July 1, 2025 • 4 mins
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Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now I'm Doug Prisoner.
We begin with news on the situation in Gaza. A
short while ago, on truth Social President Trump posted this,
Israel has agreed to the necessary conditions to finalize the
sixty day cease fire, during which time we will work
with all parties to end the war. The President also
(00:22):
warned Hamas to accept the terms before conditions worsen. We
go to Washington next, where the Senate narrowly passed President
Trump's tax and spending bill. The vote was fifty one
p fifty, with Vice President jd Vance breaking a tie. Now,
this bill has four and a half trillion dollars in
tax cuts and one point two trillion dollars in spending cuts.
(00:44):
House Speaker Mike Johnson admits there are members of Congress
who have concerns about this bill.
Speaker 2 (00:50):
We have members across the conference who have concerns about
various provisions of the bills. But a lot of people
didn't get what they wanted. They didn't get they didn't
think some savings went as far as as they should
have gone, or that maybe some of the cuts went
too far. I mean, it depends upon who you ask
the have different opinions, but that's the beauty of a
large de liberative body, lots of different priorities and opinions
(01:11):
and districts represented.
Speaker 1 (01:12):
That was House Speaker Mike Johnson speaking there. He went
on to say that he will do everything possible to
get the President's bill passed by July fourth. We also
heard from Miya McGuinness. She is the president of the
Committee for a Responsible Federal Budget and she says the
increase to the national debt could top four trillion dollars.
Speaker 3 (01:32):
I think it will probably pass, but I do think
there's a big question about whether the House is going
to say, no, we're not going with the Senate version,
and we're going to need to go back to our
version and work out those differences.
Speaker 1 (01:42):
She is Mia mcguinnis the president of the Committee for
a Responsible Federal Budget. Also today, President Trump saying that
he is not considering a delay of his July ninth
deadline for higher tariffs to resume. He threatened to cut
off trade talks and impose tariff rates on several nations,
including Japan. Here is Trump speaking earlier to reporters aboard
(02:04):
Air Force One.
Speaker 3 (02:05):
I'm not thinking about the Post.
Speaker 2 (02:07):
I'll be writing letters to a lot of countries, and
I think you just starting to understand the process.
Speaker 4 (02:14):
We've dealt with Japan.
Speaker 3 (02:15):
I'm not sure we're going to make it doubted with Japan,
they're very tough.
Speaker 1 (02:18):
Trump criticized Tokyo for not accepting US rice exports, and
he called auto trade between the US and Japan imbalanced.
We go to New York City next, where the jury
in the sex trafficking trial of music mogul Sean didy
Kom says it has reached a verdict on four or
five counts. However, jurors were unable to reach a decision
(02:40):
on count one racketeering and conspiracy. Now the jury is
set to continue deliberations tomorrow. Here is Robert Mintz's partner
at Macarter and English.
Speaker 3 (02:50):
It's not surprising that this has been the most difficult
charge for the jurors to reach. The unanimous verdict on
the racketeering charge was always the most challenging for prosecutors.
It requires proof of at least one other person acting
in conspiracy with mister Colmbs to commit two crimes or
(03:11):
predicate acts in furtherance of a racketeering enterprise.
Speaker 1 (03:16):
That is former federal prosecutor Robert Mintz, who is now
a partner at Macarter and English. By the way, that
count one charge falls under the Racketeer, Influenced and Corrupt
Organizations Act or RICO. It's best known for being used
in organized crime and drug cartel cases. FED Chair J.
Powell says the Central Bank would likely have already cut
(03:38):
interest rates this year if not for President Trump's use
of tariffs. Even so, Powell is not ruling out a
rate cut in July. Here he is speaking at the
European Union Central Bank Forum in Central Portugal.
Speaker 4 (03:51):
It's going to depend on the data, and we are
going meeting by meeting. I mentioned you know how I'm
thinking about that, but wouldn't take any meeting off the
table or put it directly on the table. It's going
to depend on how the data evolved.
Speaker 1 (04:05):
That is Fedshair J. Powell. Now, despite political pressure to
move on rates, Powell said he's focused on maintaining the
fed's dual mandate. Now, despite political pressure from President Trump
to cut interest rates, Powell said he's focused on maintaining
the fed's dual mandate. By the way, the fed's next
meeting is July twenty ninth and thirtieth in Washington. And
(04:27):
that is news when you want it. With Bloomberg News Now,
I'm Doug Chrisner, and this is Bloomberg
News when you wanted with Bloomberg News. Now I'm Doug Prisoner.
