Trump admin live updates: Bessent calls for review of Federal Reserve

Trump admin live updates: Bessent calls for review of Federal ReserveNew Foto - Trump admin live updates: Bessent calls for review of Federal Reserve

President Donald Trump is scheduled on Monday to host Vice President JD Vance for lunch at the White House. The president also continues to face backlash from his MAGA supporters over his administration's handling of files related to the investigation into Jeffrey Epstein. Jul 21, 4:12 PMWhite House defends legislation despite CBO analysis saying package increases deficit by $3.4T The White House is sticking by its so-called "big, beautiful" legislation despite a Congressional Budget Office (CBO) analysis stating the legislative package increases the federal deficit by about $3.4 trillion."This bill was a great bill for the American people. It was the largest tax cut for middle and working class families in our nation's history, and the president wants to see this country get our fiscal house in order," White House press secretary Karoline Leavitt told reporters, not addressing Monday's CBO analysis.Calling it a "fiscally responsible bill," Leavitt also attempted to argue that Trump's steep tariff policy would help offset the country's deficit, despite the uncertainty of Trump's trade policy. "That's why this was a fiscally responsible bill, one of the most fiscally conservative pieces of legislation for its size that has ever crossed through Capitol Hill and the President wants to cut our deficit," Leavitt said.-ABC News' Lalee Ibssa Jul 21, 3:51 PMMore trade announcements could come before Aug. 1 deadline, White House says White House press secretary Karoline Leavitt told reporters on Monday that there could be "more trade announcements" made before the Aug. 1 deadline.Leavitt said that the Trump administration continues to be in "constant communication" with trading partners.On July 7, President Donald Trump signed an executive order delaying the tariffs on dozens of countries that were set to take effect on July 9. Jul 21, 3:45 PMNew House total in effect following Green's resignation Former Rep. Mark Green's, R-Tenn., resignation from Congress officially took effect on Monday, bringing the total number of members in the House to 431 -- 219 Republicans and 212 Democrats. There are currently four vacancies.Speaker Mike Johnson, R-La., who announced the new total Monday afternoon, continues to have tight margins to work with to carry out Trump's agenda.Republicans can only afford to lose three votes and still pass legislation, assuming full attendance and united Democratic opposition. This is the same margin as before. The Republican Steering Committee will convene Monday evening to make its recommendation for a new Committee on Homeland Security chairman to replace Green.-ABC News' Lauren Peller Jul 21, 3:43 PMWhite House brushes off Epstein criticism White House press secretary Karoline Leavitt brushed aside any pushback from Trump's base over the Jeffrey Epstein case."He knows what his supporters want. It's transparency, and he has given them that on all accounts when it comes to everything this administration has done," Leavitt said."No question is off limits here at this White House, not just for the president, but myself as well," she added.Leavitt noted that Trump has told the Department of Justice and the FBI to "release any credible evidence that they find.""He also signaled to them over the weekend to move forward with unsealing the grand jury documents that were undersealed by various judges across the country. And I believe the attorney general has taken the proper legal action to do that," she said.She directed questions on whether the FBI will release any evidence to the FBI. Jul 21, 3:30 PMLeavitt says Trump was 'serious' about threat to Washington Commanders While talking to reporters on Monday, White House press secretary Karoline Leavitt said President Donald Trump was "serious" about his threat to the Washington Commanders football team, specifically that the team should revert back to its former name or he "may put a restriction" on the team.Trump said on Sunday that if the team does not change its name, he would not facilitate a deal for the team's new stadium to be built in Washington, D.C. "My statement on the Washington Redskins has totally blown up, but only in a very positive way. I may put a restriction on them that if they don't change the name back to the original 'Washington Redskins,' and get rid of the ridiculous moniker, 'Washington Commanders,' I won't make a deal for them to build a Stadium in Washington," Trump wrote on his social media platform on Sunday. Jul 21, 2:25 PM700 Marines leaving Los Angeles mission Last week the Pentagon announced 2,000 federalized California National Guardsmen were being moved out of Los Angeles and on Monday, the Pentagon is announcing that the 700 active-duty Marines will also be leaving.The announcement was made by Sean Parnell, the Pentagon's chief spokesman, in a statement provided to ABC News."With stability returning to Los Angeles, the Secretary has directed the redeployment of the 700 Marines whose presence sent a clear message: lawlessness will not be tolerated. Their rapid response, unwavering discipline, and unmistakable presence were instrumental in restoring order and upholding the rule of law. We're deeply grateful for their service, and for the strength and professionalism they brought to this mission," Parnell said. In the wake of the protests against Immigrations and Customs Enforcement raids in the city, 2,000 additional federalized California National Guardsmen will still remain in Los Angeles as part of the deployment to protect federal buildings and personnel.-ABC News' Luis Martinez Jul 21, 2:16 PMFlorida Republican Rep. Luna calls on Bondi to investigate Powell Republican Rep. Anna Paulina Luna of Florida sent a letter to Attorney General Pam Bondi calling for an investigation into Federal Reserve Chairman Jerome Powell for "potential perjury and making false statements" -- calling into question testimony Powell delivered on June 25 at the Senate Banking Committee.Luna questions Powell's testimony where he discussed the building renovations at the Fed's headquarters -- as controversy swirls over the ballooning cost of the upgrades. She contends that his testimony was not honest."These are not minor misstatements," Luna states. "Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense -- especially from someone tasked with overseeing our monetary system and public trust." Luna said the intent of her letter is to "formally refer" Powell for criminal investigation and prosecution at the Department of Justice. Luna's referral is non-binding and does not automatically trigger any type of action by the Department of Justice.-ABC News' John Parkinson Jul 21, 1:35 PMTrump calls for immediate end to cashless bail President Donald Trump is calling for an immediate end to cashless bail, though reforms would take place at the state legislative level."It is a complete disaster, and must be ended, IMMEDIATELY," Trump posted on his social media platform on Monday.He went on to falsely claim that crime has gone up in America due to the system, saying "the WORST criminals are flooding our streets and endangering even our great law enforcement officers." -ABC News' Lalee Ibssa Jul 21, 1:05 PMBessent calls for a review of 'entire Federal Reserve institution' The Trump administration appears to be calling for a more expanded review on the Federal Reserve.Treasury Secretary Scott Bessent is now calling for a review of the entire Federal Reserve institution, not just recent building renovations."What we need to do is examine the entire Federal Reserve institution and whether they have been successful," he said during an appearance on Squawk Box on Monday.This comes as President Donald Trump has sharply criticized the building renovations of the Fed building, using the project to threaten Fed Chair Jerome Powell's role as he continues to publicly fume over Powell not cutting interest rates. "I think that we should think, has the organization succeeded in its mission. You know, if this were the FAA and we were having this many mistakes, we would go back and look at why. Why has this happened?" Bessent questioned.-ABC News' Lalee Ibssa Jul 21, 6:58 AMTrump, Vance to have lunch Monday President Donald Trump is scheduled on Monday to have lunch with Vice President JD Vance, according to the White House. The president does not have other events on his public schedule.-ABC News' Lalee Ibssa Click here to read the rest of the blog.

 

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