Salesforce CEO Marc Benioff, criticized Harris for not granting the magazine an interview during her campaign with Trump. In his latest interview published Thursday, Trump reiterated that he’s going to pardon most of those convicted in riot at the U.S. Capitol on Jan. 6, 2021. “It’s going to start in the first hour,” he said of the pardons. “Maybe the first nine minutes.” Trump said he would not ask members of his administration to sign a loyalty pledge. “I think I will be able to, for the most part, determine who’s loyal,” he said. But he said he will fire anyone who doesn’t follow his policies. On the war in Gaza, Trump said he wants to end the conflict and that Netanyahu knows it. When Trump was asked whether he trusted Netanyahu, he told Time: “I don’t trust anybody.” The incoming president also discussed his plans for mass deportations and argued he will have the authority to use the military to assist with the effort, even though, as the magazine notes, the Posse Comitatus Act forbids the deployment of the military against civilians. “It doesn’t stop the military if it’s an invasion of our country,” he said. “I’ll only do what the law allows, but I will go up to the maximum level of what the law allows.” Trump crafted his image as a wealthy real estate developer, which he played up as the star of the TV reality show “The Apprentice” and during his presidential campaign. He won the election in part by channeling Americans' anxieties about the economy’s ability to provide for the middle class. In an interview on CNBC after he rang the bell, Trump likened the broad cuts to the federal workforce that he and his advisers have telegraphed to the TV firings he made of contestants. “We're going to be doing the same thing, I can tell you. Unfortunately, there's too many of them," Trump said. Afterward, he walked the floor of the exchange and shook hands with traders. Associated Press writers Colleen Long and Josh Boak in Washington and Jill Colvin and David Bauder in New York contributed to this report.None
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Union Minister of Commerce and Industry Piyush Goyal expressed confidence in India’s economic resilience, attributing the Q2 GDP slowdown to election-related lag effects while reaffirming the strength of the country’s macroeconomic fundamentals. Share Market View All Nifty Gainers View All Company Value Change %Change Speaking at CNBC TV18’s Indian Business Leader Awards (IBLA) 2024, he stated, “The Indian economy doesn’t operate from quarter to quarter like stock markets. All macro data suggests the economy’s basic strength remains intact.” Addressing the slower 5.4% GDP growth in Q2, Goyal explained that temporary factors, such as election spending disruptions, influenced the numbers. However, he assured that the economy remains on track for robust growth, “By the end of the year, we expect to grow quite decently and continue to be the world’s fastest-growing economy.” Goyal pointed to promising signs of capex recovery in the third quarter. “Green shoots of greater capex spending are already visible in Q3. The Prime Minister himself is monitoring large projects through the Pragati initiative, ensuring that any obstructions to investments are addressed promptly,” he noted. He emphasised the government’s focus on maintaining ease of doing business and strengthening economic fundamentals to sustain growth. Union Minister Piyush Goyal expressed scepticism about the connection between interest rates and food inflation, stating that he finds it difficult to understand how changes in interest rates affect the demand for essentials like onions, tomatoes, and pulses. He suggested that economists should evaluate the impact of high interest rates on food inflation and consider whether this traditional approach to inflation management remains effective in today’s context. Goyal also credited the government’s focus on long-term investments in infrastructure and public welfare as key drivers of economic stability. “In the past 10 years, we have set India’s macroeconomic fundamentals right, made massive infrastructure investments, and ensured public welfare initiatives like free food grains and healthcare reach the most vulnerable.” Reiterating India’s global leadership in growth, Goyal said, “The world recognises India as the growth engine of the global economy. We will stay the course, focusing on strong fundamentals while addressing emerging challenges.”KYIV: Russia launched a record 188 drones at Ukraine overnight, Kyiv said Tuesday, amid growing international tensions after Russia fired a nuclear-capable missile that could reach European cities. The Kremlin declined on Tuesday to confirm that Ukrainian forces had again launched US-provided long-range ATACMS at Russia this week but blamed Washington for escalating the conflict nonetheless. Moscow and Kyiv have been ratcheting up their drone and missile broadsides, with Ukraine recently firing US long-range missiles at Russia and the Kremlin retaliating with an experimental hypersonic missile. The barrage came as ambassadors from Ukraine and NATO’s 32 members were due to meet in Brussels over Russia’s firing last week of the intermediate-range missile on the city of Dnipro. “During the night attack, the enemy