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Congressional Scorekeeper: 10 Million to Lose Health Coverage (Politico)
Congress’ nonpartisan scorekeeper yesterday released its final prediction for how President Donald Trump’s signature legislative achievement will grow the national debt and affect U.S. households.
Over the next decade, the megabill Trump signed on July 4 would increase the federal deficit by $3.4 trillion and cause 10 million people to lose health insurance, the Congressional Budget Office forecasts. While the newly enacted legislation would save more than $1 trillion by cutting federal spending on health care — with the majority coming from Medicaid — CBO predicts that the package’s costs will far outweigh its savings.
EV Latest: As the West Idles, China Revs Up Latin America’s EV Future (New York Times)
A two-hour drive beyond the traffic jams of São Paulo,
past the vast valleys of sugar cane, one of the first Chinese battery-powered-car factories in the Americas is getting ready to open. Its goal is to reinvent the way Brazil drives, and ultimately, the rest of Latin America, much as Chinese automakers have already done across much of Asia and want to do in Europe. Until recently, this factory was run by Mercedes-Benz, the German giant of 20th century automotive innovation that churned out cars powered by gasoline. Today, it’s owned by Great Wall Motor, a company that decades ago made rugged pickup trucks for the Chinese countryside but is now one of China’s leading exporters of stylish, affordable electric cars. The change in hands reflects a profound disruption for one of the world’s most vital industries. If American and European gas-guzzling cars once dominated global tastes and trends, that era appears to be fast
turning to China’s favor.
Security Flaw Patch: Microsoft Rushes to Stop Hackers from Wreaking Global Havoc (Bloomberg)
Microsoft over the weekend released a patch for the vulnerability in servers of the SharePoint document management software. The company said it was still working to roll out other fixes after warnings that hackers were targeting SharePoint clients, using the flaw to enter file systems and execute code.
Hackers have already used the flaw to break into the systems of national governments in Europe and the Middle East. In the US, they’ve accessed government systems, including ones belonging to the US Department of Education, Florida’s Department of Revenue and the Rhode Island General Assembly.
Trump Tax: GM’s Profit Falls After Trump Tariffs Add $1.1 Billion in Costs (Bloomberg)
Fed Watch: Treasuries Slip With Fed’s Powell Set to Speak on Regulation (Bloomberg)
President Donald Trump and his administration view Powell as a hurdle to lower borrowing costs as they seek to refinance trillions in upcoming debt. Treasuries fell sharply last week after headlines flashed that the president was planning to fire Powell, a claim quickly denied by Trump. Any hint that Powell intends to resign may trigger a similar reaction and send yields surging as investors reconsider their faith in US institutions.
Latest in Wearable Tech: Meta’s High-Tech Oakleys Bring Smart Glasses to a Sportier Crowd (Bloomberg)
The new Oakley Meta HSTN glasses start at $399 and climb to $500 for limited-edition gold mirror lenses. While the technology inside is nearly identical to Meta’s $299 Ray-Ban spectacles,
the Oakleys offer something different: an iconic, sport-forward style that could help Meta reach an entirely different demographic.
Unlike the Ray-Bans, which have a more classic look, the Oakleys are built for movement, like running, biking and outdoor adventures. With a sportier design, they’re potentially well suited for capturing fast-paced scenes, hands-free, from your point of view.
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