Tag: iab-political issues & policy

‘Significant risk’ for debt default in early June, CBO reinforces | CNN Politics

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There is a “significant risk” that the federal government will no longer be able to pay all its obligations in the first two weeks of June if the debt limit remains unchanged, the Congressional Budget Office said Friday.

The forecast reinforces both Treasury Secretary Janet Yellen’s estimate and the agency’s earlier warning that House Republicans and President Joe Biden may only have a few weeks to address the debt ceiling or unleash global economic and financial upheaval. Talks are underway between White House and congressional staffers.

Predicting just when the nation hits the so-called X-date, when a default would occur, is uncertain because of the timing and amount of revenue Treasury collects and the bills it has to pay.

If government collections wind up being enough to keep Treasury’s coffers flush through early June, then it’s likely the government won’t default at least until the end of July, the CBO said. The agency will get another injection of funds from second quarter estimated tax payments, which are due June 15, and from an “extraordinary measure” that becomes available at the end of that month.

About $25 billion in pay or benefits for active-duty members of the military, civil service and military retirees, veterans and recipients of Supplemental Security Income is sent out on the first day of the month, according to the CBO.

Interest payments are made around the 15th day and on the last day of the month. May’s mid-month payment is expected to be roughly $50 billion, per the CBO. End-of-month payments range from $10 billion to $16 billion over the past half year.

If the nation runs out of cash and extraordinary measures to satisfy all its obligations, which has never happened, it’s unknown how Treasury would react. Some payments could be delayed. These include paychecks for federal employees and contractors, as well as the military. Also, many other government payments could be affected, including funding for food stamps and federal grants to states and municipalities for Medicaid, highways, education and other programs.

However, payments to Social Security recipients and benefits covered under Medicare Part A, largely hospital care, are financed by trust funds. The Treasury obtains cash to make those payments by borrowing, but the disbursements lower the funds’ balances, which are held in the form of Treasury securities, the CBO said.

Because of that reduction, the payments have little net effect on the total amount of debt subject to the borrowing cap, the agency said.

The entitlements’ trust funds may allow Treasury to continue making these payments on time, said Shai Akabas, director of economic policy at the Bipartisan Policy Center.

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April 12, 2021
Top House progressive says Democratic leaders should be concerned about debt deal support | CNN Politics

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Washington
CNN
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Washington Rep. Pramila Jayapal, the chair of the Congressional Progressive Caucus, said Sunday that White House negotiators and Democratic leaders should be concerned about progressive support for the tentative deal to raise the debt ceiling for two years

“Yes, they have to worry,” Jayapal told CNN’s Jake Tapper on “State of the Union,” referring to some of the concessions made by the White House to reach the agreement with Republicans.

Following the announcement of the deal Saturday night, the White House and Republican leaders in Congress have been mounting an intensive push to consolidate support. But the marathon is far from over, and there remains little certainty the nation will avoid a default.

Whether House progressives will ultimately support the deal depends on the specifics of the agreement, Jayapal said, including how many people would be affected by expanded work requirements for certain adults receiving food stamps. The deal would also expand exemptions for certain recipients.

“It is really unfortunate that the president opened the door to this, and while at the end of the day, you know, perhaps this will – because of the exemptions – perhaps it will be OK, I can’t commit to that. I really don’t know,” Jayapal said.

The Washington Democrat said that she was briefed by top White House official Lael Brainard after the current framework came together but that she will not make her position clear until she can see legislative text.

“That’s always, you know, a problem, if you can’t see the exact legislative text. And we’re all trying to wade through spin right now,” Jayapal said.

The deal – which would also freeze spending on domestic programs and increase spending on defense and veterans issues, among other things – was meant to include provisions that could sway members of both parties to vote for it.

Senior White House officials have been calling House Democrats since Saturday night to shore up support as some in the party say the Biden administration conceded too much.

Connecticut Rep. Jim Himes, the former chair of the pro-business New Democrat Coalition, told “Fox News Sunday” he was leaning toward a “no” vote on the tentative deal.

Himes said he did not want to validate the negotiating process used by Republicans, “which at the end of the day is a hostage-taking process,” adding that, “as the speaker said, there is absolutely nothing for the Democrats in these things.”

But in a positive sign for the White House’s efforts to wrangle in Democratic votes, New Hampshire Rep. Ann McLane Kuster, the current head of the New Democrats bloc, signaled that her 99-member group may support the plan.

“Our Members are encouraged that the two sides have reached an agreement, and are confident that President Biden and White House negotiators have delivered a viable, bipartisan solution to end this crisis,” Kuster said in a statement. “We are doing our due diligence as lawmakers to ensure that this agreement can receive support from both parties in both chambers of Congress.”

Republican Rep. Dusty Johnson of South Dakota, one of the GOP negotiators on the deal, maintained that there were “no wins for Democrats” in the agreement.

“There is nothing after the passage of this bill that will be more liberal or more progressive than it is today. It is a remarkable conservative accomplishment,” the chair of the center-right Republican Main Street Caucus said in a separate interview on “State of the Union.”

