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Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases DETROIT (AP) — Elon Musk says the Securities and Exchange Commission wants him to pay a penalty or face charges involving what he disclosed — or failed to disclose — about his purchases of Twitter stock before he bought the social media platform in 2022. In a letter, Musk’s lawyer Alex Spiro tells the outgoing SEC chairman, Gary Gensler, that the commission’s demand for a monetary payment is a “misguided scheme” that won’t intimidate Musk. The letter also alleges that the commission reopened an investigation this week into Neuralink, Musk’s computer-to-human brain interface company. The SEC has not released the letter. Nor would it comment on it or confirm whether it has issued such a demand to Musk. Senate begins final push to expand Social Security benefits for millions of people WASHINGTON (AP) — The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to millions of people. Senate Majority Leader Chuck Schumer began the process on Thursday for a final vote on the bill, known as the Social Security Fairness Act. It would eliminate policies that currently limit Social Security payouts for roughly 2.8 million people. The legislation has passed the House. The bill would add more strain on the Social Security Trust funds, which are already estimated to be unable to pay out full benefits beginning in 2035. The measure would add an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office. Trump offers support for dockworkers union by saying ports shouldn't install more automated systems WASHINGTON (AP) — President-elect Donald Trump is offering his support for the dockworkers union before their contract expires next month at Eastern and Gulf Coast ports. He posted on social media Thursday that he met with union leaders and that any further “automation” of the ports would harm workers. He wrote that the “amount of money saved is nowhere near the distress, hurt, and harm it causes for American Workers.” The International Longshoremen’s Association has until Jan. 15 to negotiate a new contract with the U.S. Maritime Alliance, which represents ports and shipping companies. The Maritime Alliance says the technology will improve worker safety and strengthen our supply chains, among other things. IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power WASHINGTON (AP) — IRS leadership on Thursday announced that the agency has recovered $4.7 billion in back taxes and proceeds from a variety of crimes. The announcement comes under the backdrop of a promised reckoning from Republicans who will hold a majority over both chambers of the next Congress and have long called for rescinding the tens of billions of dollars in funding provided to the agency by Democrats. IRS Commissioner Danny Werfel said improvements made to the agency will help the incoming administration and new Republican majority congress achieve its goals of administering an extension of the 2017 Tax Cuts and Jobs Act. OpenAI's legal battle with Elon Musk reveals internal turmoil over avoiding AI 'dictatorship' A 7-year-old dispute between tech leaders Elon Musk and Sam Altman over who should run OpenAI and best avoid an artificial intelligence ‘dictatorship’ is now heading to a federal judge as Musk seeks to halt the ChatGPT maker’s ongoing conversion into a for-profit company. Musk, an early OpenAI investor and board member, sued the artificial intelligence company earlier this year. Musk has since escalated the dispute, adding new claims and asking for a court order that would stop OpenAI’s plans to convert itself into a for-profit business more fully. OpenAI is filing its response Friday. OpenAI's Altman will donate $1 million to Trump's inaugural fund LOS ANGELES (AP) — OpenAI CEO Sam Altman is planning to make a $1 million personal donation to President-Elect Donald Trump’s inauguration fund, joining a number of tech companies and executives who are working to improve their relationships the incoming administration. A spokesperson for OpenAI confirmed the move on Friday. The announcement comes one day after Meta, the parent company of Facebook and Instagram, said it donated $1 million to the same fund. Amazon also said it plans to donate $1 million. China signals it's prepared to double down on support for the economy as Trump tariffs loom BANGKOK (AP) — Chinese leaders met this week to plot economic policy for the coming year and sketched out plans to raise government spending and relax Beijing's monetary policy. Analysts said the broad-brush plans from the annual Central Economic Work Conference were more of a recap of current policy than ambitious new initiatives at a time when the outlook is clouded by the President-elect Donald Trump's threats to sharply raise tariffs once he takes office. The ruling Communist Party did commit to raising China's deficit and to doing more to encourage consumer spending by bringing wage increases in line with the pace of economic growth. Here's a look at China's main priorities and their potential implications. Stock market today: Wall Street slips at the end of a bumpy week Stocks slipped as Wall