The Bill, the Border, and the Price of Dinner

Congress spent the day wrestling with President Trump’s tax-and-spending package, while the Federal Reserve held interest rates steady and the Supreme Court narrowed the reach of lower-court injunctions. The common thread runs through every fight: officials keep making national promises, then shove the bill toward taxpayers, patients, borrowers, or immigrants.

1. Republicans push their megabill toward the Senate. House Republicans passed the package after adding tax cuts, border funding, energy provisions, and a debt-ceiling increase of roughly $4 trillion. Senate Republicans now face the ugly arithmetic, since the Congressional Budget Office says the legislation would add trillions to federal deficits while cutting Medicaid coverage for millions. Watch moderates from both parties fight over Medicaid work rules and the $40,000 SALT deduction cap.

2. The Fed keeps rates high and waits for prices to behave. Federal Reserve officials held the benchmark rate in the 4.25% to 4.5% range as tariffs threatened to lift prices and slow hiring. Chair Jerome Powell has warned that policymakers need more evidence before cutting rates. Borrowers will keep paying elevated credit-card and auto-loan costs, while investors will parse every word from the next inflation report.

3. The Supreme Court limits nationwide injunctions. In Trump v. CASA, the justices ruled that federal judges cannot automatically block administration policies across the entire country, though the ruling did not settle the underlying birthright-citizenship dispute. The decision gives the White House more room to enforce contested policies while lawsuits continue. Legal fights will now move through a patchwork of rulings, with different rules applying in different states.

4. Tariffs keep turning the checkout line into a policy debate. Manufacturers, retailers, and farmers have urged the administration to soften tariffs as import costs move through supply chains. Treasury officials can point to factory investment, but shoppers will notice the faster evidence: higher prices for appliances, electronics, toys, and some food ingredients. The next trade deadline matters more than another campaign speech because companies need months to place orders.

Sleeper Story: Student-loan collection quietly returns. The Education Department resumed collections on defaulted federal student loans, putting wage garnishment and tax-refund seizures back on the table for delinquent borrowers. Millions of people remain behind after the pandemic-era pause, and many borrowers still struggle to identify the correct repayment plan. Watch call centers, credit reports, and household budgets before Washington announces another grand plan.

Scoop’s Kicker: Washington keeps promising a cheaper future while handing Americans the invoice today.