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April 12, 2021
White House escalates political pressure on GOP as McCarthy unveils debt limit proposal | CNN Politics

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CNN
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White House officials have spent weeks engaged in skirmishes with House Republicans over the looming debt ceiling battle.

Those skirmishes have now expanded into an all-out war.

President Joe Biden’s economic speech in Maryland on Wednesday, which leveled a series of policy and political attacks at House Republicans, serves as a critical marker for a White House moving quickly to escalate the political pressure on House Republicans as the calendar moves closer to the deadline to raise the nation’s borrowing limit.

Months of messaging and rapid response efforts to counter nascent House GOP debt limit proposals evolved this week into a full-scale effort to undercut Speaker Kevin McCarthy’s spending cut and debt ceiling proposal at the moment of its inception.

Biden’s remarks, though planned for several weeks, provided a window into the trigger for the escalation.

“Just two days ago the speaker of the House Kevin McCarthy went to Wall Street to describe the MAGA economic vision for American,” Biden said in reference to McCarthy’s speech Monday at the New York Stock Exchange.

McCarthy’s high-profile remarks, which broadly outlined the Republican push for steep spending cuts in exchange for a debt ceiling increase, set in motion the House Republican push to pass a proposal and shift the entrenched political dynamics.

“American debt is a ticking time bomb that will detonate unless we take serious, responsible action,” McCarthy said in his New York speech, which previewed a proposal that was made public Wednesday.

Biden’s remarks, at a union hall in Maryland, served as a clear response.

“Massive cuts in programs you count on,” Biden said of the outlines of McCarthy’s proposal. “The threat of defaulting on America’s debt for the first time in 230 years.”

The positions of the two sides remain unchanged – and completely incompatible. Biden and his top advisers say unequivocally they will not negotiate over a debt ceiling increase and will only accept a clean proposal to raise the nation’s borrowing limit. McCarthy and House Republicans have labeled that position a non-starter and are demanding significant spending cuts in order to sign on to any increase.

The irreconcilable positions underscore the central importance of winning the political and messaging battle that is set to dramatically intensify. With no pathway to reconcile the respective positions, both sides are pointing to the political pressure – and potentially catastrophic economic consequences that would result in a failure to a find a resolution – as critical to crack their opposition.

Biden’s speech was crafted to crystallize a clear political contrast and detail the legislative wins of Biden’s first two years in office and his agenda’s priorities for the years ahead.

But the speech was also tailored to directly attack McCarthy and the broad outlines of the California Republican’s forthcoming proposal at the same moment behind the scenes efforts to keep Democrats unified and escalate outside pressure.

“Folks, it’s the same old trickle-down dressed up in MAGA clothing,” Biden said of McCarthy’s proposal in his remarks. “Only worse.”

White House officials quietly circulated messaging and polling memos touting Biden’s budget and tax proposal earlier this week. Biden spoke by phone with Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries Tuesday in what people familiar with the call framed as a discussion that was equal parts ensuring total alignment and mapping out the policy and political strategy ahead.

“President Biden, Leader Schumer, and Leader Jeffries agree that we won’t negotiate over default and Republicans should pass a clean bill like they did three times in the previous administration,” the White House said in a readout of the call Tuesday night.

Outside advocacy groups aligned with the White House are also set to ramp up their efforts to highlight Biden’s agenda while attacking the outlines of McCarthy’s proposal.

The tightly coordinated messaging and political escalation reflects a deadline that is growing closer, officials said. But it also underscores an understanding that McCarthy and his leadership team face their own critical intraparty moment as they attempt to coalesce around their own proposal ahead of a vote next week.

That House Republican plan, should McCarthy whip the votes to pass it, is dead on arrival in the Senate. White House officials view the proposal less as a tangible way to shift the entrenched political dynamics and more as an opportunity to launch a whole new array of policy attacks, officials say.

Republicans have made clear, however, they view the opposite as true. A House-passed bill should force Biden to the table and serve as a demonstration of Republican unity and resolve.

“President Biden and Senator Schumer have no right to play politics with the debt ceiling,” McCarthy said on the House floor Wednesday, calling on Biden and Democrats to enter negotiations.

McCarthy has insisted he can marshal the votes to pass his proposal. White House officials have privately been skeptical that’s the case given the fractious dynamics of the conference.

But at a critical moment in a fight that is set to envelope Washington in the months ahead, White House officials are intent on making McCarthy’s job as difficult as possible.

“The American people should know about the competing economic visions of the country that are really at stake right now,” Biden said.

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April 12, 2021
Biden expected to meet with Hill leaders Tuesday following ‘productive’ debt limit meetings among staff | CNN Politics

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CNN
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President Joe Biden is expected to meet Tuesday with congressional leaders on the debt ceiling limit following “productive” staff-level negotiations over the weekend, two sources familiar with the talks told CNN on Sunday, as the US barrels toward a deadline that could come as soon as June 1.