Street closes out a rare bumpy week. The S&P 500 was up less than 0.1% in afternoon trading Friday and headed for a weekly loss. The benchmark index hit its latest in a string of records a week ago. The Dow Jones Industrial Average fell 58 points. The Nasdaq composite was up 0.1%. Broadcom surged after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. Treasury yields edged higher in the bond market. European markets were mostly lower and Asian markets mostly fell. Next Week: Retail sales, Fed policy update, existing home sales The Commerce Department releases its monthly snapshot of U.S. retail sales Tuesday. Federal Reserve officials wrap up a two-day meeting and issue an interest rate policy update Wednesday. The National Association of Realtors issues its latest update on U.S. home sales Thursday. African Union chairperson candidates advocate for permanent UN Security Council seats NAIROBI, Kenya (AP) — Three African leaders seeking to head the African Union have detailed their plans for regional security amid conflicts and political coups while strongly advocating for inter-Africa trade. The race for chairperson debate was held Friday in Ethiopian capital Addis Ababa. Kenya’s Raila Odinga, Djibouti’s Mahamoud Ali Youssouf and Madagascar’s Richard Randriamandrato are seeking to be elected as chairperson for the 55-member state African Union. They had a two-hour debate Friday in which they all advocated for two permanent seats for African countries at the U.N. Security Council to effectively represent the continent with the youngest population. The three are seeking to convince most African countries before the February election to succeed the African Union Chairperson Moussa Faki.
Democrat Bob Casey concedes to Republican David McCormick in Pennsylvania Senate contest
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November 21 - The Pittsburgh Steelers take on what is typically an unenviable task -- traveling on a short week for a Thursday night primetime game. However, a few things are playing in Pittsburgh's favor as Week 12 of the NFL regular season kicks off. Namely, the "trip" to Cleveland is a little more than two hours by road and when the Steelers arrive there, they'll be facing a backup quarterback at the helm of a massively underwhelming 2-8 Browns team. The Steelers (8-2) are coming off a huge win over Baltimore to stay atop the AFC North. And Pittsburgh is beginning to set its sights on potential home-field advantage come playoff time. The Steelers are a consensus 3.5-point favorite. That includes at BetRivers, where they have been backed by 80 percent of the spread-line money. Pittsburgh's -195 moneyline to simply win the game has been even more popular, drawing 95 percent of all money wagered. The Browns enter Thursday night having failed to cover the spread in nine of their past 12 games. Meanwhile, the Steelers have covered the spread in every game during their five-game win streak. The 37.0 total points line has seen the Over backed by 65 percent of the money and 70 percent of the total bets. Each of Cleveland's past eight November home games has gone under the total points line. --Steelers WR George Pickens Over 50 Receiving Yards (-195 at DraftKings): Russell Wilson has thrown six touchdowns in the four games since he took over as the starting quarterback. Two of those have gone to Pickens, who has at least 74 receiving yards in each of those games. There is some concern that Pittsburgh gains a big early lead and turns to a run-heavy attack, but Wilson throws an excellent deep ball and that plays into Pickens' strength. This is the most popular player prop at the book. --Steelers RB Najee Harris Anytime TD (+100 at BetRivers): That potential for a run-heavy approach should benefit Harris, who found the sledding tough against Baltimore with 63 yards on the ground. He was also held out of the end zone for the second time in three games. Keep in mind that Cleveland has allowed only three touchdowns on the ground all season, but the Browns have allowed 12 through the air. Harris has a trio of scores on the ground and receiving through 10 games. The Browns have won the first quarter in five consecutive home games against the Steelers. The Steelers have certainly been locked in. They are currently riding a five-game winning streak, most recently edging the Baltimore Ravens 18-16 on Sunday. Chris Boswell booted six field goals against Baltimore, while Wilson completed 23 of 36 passes for 205 yards and an interception. Meanwhile, Cleveland continues to go through the wringer. The Browns ended up on the wrong end of a 35-14 blowout while facing the host New Orleans Saints on Sunday, marking their seventh loss in the past eight games. Cleveland now has to go up against one of the most unforgiving defenses in the league. Browns quarterback Jameis Winston is determined to direct a fundamentally sound performance against Pittsburgh, which allows the second-fewest points per game in the NFL (16.2). "It's precision passing. Getting the ball out on time. Elite operation and just doing our job. It's the simple things," Winston said. "This team (the Steelers) is not going to try and fool