We begin with news on the situation in Gaza. A
short while ago, on truth Social President Trump posted this,
Israel has agreed to the necessary conditions to finalize the
sixty day cease fire, during which time we will work
with all parties to end the war. The President also
(00:22):
warned Hamas to accept the terms before conditions worsen. We
go to Washington next, where the Senate narrowly passed President
Trump's tax and spending bill. The vote was fifty one
p fifty, with Vice President jd Vance breaking a tie. Now,
this bill has four and a half trillion dollars in
tax cuts and one point two trillion dollars in spending cuts.
(00:44):
House Speaker Mike Johnson admits there are members of Congress
who have concerns about this bill.
Speaker 2 (00:50):
We have members across the conference who have concerns about
various provisions of the bills. But a lot of people
didn't get what they wanted. They didn't get they didn't
think some savings went as far as as they should
have gone, or that maybe some of the cuts went
too far. I mean, it depends upon who you ask
the have different opinions, but that's the beauty of a
large de liberative body, lots of different priorities and opinions
(01:11):
and districts represented.
Speaker 1 (01:12):
That was House Speaker Mike Johnson speaking there. He went
on to say that he will do everything possible to
get the President's bill passed by July fourth. We also
heard from Miya McGuinness. She is the president of the
Committee for a Responsible Federal Budget and she says the
increase to the national debt could top four trillion dollars.
Speaker 3 (01:32):
I think it will probably pass, but I do think
there's a big question about whether the House is going
to say, no, we're not going with the Senate version,
and we're going to need to go back to our
version and work out those differences.
Speaker 1 (01:42):
She is Mia mcguinnis the president of the Committee for
a Responsible Federal Budget. Also today, President Trump saying that
he is not considering a delay of his July ninth
deadline for higher tariffs to resume. He threatened to cut
off trade talks and impose tariff rates on several nations,
including Japan. Here is Trump speaking earlier to reporters aboard
(02:04):
Air Force One.
Speaker 3 (02:05):
I'm not thinking about the Post.
Speaker 2 (02:07):
I'll be writing letters to a lot of countries, and
I think you just starting to understand the process.
Speaker 4 (02:14):
We've dealt with Japan.
Speaker 3 (02:15):
I'm not sure we're going to make it doubted with Japan,
they're very tough.
Speaker 1 (02:18):
Trump criticized Tokyo for not accepting US rice exports, and
he called auto trade between the US and Japan imbalanced.
We go to New York City next, where the jury
in the sex trafficking trial of music mogul Sean didy
Kom says it has reached a verdict on four or
five counts. However, jurors were unable to reach a decision
(02:40):
on count one racketeering and conspiracy. Now the jury is
set to continue deliberations tomorrow. Here is Robert Mintz's partner
at Macarter and English.
Speaker 3 (02:50):
It's not surprising that this has been the most difficult
charge for the jurors to reach. The unanimous verdict on
the racketeering charge was always the most challenging for prosecutors.
It requires proof of at least one other person acting
in conspiracy with mister Colmbs to commit two crimes or
(03:11):
predicate acts in furtherance of a racketeering enterprise.
Speaker 1 (03:16):
That is former federal prosecutor Robert Mintz, who is now
a partner at Macarter and English. By the way, that
count one charge falls under the Racketeer, Influenced and Corrupt
Organizations Act or RICO. It's best known for being used
in organized crime and drug cartel cases. FED Chair J.
Powell says the Central Bank would likely have already cut
(03:38):
interest rates this year if not for President Trump's use
of tariffs. Even so, Powell is not ruling out a
rate cut in July. Here he is speaking at the
European Union Central Bank Forum in Central Portugal.
Speaker 4 (03:51):
It's going to depend on the data, and we are
going meeting by meeting. I mentioned you know how I'm
thinking about that, but wouldn't take any meeting off the
table or put it directly on the table. It's going
to depend on how the data evolved.
Speaker 1 (04:05):
That is Fedshair J. Powell. Now, despite political pressure to
move on rates, Powell said he's focused on maintaining the
fed's dual mandate. Now, despite political pressure from President Trump
to cut interest rates, Powell said he's focused on maintaining
the fed's dual mandate. By the way, the fed's next
meeting is July twenty ninth and thirtieth in Washington. And
(04:27):
that is news when you want it. With Bloomberg News Now,
I'm Doug Chrisner, and this is Bloomberg
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