Negotiators have been able to pinpoint some areas on which congressional staff and the White House can find common ground, including revising the permitting process, rescinding unspent Covid-19 relief funds and potentially cutting spending, the sources said.

Biden and the top four congressional leaders – House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell – held talks on the debt limit last week in the Oval Office. Tuesday’s meeting, which has not yet been officially confirmed, according to the sources, comes after a planned Friday meeting was postponed as the staff-level talks continued.

Deputy Treasury Secretary Wally Adeyemo told CNN’s Dana Bash on “State of the Union” on Sunday that talks between the two sides have been “constructive.”

Biden, Adeyamo said, “looks forward to getting together with the leaders to talk about how we continue to make progress.”

Biden himself indicated on Sunday that he expected principal-level debt ceiling discussions to take place Tuesday.

“We’re working on it right now,” he said in brief remarks to reporters as he completed a bike ride in Rehoboth Beach, Delaware.

There is still not a clear path forward to avoid a default with just four more days before June 1 when both the House and Senate are scheduled to be in session. Biden also confirmed Sunday that he expects to depart Wednesday for Hiroshima, Japan, for the G7 summit.

“That’s my plan as it stands now,” he told reporters in Rehoboth Beach.

It’s become increasingly clear that some spending cuts must be included for a deal to materialize, one of the sources said, and that point of discussion has been the main sticking point in negotiations so far.

Biden said Sunday that he was waiting to hear Republicans’ exact proposals on work requirements for certain government aid programs. He said he has voted in the past for “tougher aid programs” that are now law but “for Medicaid, it’s a different story.”

White House spokesperson Michael Kikukawa later elaborated on the president’s answer, saying in a statement that Biden would evaluate the GOP proposals guided by the principle that they would “not take away people’s health coverage” or “push Americans into poverty.”

Negotiators recognize they will likely need to have an outline of a deal by the end of the week to ensure a bill can pass through Congress by June 1, the sources said, but they also think there are potential congressional tools that can be used to speed up the process if needed. The sources did not specify what those tools are.

Adeyemo reiterated Sunday that the US “can’t” default on its debt but declined to provide details on areas of agreement. He echoed Treasury Secretary Janet Yellen’s assessment that default could happen “as early as June 1” but said it “can be sometime in early June,” calling on Congress to act as he warned that default would be “catastrophic.”

Top Treasury official says debt ceiling negotiations have been ‘constructive’

Pressed by Bash on the timing of a deal following McCarthy’s call for an agreement in principle by early this week and business leaders like JPMorgan Chase’s Jamie Dimon warning of market panic in the absence of a deal, Adeyemo said Biden “believes we should raise the debt limit as soon as possible.”

“Because it’s not only financial markets, but the (University of Michigan) survey of consumer sentiment last week showed that consumers are now worried about the debt limit – it’s affecting the way they’re spending,” Adeyemo said.

Meanwhile, top Biden economic adviser Lael Brainard on Sunday echoed previous White House comments on preferring a whole deal rather than a short-term fix.

“Short-term is not a fix. It is not really addressing that core uncertainty that CEOs are talking about. It’s just really important to take default and address it, and Congress has the tools to do that,” the director of the National Economic Council said on “Face the Nation” on CBS.

Biden expressed optimism Sunday for an eventual agreement.

“I remain optimistic because I’m a congenital optimist. But I really think there’s a desire on their part, as well as ours, to reach an agreement. I think we’ll be able to do it,” he said in Rehoboth Beach.

The president had indicated last week that he was prepared for talks to go down to the wire.

“I’ve been involved in negotiations my whole career,” he told CNN during a trip to New York. “Some negotiations happen at the last second, some negotiations happen way ahead of time. So, we’ll see.”

Biden resurfaced last week the controversial idea of lifting the borrowing cap without Congress by invoking the 14th Amendment, which some legal experts argue gives the president the authority to order the nation’s debts to be paid regardless of the debt limit Congress sets.

But using the 14th Amendment to let the Treasury Department borrow above the debt ceiling to pay the nation’s obligations would almost certainly prompt a constitutional crisis and swift legal action.

Asked Sunday whether the administration would consider invoking the 14th Amendment in the absence of a deal with Congress, Adeyemo said, “What the president said was that he did not think the 14th Amendment would solve our problems now. The only thing that can solve our problems now is for Congress to lift the debt limit.”

This story and headline have been updated.

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April 12, 2021
Biden cancels visits to Australia and Papua New Guinea as debt ceiling negotiations continue | CNN Politics

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CNN
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President Joe Biden is canceling his upcoming visits to Papua New Guinea and Australia due to the ongoing debt ceiling negotiations in Washington, the White House confirmed Tuesday.

White House press secretary Karine Jean-Pierre said in a statement Biden spoke to Australian Prime Minister Anthony Albanese earlier Tuesday to inform him he will be “postponing” the trip and invited the prime minister for an official state visit “at a time to be agreed by the teams.” Jean-Pierre added that the “President’s team engaged” with the prime minister of Papua New Guinea.

Biden will still travel to Japan starting Wednesday as part of what was supposed to be a weeklong trip through the Pacific region.

