Trump team prepares dramatic cuts

Donald Trump is ready to take an ax to government spending. Overall, the blueprint being used by Trump’s team would reduce federal spending by $10.5 trillion over 10 years. The proposed cuts hew closely to a blueprint published last year by the conservative Heritage Foundation, a think tank that has helped staff the Trump transition.

House panel votes against requesting Trump's tax returns

The House Ways and Means Committee on Tuesday rejected a Democratic push to ask for President Trump's tax returns. The amendment, offered by Rep. Lloyd Doggett (D-Texas) to the panel's oversight plan, was voted down on a party-line vote.

Senate votes to repeal transparency rule for oil companies

The Senate voted strictly along party lines Friday morning to repeal a regulation requiring disclosures for the payments that energy companies make to foreign governments. The measure now heads to the White House, and President Trump is expected to sign it.

Armed Services Committee Dem pokes at Sessions: We don't meet with ambassadors

Sen. Claire McCaskill (D-Mo.) on Thursday sought to refute Attorney General Jeff Sessions's claim that his contact with Russia was because he was a member of the Senate Armed Services Committee. "I've been on the Armed Services Com for 10 years. No call or meeting w/Russian ambassador. Ever," McCaskill tweeted.

DHS chief signs sweeping new deportation guidelines

Homeland Security Secretary John Kelly on Saturday signed sweeping guidelines giving federal authorities more power to aggressively detain and deport illegal immigrants, The Washington Post reports. According to the report, Kelly detailed plans in a pair of memos to hire thousands of new enforcement agents, widen the classification of immigrants who should be prioritized for removal, speed up deportation hearings and use local law enforcement to make arrests.

Russian government bank financed asset sale with Trump partner

A state-run Russian bank financed an asset sale in 2010 involving President Trump's partner in a Toronto hotel, The Wall Street Journal reported Wednesday. Trump's partner, Russian-Canadian developer Alexander Schnaider, pumped money into Trump's Toronto hotel after selling his company's share in a Ukrainian steelmaker. The Russian bank Vnesheconombank (VEB) provided the money for the sale, according to the Journal — a transaction worth about $850 million.

Koch network teaming up with Trump officials for tax-reform event

The billionaire Koch Brothers, and conservative “think tanks” that support them, have spent hundreds of millions trying to convince ordinary Americans that cutting corporate tax rates and repealing the estate tax is a good idea, using the language of “freedom from big government.” But if President Trump’s current tax plan sees the light of day, corporations will get a $2.4 trillion tax break, and the wealthiest two-tenths of one percent of Americans will get a $328 billion tax giveaway, just from one of his plan’s provisions—repealing the estate tax. Getting rid of the estate tax would also give Donald Trump’s own family a $4 billion tax handout, and the Koch Brothers, some $34 billion.

China buys record amount of Russian soybeans after canceling US orders over Trump threats

China has purchased record amounts of soybeans from Russia in recent months amid trade tensions with the U.S., Bloomberg reported. The world's biggest soybean importer, China has nearly tripled its imports from Russia, according to Bloomberg. Russian trade data show the country sold 850,000 metric tons of soybeans to China between July 2017 and mid-May this year. The record sales represent more than twice the 340,000 tons sold during the previous growing period.