you. They're going to line up and say, 'Give us your best, we're going to give you our best.'" Winston threw for 395 yards and two touchdowns on 30-for-46 passing in the setback against New Orleans, with Jerry Jeudy hauling in six catches for 142 yards and a score. Star running back Nick Chubb continued to struggle since his return from a knee injury that cut his 2023 season short, finishing with 50 yards on 11 carries. The Browns could be without standout defensive end Myles Garrett, who missed practice on Tuesday because of a hip injury. Wide receiver Elijah Moore (shoulder), guard Joel Bitonio (pectoral) and cornerbacks Denzel Ward (ribs/ankle) and Greg Newsome II (shoulder) were among those limited during the session. Linebacker Alex Highsmith is dealing with an ankle issue and was ruled out by the Steelers along with cornerback Cory Trice Jr. (hamstring). Wilson is starting to feel like he might be part of something special, but he also doesn't want Pittsburgh to get ahead of itself. "I definitely think that we have a chance (to make a deep playoff run)," said Wilson, who has played in two Super Bowls. "I think the biggest thing for us is continuing to just take each week as the most important week of it all. "I think that it's not really even just the week, it's just the day, it's just the moments in between. I think the greatest teams, the greatest players, in any sport, especially the teams I've been on, is the moment -- it's never too far away. It's right here, right now. And you're just locked into that." Divisional road games on short weeks typically shape up as a daunting task. That's not the case for the Steelers, who will be hyper-focused to put this one out of reach early before enjoying 10 days ahead of a trip to Cleveland. With a second game against the Browns before a huge game at Philadelphia, this is not an under-manned opponent Pittsburgh will look past. --Steelers 27, Browns 19 --Field Level Media Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Lebawit Lily Girma | (TNS) Bloomberg News When winter rolls around, travelers predictably turn their attention to beaches. And this year, it’s the destination that comedian Tony Hinchcliffe called “a floating island of garbage in the middle of the ocean” that’s experiencing outsize demand from Americans planning a warm island vacation. Talk about trashing stereotypes. Related Articles Travel | Would you pay $700 a night to sleep under the stars at this Colorado resort? Travel | Thailand’s starring role in ‘The White Lotus’ is about to pay off Travel | 5 under-the-radar travel destinations the UN says you should visit Travel | Gift ideas for people planning their next trip Travel | Lights and decor, réveillon meals make Christmastime special in New Orleans Puerto Rico has recovered overseas visitors (excluding those from Canada and Mexico) faster than any U.S. state or territory — a staggering 85% increase over its 2019 overseas inbound visitor levels as of 2023, according to an October study from the U.S. National Travel and Tourism Office. There are now more daily flights from the U.S. West Coast, and hotel bookings are 6% higher so far in this last quarter of 2024 year-over-year. It’s a trifecta of tourism growth: more visitors, but also longer stays and a higher spend that reached a record $9.8 billion in 2023, boosting small businesses as well as major brands. “We don’t have a slow season in Puerto Rico anymore,” says Brad Dean, chief executive officer at Discover Puerto Rico. Even if they’re not booking, people are dreaming about “La Isla.” By tracking flight searches for trips between November 2024 and February 2025, a measure of “inspirational” demand, tourism intelligence company Mabrian Technologies reports Puerto Rico is up 9% compared with the same period last year and leads Barbados, the Dominican Republic, Jamaica and the Bahamas in the Caribbean proper. Only Costa Rica ranked higher in the wider region. Dean attributes Puerto Rico’s ongoing tourism growth to a strategic effort to reposition the island’s brand as more than a sun-and-sea destination, starting back in 2018. That led to the Live Boricua campaign, which began in 2022 and leaned heavily on culture, history and cuisine and was, Dean says, “a pretty bold departure” in the way Puerto Rico was showcased to travelers. He adds that at least $2 billion in tourism spend is linked to this campaign. “We (also) haven’t shied away from actively embracing the LGBTQ+ community, and that has opened up Puerto Rico to audiences that may not have considered the Caribbean before,” Dean says. Hotels are preparing to meet this growing demand: A number of established boutique properties are undergoing upgrades valued between $4 million and more than $50 million, including Hotel El Convento; La Concha, which will join the Marriott Autograph Collection; Condado Vanderbilt Hotel; and the Wyndham Grand Rio Mar. That’s in addition to ultra-chic options that are coming online in 2025, including the adults-only Alma San Juan, with rooms overlooking Plaza Colón in the heart of Old San Juan, and the five-star Veranó boutique hotel in San Juan’s trendy Santurce neighborhood. The beachfront