Earlier Tuesday, National Security Council coordinator for strategic communications John Kirby told reporters that the White House was “reevaluating” the stops to Papua New Guinea and Australia.

“What I can speak to is the G7 and going to Hiroshima. The president is looking forward to that. We are taking a look at the rest of the trip,” Kirby told reporters.

The cancellation canes as congressional leaders met with Biden at the White House to discuss the debt limit. The Treasury Department has warned that the government default could come as early as June 1, and Treasury Secretary Janet Yellen has said a default would trigger a global economic downturn.

This story has been updated with additional developments.

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April 12, 2021
Klobuchar says Biden and McCarthy should negotiate over budget, not debt limit | CNN Politics

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Democratic Sen. Amy Klobuchar of Minnesota said Sunday that she believes President Joe Biden should sit down with House Speaker Kevin McCarthy and negotiate Republicans’ proposed spending cuts, but she insisted those talks should be in relation to the federal budget – not raising the debt limit.

“Of course, President Biden should sit down with Speaker McCarthy,” Klobuchar told CNN’s Dana Bash on “State of the Union” ahead of the House’s expected vote this week on McCarthy’s bill to raise the debt limit. “But let me put an idea out there. The proposal that McCarthy has put forward, that belongs in the budget. … Our main goal right now is to make clear that we are going to avoid default.”

“They should start those negotiations now,” the senator added.

McCarthy introduced a proposal last week to raise the nation’s $31.4 trillion debt limit by an additional $1.5 trillion in exchange for cuts to domestic spending programs across the board.

But Biden and his top advisers have said they will not negotiate a debt ceiling increase and will only accept a clean proposal to raise the nation’s borrowing limit.

The US hit its debt ceiling in January and can’t continue to borrow to meet its obligations unless Congress raises or suspends it. The Treasury Department is avoiding default – which would happen this summer or early fall – by using a combination of cash on hand and “extraordinary measures,” which should last at least until early June, Treasury Secretary Janet Yellen said in January.

A breach of the US debt ceiling risks sparking a 2008-style economic catastrophe that could wipe out millions of jobs and set America back for generations, Moody’s Analytics has warned.

McCarthy said Sunday he believes he will secure the necessary votes to pass his debt limit bill, telling Fox News, “We will hold a vote this week, we will pass it and send it to the Senate.”

The California Republican also repeatedly criticized Biden over his refusal to negotiate a debt limit plan. The White House has attacked the GOP debt limit proposal as a nonstarter and something that would take the country to a “totally irresponsible” debt default.

“I’m beginning to wonder about the words that he says and the thoughts that he’s using, because the idea that he won’t even negotiate for more than 80 days, he is now putting the country in default. We are the only ones being responsible and sensible about this,” McCarthy said.

Meanwhile, Klobuchar, in her interview Sunday, also addressed concerns regarding the continued absence of her Senate colleague Dianne Feinstein, who is recovering from shingles. The California Democrat’s absence has kept her party from advancing certain Biden judicial nominees out of the Judiciary Committee, on which she serves.

“She has served our country well. She has said she’s coming back. And we await her return,” Klobuchar said when asked whether she agrees with Democrats who have called on Feinstein to resign.

Feinstein’s return, Klobuchar said, would “resolve the problem” over the holdup in moving certain nominations through the Judiciary panel.

Klobuchar added, however, that “at some point, when we have debt ceiling votes and the like, there may be another consideration that she will have to make with her family.”

With Biden preparing to launch his reelection campaign this week, Klobuchar said the president will have an “incredibly strong record” to run on, ignoring concerns raised over his age.

“He is a steady hand, when you look at what’s out there right now, with Donald Trump and what we’re hearing again. People don’t want that chaos back again,” she said.

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April 12, 2021
These are the big ideas Republicans are pushing for 2024 | CNN Politics

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A version of this story appeared in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here.

CNN
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Amend the Constitution! Touch the third rail! Think big and make things better!

This is the big ideas period of American politics – a time that occurs roughly every four years in the lead-up to a presidential election – when candidates push expansive proposals, usually short on specifics.

While the big ideas generally have little chance of becoming law, they speak to what the people who want to be president think will move primary voters.

With President Joe Biden currently a lock for the Democratic nomination, most of the intellectual action this year is among Republicans.

Below are some of the big ideas of the moment, which are usually unique to one or two candidates as opposed to positions that are standard for the party. I view these as distinct from the daily political issues – things like abortion rights, foreign policy, border security and gender rights, where there is a sliding scale of positions.

Nikki Haley: Biden ‘likely’ won’t make it to end of second term

Former South Carolina Gov. Nikki Haley, who is 51, wants to impose a “mental competency” test for older candidates over 75.

With both of the current leading candidates – Biden and former President Donald Trump – well beyond when most people would consider retirement, age is already a major issue this year.

It’s a smart way to tap into fears that Biden, in particular, has lost a step. But it’s hard to imagine it actually put into use. Who would administer this test? Who would assess the results? Why not all candidates?