launched a record number of Shahed strike unmanned aerial vehicles and unidentified drones,” the air force said Tuesday, referring to Iranian-designed drones and putting the overall number fired at 188. The air force said it had shot down 76 Russian drones in 17 regions, while another 95 were either lost from their radars or downed by electronic jamming defensive systems. It did not specify what happened to the remainder. Moscow also fired four Iskander-M ballistic missiles, the air force said. “Unfortunately, critical infrastructure facilities were hit, private and apartment buildings were damaged in several regions,” a statement said. Explosions in Kyiv AFP journalists heard explosions ring out over the capital, while Kyiv city officials said the air alert had lasted five hours and 10 Russian drones were shot down there. In the western Ternopil region, which is among those spared the worst of the fighting, authorities said drones had damaged a “critical infrastructure facility,” without elaborating. They said however that the attack had disrupted electricity in the city of Ternopil and surrounding towns, and that engineers were working to stabilize supplies. Putin had said the new missile attack last week was in response to Ukraine firing weapons supplied by the United States and Britain into Russia. The Kremlin leader warned that Moscow felt it had the right to hit military facilities in countries that allow Ukraine to use their weapons against Russia. Ukrainian President Volodymyr Zelensky last week called the strike “the latest bout of Russian madness” and appealed for updated air-defence systems to meet the new threat. Kyiv says it hopes to get “concrete and meaningful outcomes” after calling the meeting of the NATO-Ukraine Council. But diplomats and officials at NATO have played down expectations for any major results from the consultations on Tuesday afternoon at the alliance’s Brussels headquarters. The most that is expected is a reiteration of NATO’s earlier insistence that Moscow’s deployment of the new weaponry will not “deter NATO allies from supporting Ukraine”. Russian forces advance The meeting “provides an opportunity to discuss the current security situation in Ukraine and will include briefings from Ukrainian officials via video link,” a NATO official said. The Kremlin dismissed the meeting saying it was unlikely any significant decisions would be taken. On the battlefield, Ukraine’s fatigued troops are struggling to halt advances by Russian forces in the east of the country. Russia said Tuesday its troops had captured another village in the Kharkiv region, in an area where the front line had been relatively stable until recently. The defense ministry said its units had “liberated” the settlement of Kopanky,” a village near the Ukrainian-held city of Kupiansk that was previously captured by Russian forces at the start of the 2022 offensive before being re-taken by Ukraine later that year. Moscow also on Tuesday confirmed it had detained a British man it captured fighting for Ukraine in Kyiv’s offensive into Russia’s western Kursk region. A court in the region said it had on Monday ordered James Scott Rhys Anderson be remanded in custody, alleging he had “participated in armed hostilities on the territory of the Kursk region”. ‘Genocidal activities’ Russia is carrying out “genocidal activities” by laying landmines on Ukraine’s territory, an official from Kyiv’s defense ministry told a landmine conference in Cambodia on Tuesday. Russian forces were planting landmines “in cities, farming households, public transport stations, remotely by means of artillery, helicopters, multiple rocket launch systems and drones”, said Oleksandr Riabtsev of Kyiv’s defense ministry. These “genocidal activities” had affected areas home to six million Ukrainians, he told a landmine conference in Cambodia’s Siem Reap. Another Ukrainian defense official told the conference Kyiv will not fulfil a commitment to destroy a stockpile of around six million landmines left over from the Soviet Union because of Russia’s invasion. The commitment made in connection with the Anti-Personnel Mine Ban Convention’s Oslo Action Plan is “currently not possible” due to Russia’s invasion, Yevhenii Kivshyk said. Arsenals and other sites where anti-personnel mines are stored “have been under constant air and missile strikes by the armed forces of the Russian Federation”, he said. “In addition, some of them are in the territories that are currently under occupation by the Russian armed forces,” Kivshyk said. Therefore there was “no possibility whatsoever to conduct audit and verification of the anti-personnel mine stocks”. Ukraine is a signatory of the Anti-Personnel Mine Ban Convention and has committed to destroying its stockpile of landmines. But it has previously missed deadlines to destroy its stockpile. Last week Washington announced that it would send anti-personnel landmines to Kyiv to help its forces battle Russian troops, a decision immediately criticised by human rights campaigners. The United States and Russia are not signatories to the anti-landmine convention. Kivshyk made no mention of the US offer to Ukraine during his speech to the conference in Siem Reap. - AFP
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