Washington Sen. Brian Schatz, a Democrat from Hawaii, announced Monday that he is putting President Donald Trump's nominations for the State Department on a blanket hold, delaying his plans to swiftly appoint people to important jobs. Elon Musk, Trump's billionaire adviser, has said that he and the president will shut down the U.S. Agency for International Development. Schatz, who now serves on the Foreign Relations Committee, said his action is in protest of Musk's announcement. It is against the law and compromises our security to dismantle USAID. Congress provides funding for USAID, which was established by federal law. Schatz stated in a statement that Elon Musk and Donald Trump cannot simply wish it away with a single word; legislation must be passed. He went on, "I will be putting ...

Economists predict that consumers may not benefit from a break from high borrowing costs this year due to tariffs that go into force on Tuesday. On Saturday, President Donald Trump signed orders imposing tariffs on the United States' top three trading partners: a 10% duty on China, and 25% tariffs on imports from Canada and Mexico. Economists predict that if such tariffs are imposed and maintained, they will result in higher pricing for American consumers. Economists predicted that the Federal Reserve may decide to halt its interest rate-cutting campaign for the foreseeable future due to the increasing pressure on inflation at a time when it hasn't yet returned to its target level. Consumer borrowing costs for credit cards and other debt are influenced by the Fed's benchmark interest rate....

Due to high mortgage interest rates, a limited number of available properties, and historically high home prices, the U.S. housing market was already having difficulties. Now, further pressure is being added by building material tariffs. The United States imports about 30% of its softwood lumber, mostly from Canada. Gypsum, also referred to as wallboard, is supplied from Mexico. President Donald Trump's 25% tax on goods from the two major trading partners will increase the cost of such commodities. Mexico tariffs are still a possibility even though they were put on hold for a month on Monday. Carl Harris, the head of the National Association of Home Builders, stated in a press release that over 70% of the imports of two crucial components used by home builders—softwood timber and gypsum—co...

Washington The appointment of Treasury Secretary Scott Bessent as the acting director of the Consumer Financial Protection Bureau by President Donald Trump seems to be another attempt to centralize sections of the federal government. Trump appointed Bessent as the acting head on Friday, the CFPB announced in a statement on Monday. In a letter to the president on Saturday, Rohit Chopra, the agency's former head, confirmed his departure. He was appointed in 2021 by then-President Joe Biden and has one year left in his five-year tenure. The Washington Post was the first to report about Bessent taking over the CFPB. Last Monday, Bessent, a former executive at a hedge fund, took the oath of office as Treasury Secretary. Requests for comment from the CFPB, Treasury Department, and White House ...

Some of our favorite tech stores are offering equipment from high-rated companies at a discount in anticipation of the big game this month and awards season, so you can enjoy the greatest possible viewing experience from the comfort of your own home. Take advantage of early President's Day bargains on products across all categories and shop sales on TVs, speakers, and soundbars from Best Buy, Amazon, and more. These sales and more are included below, along with bestsellers, NBC Select staff picks, and previously suggested companies. Keep in mind that some items can have a limited-time sale, and you should be aware of the holiday shipping dates. GO Ahead and SkipBest deals from NBC Select's top brands | Best deals on clothing and accessories | Best deals on kitchenware and home furnishings ...

Following President Donald Trump's tariff decision on Saturday, the Dow Jones Industrial Average opened much lower then reversed losses Monday afternoon. The Nasdaq 100 lost 0.7%, the broader S&P 500 stayed 0.4% lower, and the 30-stock Dow saw a slight daytime gain. Wall Street's fear indicator for significant market swings, the Cboe Volatility Index, reached its highest level since January 2023 when it surged past 17. The price of gold reached a record $2,818.27 an ounce. Following a sell-off that lasted through the night and into Monday morning, bitcoin prices also increased. With a 10% levie on Canadian energy imports, Trump imposed a 25% tariff on all commodities imported from Canada and Mexico, the two biggest trading partners in the United States, on Saturday. A 10% tax on all Ch...

In California, where heavy rain is predicted to cause flooding, mudslides, and debris flows through Wednesday, there are flood watches in effect for about 13 million people. Before moving south to Los Angeles, where the catastrophic Eaton and Palisades fires were put out just days ago, the atmospheric river of moisture is expected to target the north and central areas, affecting cities like San Francisco and Sacramento. Two storm systems are predicted to affect the central and southern regions of the state this week, including San Luis Obispo, Ventura, and Los Angeles, the National Weather Service warned. Northern California is expected to see a lot of rain on Monday, which could cause flooding in places like Chico, Eureka, Redding, and Santa Rosa. across a Monday morning update, the meteo...

In order to better distribute regular cash to regular residents, President Donald Trump announced on Monday that he would establish a sovereign wealth fund, which would be a collection of assets located in other nations. However, comprehensive information about the fund's operation was not readily available. During an executive order signing ceremony in the Oval Office, Trump made the news. During his 2024 presidential campaign, he had proposed the establishment of such a fund. At the event, Treasury Secretary Scott Bessent gave a quick overview of the fund. "It will be a combination of liquid assets, assets that we have in this country as we work ... to bring them out for the American people," he stated. "The extraordinary size and scale of the U.S. government and the business it does wit...

The city of Philadelphia On Friday night, an air ambulance transporting six passengers crashed close to a mall in northeast Philadelphia, killing seven people, including a person in a car. Capt. Alan Alejandro Montoya Perales, co-pilot Josue de Jesus Juarez Juarez, paramedic Rodrigo Lopez Padilla, Dr. Raul Meza Arredondo, patient Valentina Guzman Murillo, and her mother, Lizeth Murillo Ozuna, were the six individuals on board. No one on board is believed to have survived, according to Jet Rescue Air Ambulance. At a news briefing on Monday, Mayor Cherelle Parker stated that there were now 24 injured people on the ground, where multiple homes and cars were impacted. According to Parker, two of them are in severe condition and four are still in the hospital. No more details regarding their ...