The point of the democratic system is that voters should get to choose. This proposal would necessarily limit their choices.

On the other hand, age limits are not an entirely crazy idea. Corporations impose them on executives, for instance. Pilots have a mandatory retirement age of 65, although that could be raised in the near future to deal with a pilot shortage.

Vivek Ramaswamy, a biotech founder, wants to raise the legal voting age to 25. It’s hard to imagine how this would work since the current voting age of 18 is guaranteed in the 26th Amendment.

Democrats like former House Speaker Nancy Pelosi have in recent years pushed to go in the opposite direction, arguing to lower the voting age to 16.

Ramaswamy says there would be exceptions to raising the voting age, such as for people who join the military or otherwise meet a “national service requirement.” Others could pass the same test given to naturalized immigrants.

“I want more civic engagement. My hypothesis is that when you attach greater value to the act, we will see more 18-to-25-year-olds actually vote than do now,” Ramaswamy told The Washington Post.

Nikki Haley calls for raising retirement age

Nikki Haley and former Vice President Mike Pence are among those pushing to change the age at which Americans can access retirement benefits.

While both Trump and Florida Gov. Ron DeSantis are swearing up and down that they will protect these key parts of the social safety net, Haley and Pence are calling for a more honest discussion about the nation’s finances.

In their telling, raising the retirement age would only affect the youngest Americans – people in their 20s and younger, generations sure to live and work longer than their forebears.

But specifics are hard to come by, as CNN’s Jake Tapper found when he asked Haley at a CNN town hall in early June what retirement age she is proposing. She said more calculations are needed to come up with a specific retirement age for people currently in their 20s.

Meantime, she said, “we’re going to go tell them ‘Times have changed.’ I think (Trump and DeSantis are) not being honest with the American people.”

DeSantis did recently acknowledge in New Hampshire that Social Security is “going to look a little bit different” for younger generations.

Pence, at his own CNN town hall in early June, said raising the eligibility age for Social Security is one option to have the tough conversation about national spending, but not the only one.

“It also could include letting younger Americans invest a portion of their payroll taxes in a mutual fund, like the TSP (Thrift Savings Plan) program that 10 million federal employees are in today,” he said.

Trump slams 14th Amendment at rally

Both former President Donald Trump and Florida Gov. Ron DeSantis want to revoke birthright citizenship, or the right of every person born in the US to be an American citizen.

They complain that even babies born to undocumented people become citizens. Birthright citizenship is guaranteed in the 14th Amendment, the key post-Civil War amendment that was meant to protect former slaves.

Trump has been teasing an end to birthright citizenship for years, but there is not currently a meaningful effort to change the Constitution.

Trump has pledged to sign an executive order. DeSantis has said he would lean on Congress and the court system. Actually changing the Constitution would be nearly impossible in today’s political environment.

Former President Donald Trump’s most outside-the-box ideas have a futuristic “Jetsons” feel.

He wants to build new “freedom cities” on federal land to reopen the American frontier and give people a chance at home ownership. He argues the plan could revitalize American manufacturing.

And he envisions freeing Americans from hellish commutes by looking to the skies, taking the initiative to innovate vertical-takeoff vehicles. CNN’s report on Trump’s proposals notes that technology is already underway by industry, but a long way from being available to consumers.

A government-planned city might seem like a strange proposal for a candidate whose party has long embraced free market ideals. But the idea of a planned city is not completely foreign – just look at Washington, DC.

Florida Gov. Ron DeSantis wants to undo Trump’s greatest bipartisan achievement: The First Step Act, a criminal justice and sentencing reform law.

The product of intense bipartisan negotiations during Trump’s term in office, the law was hailed for rethinking harsh prison sentences for nonviolent drug offenders.

But the political landscape has changed since 2018, when Trump signed the law as president and DeSantis voted for it as a congressman. Now, DeSantis calls the law the “jailbreak bill.”

Both men want to impose the death penalty for drug offenders, an especially awkward pivot for Trump, who has bragged about his compassion in setting drug dealers like Alice Johnson free when he commuted her sentence. The case helped build support for the First Step Act. Her crime could have made her eligible for the death penalty under his new plan.

Trump still brags about the First Step Act, and repealing it would take help from Democrats in the Senate.

DeSantis, meanwhile, is moving to the right of Trump on crime and even vetoed a bipartisan criminal justice law in Florida that passed easily through the Republican-dominated legislature.

Pence also said in his CNN town hall he would “take a step back” from the First Step Act – though it is unclear what that means in practical terms.

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April 12, 2021
Donald Trump Fast Facts | CNN Politics

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CNN
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Here’s a look at the life of Donald Trump, the 45th president of the United States.