Ritz-Carlton San Juan in Isla Verde will also be reopening seven years after Hurricane Maria decimated the island. The travel industry’s success is helping boost employment on the island, to the tune of 101,000 leisure and hospitality jobs as of September 2024, a 26% increase over pre-pandemic levels, according to the U.S. Bureau of Labor Statistics. Efforts to promote Puerto Rico’s provinces beyond the San Juan metro area — such as surfing hub Rincón on the west coast, historical Ponce on the south coast and Orocovis for nature and coffee haciendas in the central mountains —have spread the demand to small businesses previously ignored by the travel industry. Take Sheila Osorio, who leads workshops on Afro-Puerto Rican bomba music and dance at Taller Nzambi, in the town of Loíza, 15 miles east of San Juan; or Wanda Otero, founder of cheese-producing company Vaca Negra in Hatillo, an hour’s drive west of Old San Juan, where you can join a cheese-making workshop and indulge in artisanal cheese tastings. “The list of businesses involved in tourism has gone from 650 in 2018 to 6,100, many of which are artists and artisans,” Dean says. While New Yorkers and Miami residents have always been the largest visitor demographic, Dean says more mainland Americans now realize that going to Puerto Rico means passport-free travel to enjoy beaches, as well as opportunities to dine in Michelin-rated restaurants, hike the only rainforest in the U.S. and kayak in a bioluminescent bay. Visitors from Chicago and Dallas, for example, have increased by approximately 40% from July 1, 2023, to June 30, 2024, compared with the same period in 2022-2023, and more travelers are expected from Denver now that United Airlines Holdings Inc. has kicked off its first nonstop service to San Juan, beginning on Oct. 29. Previously, beach destinations that were easy to reach on direct flights from Denver included Mexico, Belize and California, but now Puerto Rico joins that list with a 5.5-hour nonstop route that cuts more than two hours from the next-best option. Given United Airlines’ hub in San Francisco, it could mean more travelers from the Golden State in the near future, too. In December, U.S. airlines will have 3,000 more seats per day to the territory compared with the same period last year, for a total of 84,731 — surpassing even Mexico and the Dominican Republic in air capacity, according to data from aviation analytics firm Cirium. Luis Muñoz Marín International Airport, the island’s primary gateway, is projecting a record volume of 13 million passengers by year’s end — far surpassing the 9.4 million it saw in 2019. As for Hinchcliffe’s “floating island of garbage” line, Dean says it was “a terribly insensitive attempt at humor” that transformed outrage into a marketing silver lining, with an outpouring of positive public sentiment and content on Puerto Rico all over social media. Success, as that old chestnut goes, may be the best revenge. “It was probably the most efficient influencer campaign we’ve ever had,” Dean says, “a groundswell of visitors who posted their photos and videos and said, ‘This is the Puerto Rico that I know.’” ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.What we need to offset inflation and expensive stock valuations ... will Trump deliver? ... expect volatility to remain ... how short-term options can mean big returns overnight We think the combination of pro-growth policies, still-low inflation, continuing rate cuts, and AI-driven economic tailwinds will propel stocks broadly higher in 2025. That comes from our hypergrowth expert Luke Lango. Of the variables Luke identified, we’re focused on “pro-growth policies.” That’s because they have the best chance of mitigating the biggest threat to your portfolio value in 2025 – reinflation. Looking at the data, it’s easy to agree with her. The last handful of months of core PCE inflation (the Fed’s favorite inflation gauge) have been flat or slightly higher on a month-to-month basis: May: 0.1% June: 0.2% July: 0.2% August: 0.2% September: 0.3%. (The October reading arrives next week.) The Fed isn’t going to raise rates to deal with this. We’ve begun a rate-cutting cycle, and a U-turn now – even the hint of a U-turn – would be like tossing a grenade into the economy. If we want to help hurting Main Street America... and ease lofty stock valuations via real earnings growth... and offset inflation ... then the answer is simple: Grow like crazy. Specifically, outgrow inflation. Former U.S. Treasury Secretary Larry Summers had a great one-liner when asked about any advice he’d give President-elect Trump: We need to be able to build, baby, build in the United States. Here’s more from MarketWatch : [Summers] argued there were too many barriers to constructing data centers, energy production facilities and electricity transmission systems to help power the AI revolution and new green technologies. “These are potentially complex and risky technologies, and the government needs to, less by law than by moral force, establish close connections where real experts within government who are closely monitoring and following developments” in the sector, he said. From Thomson