Birth date: June 14, 1946

Birth place: New York, New York

Birth name: Donald John Trump

Father: Fred Trump, real estate developer

Mother: Mary (Macleod) Trump

Marriages: Melania (Knauss) Trump (January 22, 2005-present); Marla (Maples) Trump (December 1993-June 1999, divorced); Ivana (Zelnicek) Trump (1977-1990, divorced)

Children: with Melania Trump: Barron, March 20, 2006; with Marla Maples: Tiffany, October 13, 1993; with Ivana Trump: Eric, 1984; Ivanka, October 30, 1981; Donald Jr., December 31, 1977

Education: Attended Fordham University; University of Pennsylvania, Wharton School of Finance, B.S. in Economics, 1968

As Trump evolved from real estate developer to reality television star, he turned his name into a brand. Licensed Trump products have included board games, steaks, cologne, vodka, furniture and menswear.

He has portrayed himself in cameo appearances in movies and on television, including “Zoolander,” “Sex and the City” and “Home Alone 2: Lost in New York.”

Trump’s slogan, “Make America Great Again,” was first used by Ronald Reagan while he was running against President Jimmy Carter.

For details on investigations into alleged Russian meddling in the 2016 election, visit 2016 Presidential Election Investigation Fast Facts.

1970s – After college, works with his father on apartment complexes in Queens and Brooklyn.

1973 – Trump and his father are named in a Justice Department lawsuit alleging Trump property managers violated the Fair Housing Act by turning away potential African American tenants. The Trumps deny the company discriminates and file a $100 million countersuit, which is later dismissed. The case is settled in 1975, and the Trumps agree to provide weekly lists of vacancies to Black community organizations.

1976 – Trump and his father partner with the Hyatt Corporation, purchasing the Commodore Hotel, an aging midtown Manhattan property. The building is revamped and opens four years later as the Grand Hyatt Hotel. The project kickstarts Trump’s career as a Manhattan developer.

1983-1990 – He builds/purchases multiple properties in New York City, including Trump Tower and the Plaza Hotel, and also opens casinos in Atlantic City, New Jersey, including the Trump Taj Mahal and the Trump Plaza. Trump buys the New Jersey Generals football team, part of the United States Football League, which folds after three seasons.

1985 – Purchases Mar-a-Lago, an oceanfront estate in Palm Beach, Florida. It is renovated and opens as a private club in 1995.

1987 – Trump’s first book, “Trump: The Art of the Deal,” is published, and becomes a bestseller. The Donald J. Trump Foundation is established in order to donate a portion of profits from book sales to charities.

1990 – Nearly $1 billion in personal debt, Trump reaches an agreement with bankers allowing him to avoid declaring personal bankruptcy.

1991 – The Trump Taj Mahal files for Chapter 11 bankruptcy protection.

1992 – The Trump Plaza and the Trump Castle casinos file for bankruptcy.

1996 – Buys out and becomes executive producer of the Miss Universe, Miss USA and Miss Teen USA pageants.

October 7, 1999 – Tells CNN’s Larry King that he is going to form a presidential exploratory committee and wants to challenge Pat Buchanan for the Reform Party nomination.

February 14, 2000 – Says that he is abandoning his bid for the presidency, blaming discord within the Reform Party.

January 2004 – “The Apprentice,” a reality show featuring aspiring entrepreneurs competing for Trump’s approval, premieres on NBC.

November 21, 2004 – Trump Hotels & Casino Resorts Inc. files for Chapter 11 bankruptcy.

2005 – Establishes Trump University, which offers seminars in real estate investment.

February 13, 2009 – Announces his resignation from his position as chairman of Trump Entertainment Resorts. Days later, the company files for bankruptcy protection.

March 17, 2011 – During an interview on ABC’s “Good Morning America,” Trump questions whether President Barack Obama was born in the United States.

June 16, 2015 – Announces that he is running for president during a speech at Trump Tower. He pledges to implement policies that will boost the economy and says he will get tough on immigration. “When Mexico sends its people, they’re not sending their best…They’re sending people who have lots of problems,” Trump says. “They’re bringing drugs, they’re bringing crime, they’re rapists, and some, I assume, are good people.”

June 28, 2015 – Says he’s giving up the TV show “The Apprentice” to run for president.

June 29, 2015 – NBCUniversal says it is cutting its business ties to Trump and won’t air the Miss USA and Miss Universe pageants because of “derogatory statements by Donald Trump regarding immigrants.”

July 8, 2015 – In an interview with CNN’s Anderson Cooper, Trump says he “can’t guarantee” all of his employees have legal status in the United States. This is in response to questions about a Washington Post report about undocumented immigrants working at the Old Post Office construction site in Washington, DC, which Trump is converting into a hotel.

July 22, 2015 – Trump’s financial disclosure report is made public by the Federal Election Commission (FEC).

August 6, 2015 – During the first 2016 Republican debate, Trump is questioned about a third party candidacy, his attitude towards women and his history of donating money to Democratic politicians. He tells moderator Megyn Kelly of Fox News he feels he is being mistreated. The following day, Trump tells CNN’s Don Lemon that Kelly was singling him out for attack, “You could see there was blood coming out of her eyes, blood coming out of her wherever.”

September 11, 2015 – Trump announces he has purchased NBC’s half of the Miss Universe Organization, which organizes the annual Miss USA and Miss Universe pageants.

December 7, 2015 – Trump’s campaign puts out a press release calling for a “complete shutdown of Muslims entering the United States until our country’s representatives can figure out what is going on.”

May 26, 2016 – Secures enough delegates to clinch the Republican Party nomination.

July 16, 2016 – Introduces Indiana Governor Mike Pence as his running mate.

July 19, 2016 – Becomes the Republican Party nominee for president.

September 13, 2016 – During an interview with CNN’s Jake Tapper, New York Attorney General Eric Schneiderman says his office is investigating Trump’s charitable foundation “to make sure it’s complying with the laws governing charities in New York.”

October 1, 2016 – The New York Times reports Trump declared a $916 million loss in 1995 which could have allowed him to legally skip paying federal income taxes for years. The report is based on a financial document mailed to the newspaper by an anonymous source.

October 7, 2016 – Unaired footage from 2005 surfaces of Trump talking about trying to have sex with a married woman and being able to grope women. In footage obtained by The Washington Post, Trump is heard off-camera discussing women in vulgar terms during the taping of a segment for “Access Hollywood.” In a taped response, Trump declares, “I said it, I was wrong and I apologize.”

October 9, 2016 – During the second presidential debate, CNN’s Cooper asks Trump about his descriptions of groping and kissing women without their consent in the “Access Hollywood” footage. Trump denies that he has ever engaged in such behavior and declares the comments were “locker room talk.” After the debate, 11 women step forward to claim that they were sexually harassed or sexually assaulted by the real estate developer. Trump says the stories aren’t true.

November 8, 2016 – Elected president of the United States. Trump will be the first president who has never held elected office, a top government post or a military rank.

November 18, 2016 – Trump agrees to pay $25 million to settle three lawsuits against Trump University. About 6,000 former students are covered by the settlement.

December 24, 2016 – Trump says he will dissolve the Donald J. Trump Foundation “to avoid even the appearance of any conflict with my role as President.” A spokeswoman for the New York Attorney General’s Office says that the foundation cannot legally close until investigators conclude their probe of the charity.

January 10, 2017 – CNN reports that intelligence officials briefed Trump on a dossier that contains allegations about his campaign’s ties to Russia and unverified claims about his personal life. The author of the dossier is a former British spy who was hired by a research firm that had been funded by both political parties to conduct opposition research on Trump.

January 20, 2017 – Takes the oath of office from Chief Justice John Roberts during an inauguration ceremony at the Capitol.

January 23, 2017 – Trump signs an executive action withdrawing the United States from the Trans-Pacific Partnership, a 12-nation trade deal negotiated by the Obama administration and awaiting congressional approval.

January 27, 2017 – Trump signs an executive order halting all refugee arrivals for 120 days and banning travel to the United States from seven Muslim-majority countries for 90 days. Additionally, refugees from Syria are barred indefinitely from entering the United States. The order is challenged in court.

February 13, 2017 – Trump’s national security adviser, Michael Flynn, resigns amid accusations he lied about his communications with Russian ambassador to the United States, Sergey Kislyak. Flynn later pleads guilty to lying to the FBI.

May 3, 2017 – FBI Director James Comey confirms that there is an ongoing investigation into ties between the Trump campaign and Russia during a hearing on Capitol Hill. Less than a week later, Trump fires Comey, citing a DOJ memo critical of the way he handled the investigation into Clinton’s emails.

May 2017 – Shortly after Trump fires Comey, the FBI opens an investigation into whether Trump “had been working on behalf of Russia against American interests,” citing former law enforcement officials and others the paper said were familiar with the probe.

May 17, 2017 – Former FBI Director Robert Mueller is appointed as special counsel to lead the probe into Russian meddling in the 2016 election, including potential collusion between Trump campaign associates and Russian officials. Deputy Attorney General Rod Rosenstein makes the appointment because Attorney General Jeff Sessions recused himself from investigations into Trump’s campaign.

May 19, 2017 – Departs on his first foreign trip as president. The nine-day, five-country trip includes stops in Saudi Arabia, Israel, the Vatican, a NATO summit in Brussels and a G7 summit in Sicily.

June 1, 2017 – Trump proclaims that the United States is withdrawing from the Paris climate accord but adds that he is open to renegotiating aspects of the environmental agreement, which was signed by 175 countries in 2016.

July 7, 2017 – Meets Russian President Vladimir Putin in person for the first time, on the sidelines of the G20 meeting in Hamburg, Germany.

August 8, 2017 – In response to nuclear threats from North Korea, Trump warns that Pyongyang will “face fire and fury like the world has never seen.” Soon after Trump’s comments, North Korea issues a statement saying it is “examining the operational plan” to strike areas around the US territory of Guam.

August 15, 2017 – After a violent clash between neo-Nazi activists and counterprotesters leaves one dead in Charlottesville, Virginia, Trump holds an impromptu press conference in the lobby of Trump Tower and declares that there were “fine people” on both sides.

August 25, 2017 – Trump’s first pardon is granted to former Arizona sheriff Joe Arpaio, who was convicted of criminal contempt for disregarding a court order in a racial-profiling case. Trump did not consult with lawyers at the Justice Department before announcing his decision.