Reuters : President-Elect Trump has the potential to impact a wide range of policy provisions, from the economy to a raft of regulatory rules and directives... The regulatory landscape under Trump is also expected to see significant shifts. Deregulation would be a key theme, affecting sectors from energy to finance... As we discussed in the Digest at the start of the week, in a rosy scenario, Trump tax cuts and deregulation increases demand for goods and services... business investment increases... hiring increases... wage growth increases... so, overall productivity skyrockets. No, prices wouldn’t come down (they’re entrenched at this point). They might even climb again. But in this ideal hypothetical, growth-based wages and economic opportunities will rise to offset higher prices and inflation, and then some. So, the net, felt effect is positive. But for this to happen, it’s all about growth. That’s how we spike the punchbowl and keep this party going in 2025. For a sense of this, let’s turn to Eric Fry’s lead analyst in Investment Report , Thomas Yeung: [The result of the run-up in the market] has been a surge in average valuations – a fact Eric and I have been highlighting over the past several weeks. The Shiller PE Ratio, which averages earnings over a 10-year business cycle, now sits at 37.0, its highest level since the heady days of 2021. When the Shiller PE Ratio was last at this level in December 2021, stocks tumbled 19% over the following year. The Shiller PE has climbed since Thomas wrote this. As I write Friday, it’s up to 37.95. The chart below, dating to 1860, will give you some context for how extreme this level is. Will Trump’s pro-growth policies create an earnings explosion that gently lets the air out of this overinflated balloon? We’ll find out beginning next year. If not, today’s lofty valuation increases the likelihood of volatility – stocks roar on good news but drop sharply on not-so-good news. Now, while such an environment is tough on long-term investors, it’s a dream for traders. Jonathan is the lead analyst at our corporate partner Masters in Trading . After spending 25 years learning his craft on the Chicago trading floors and inside private investment firms, Jonathan now offers up live trading ideas, market commentary, and trading education each morning. This week, we’ve introduced Digest readers to how Jonathan is trading short-term options. This includes zero-day options, which expire on the very same day they’re issued. As we detailed yesterday , zero-day options can be incredibly lucrative, potentially rewarding traders with quadruple-digit returns – sometimes in just hours. But for this to happen, it requires big moves in the underlying stock. Translation, lots of volatility. Jonathan believes today’s market is ripe for such moves: I’ve been hammering one point home all week... All this short-term volatility isn’t going anywhere. And with volatility remaining elevated, we have many ways to capitalize on whatever the markets throw at us. One opportunity on Jonathan’s radar comes from QQQ, which is an ETF that tracks the Nasdaq 100 Index: Take a look at the daily chart below. The $500 mark is standing out as a critical level right now. After QQQ hit a high just above $515, it pulled back, but it’s consistently found support right around that $500 area. This isn’t just a coincidence — it’s where buyers and sellers are battling it out, making it the key level to watch. Why does this matter? Because levels like this often act as a launchpad for the next big move. If QQQ holds above $500, we could see another push higher. But if it breaks below, we could be looking at some serious downside action. Either way, this is where opportunity lives, and this is why we trade short-term options like 3DTE, 2DTE, and even 0DTE — to move fast and capitalize on these shifts. If you’re less familiar, “DTE” stands for “days to expiration” which circles us back to the short-term options trades I highlighted a moment ago. That’s when he’ll be broadcasting in real time, demonstrating how zero-day and short-term options work. This will be a live, one-time-only event. Now, if options make you nervous, I get it. They have a questionable reputation. But I’d encourage you to join Jonthan so you can see for yourself why that reputation is unfair – and why these short-term options can be so powerful, both for protecting and making money. On the “making money” side, let’s return to Jonathan and the QQQ set-up he just identified: We’ve seen this play out before. Earlier this year, during a similar setup, I highlighted a key level in our live class. Members positioned themselves using short-term puts ahead of a market pullback, and when the QQQ dropped 2.4%, our model portfolio saw gains as high as 179.9% overnight. This is what it’s all about — being prepared, staying disciplined, and taking advantage of these moments. Tuesday’s live event is all about helping you understand how these options work... the market conditions that increase the chances of such triple/quadruple-digit overnight returns... and the right way to avoid taking unnecessary risk. On that note, here’s Jonathan: A solid fundamental understanding of the market, the strategic use of options, and disciplined risk management forms the cornerstone of successful trading. My career on the front lines of the exchanges has shown that these principles, when applied systematically, can offer major advantages, even in volatile markets. To reserve your seat for Jonathan’s One-Day Winners Live Summit this Tuesday at 11 a.m. Eastern, sign-up here. If we get loads of it, our inflation and valuation problems shrink. If we don’t get it, we’re left with a very expensive stock market. And that could mean major fireworks. But that just points us back to Jonathan and how he trades unpredictable markets. We hope you’ll join him on Tuesday to learn how to put volatility in your corner . Have a good evening, Jeff RemsburgBy JOSH BOAK WASHINGTON (AP) — President Joe Biden said Tuesday he was “stupid” not to put his own name on pandemic relief checks in 2021, noting that Donald Trump had done so in 2020 and likely got credit for helping people out through this simple, effective act of branding. Biden did the second-guessing as he delivered a speech at the Brookings Institution defending his economic record and challenging Trump to preserve Democratic policy ideas when he returns to the White House next month. Related Articles National Politics | Trump names Andrew Ferguson as head of Federal Trade Commission to replace Lina Khan National Politics | Donald Trump is returning to the world stage. So is his trolling National Politics | Biden issues veto threat on bill expanding federal judiciary as partisan split emerges National Politics | Trump lawyers and aide hit with 10 additional felony charges in Wisconsin over 2020 fake electors National Politics | After withdrawing as attorney general nominee, Matt Gaetz lands a talk show on OANN television As Biden focused on his legacy with his term ending, he suggested Trump should keep the Democrats’ momentum going and ignore the policies of his allies. The president laid out favorable recent economic data but acknowledged his rare public regret that he had not been more self-promotional in advertising the financial support provided by his administration as the country emerged from the pandemic. “I signed the American Rescue Plan, the most significant economic recovery package in our history, and also learned something from Donald Trump,” Biden said at the Washington-based think tank. “He signed checks for people for 7,400 bucks ... and I didn’t. Stupid.” The decision by the former reality TV star and real estate developer to add his name to the checks sent by the U.S. Treasury to millions of Americans struggling during the coronavirus marked the first time a president’s name appeared on any IRS payments. Biden and Vice President Kamala Harris , who replaced him as the Democratic nominee , largely failed to convince the American public of the strength of the economy. The addition of 16 million jobs, funding for infrastructure, new factories and investments in renewable energy were not enough to overcome public exhaustion over inflation, which spiked in 2022 and left many households coping with elevated grocery, gasoline and housing costs. More than 6 in 10 voters in November’s election described the economy as “poor” or “not so good,” according to AP VoteCast, an extensive survey of the electorate. Trump won nearly 7 in 10 of the voters who felt the economy was in bad shape, paving the way for a second term as president after his 2020 loss to Biden. Biden used his speech to argue that Trump was inheriting a strong economy that is the envy of the world. The inflation rate fell without a recession that many economists had viewed as inevitable, while the unemployment rate is a healthy 4.2% and applications to start new businesses are at record levels. Biden called the numbers under his watch “a new set of benchmarks to measure against the next four years.” “President-elect Trump is receiving the strongest economy in modern history,” said Biden, who warned that Trump’s planned tax cuts could lead to massive deficits or deep spending cuts. He also said that Trump’s promise of broad tariffs on foreign imports would be a mistake, part of a broader push Tuesday by the administration to warn against Trump’s threatened action. Treasury Secretary Janet Yellen also issued a word of caution about them at a summit of The Wall Street Journal’s CEO Council. “I think the imposition of broad based tariffs, at least of the type that have been discussed, almost all economists agree this would raise prices on American consumers,” she said. Biden was also critical of Trump allies who have pushed Project 2025 , a policy blueprint from the Heritage Foundation that calls for a complete overhaul of the federal government. Trump has disavowed participation in it, though parts were written by his allies and overlap with his stated views on economics, immigration, education policy and civil rights. “I pray to God the president-elect throws away Project 2025,” Biden said. “I think it would be an economic disaster.” Associated Press writer Fatima Hussein in Washington contributed to this report.
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