September 5, 2017 – The Trump administration announces that it is ending the DACA program, introduced by Obama to protect nearly 800,000 undocumented immigrants brought to the United States as children. Trump calls on Congress to introduce legislation that will prevent DACA recipients from being deported. Multiple lawsuits are filed opposing the policy in federal courts and judges delay the end of the program, asking the government to submit filings justifying the cancellation of DACA.

September 19, 2017 – In a speech at the United Nations General Assembly, Trump refers to North Korean leader Kim Jong Un as “Rocket Man” and warns that the United States will “totally destroy North Korea” if forced to defend itself or its allies.

September 24, 2017 – The Trump administration unveils a third version of the travel ban, placing restrictions on travel by certain foreigners from Chad, Iran, Libya, North Korea, Somalia, Syria, Venezuela and Yemen. (Chad is later removed after meeting security requirements.) One day before the revised ban is set to take effect, it is blocked nationwide by a federal judge in Hawaii. A judge in Maryland issues a similar ruling.

December 4, 2017 – The Supreme Court rules that the revised travel ban can take effect pending appeals.

December 6, 2017 – Trump recognizes Jerusalem as Israel’s capital and announces plans to relocate the US Embassy there.

January 11, 2018 – During a White House meeting on immigration reform, Trump reportedly refers to Haiti and African nations as “shithole countries.”

January 12, 2018 – The Wall Street Journal reports that Trump allegedly had an affair with a porn star named Stephanie Clifford, aka Stormy Daniels. The newspaper states that Trump’s personal attorney, Michael Cohen, arranged a $130,000 payment for a nondisclosure agreement weeks before Election Day in 2016. Trump denies the affair occurred. In March, Clifford sues Trump seeking to be released from the NDA. In response, Trump and his legal team agree outside of court not to sue or otherwise enforce the NDA. The suit is dismissed. A California Superior Court judge orders Trump to pay $44,100 to Clifford, to reimburse her attorneys’ fees in the legal battle surrounding her nondisclosure agreement.

March 13, 2018 – Trump announces in a tweet that he has fired Secretary of State Rex Tillerson and will nominate CIA Director Mike Pompeo as Tillerson’s replacement.

March 20, 2018 – A New York Supreme Court judge rules that a defamation lawsuit against Trump can move forward, ruling against a July 2017 motion to dismiss filed by Trump’s lawyers. The lawsuit, filed by Summer Zervos, a former “Apprentice” contestant, is related to sexual assault allegations. In November 2021, attorneys for Zervos announce she is dropping the lawsuit.

March 23, 2018 – The White House announces that it is adopting a policy, first proposed by Trump via tweet in July 2017, banning most transgender individuals from serving in the military.

April 9, 2018 – The FBI raids Cohen’s office, home and a hotel room where he’d been staying while his house was renovated. The raid is related to a federal investigation of possible fraud and campaign finance violations.

April 13, 2018 – Trump authorizes joint military strikes in Syria with the UK and France after reports the government used chemical weapons on civilians in Douma.

May 7, 2018 – The Trump administration announces a “zero tolerance” policy for illegal border crossings. Sessions says that individuals who violate immigration law will be criminally prosecuted and warns that parents could be separated from children.

May 8, 2018 – Trump announces that the United States is withdrawing from the Iran nuclear deal.

May 31, 2018 – The Trump administration announces it is imposing tariffs on steel and aluminum imported from allies Canada, Mexico and the European Union.

June 8-9, 2018 – Before leaving for the G7 summit in Quebec City, Trump tells reporters that Russia should be reinstated in the group. The annexation of Crimea in 2014 led to Russia’s suspension. After leaving the summit, Trump tweets that he will not endorse the traditional G7 communique issued at the end of the meeting. The President singles out Canadian Prime Minister Justin Trudeau for making “false statements” at a news conference.

June 12, 2018 – Trump meets Kim in person for the first time during a summit in Singapore. They sign a four-point statement that broadly outlines the countries’ commitment to a peace process. The statement contains a pledge by North Korea to “work towards” complete denuclearization but the agreement does not detail how the international community will verify that Kim is ending his nuclear program.

June 14, 2018 – The New York attorney general sues the Trump Foundation, alleging that the nonprofit run by Trump and his three eldest children violated state and federal charity law.

June 26, 2018 – The Supreme Court upholds the Trump administration’s travel ban in a 5-4 ruling along party lines.

July 16, 2018 – During a joint news conference with Putin in Helsinki, Trump declines to endorse the US government’s assessment that Russia interfered in the election, saying he doesn’t “see any reason why” Russia would be responsible. The next day, Trump clarifies his remark, “The sentence should have been, ‘I don’t see any reason why it wouldn’t be Russia.” He says he accepts the intelligence community’s conclusion that Russia meddled in the election but adds, “It could be other people also.”

August 21, 2018 – Cohen pleads guilty to eight federal charges, including two campaign finance violations. In court, he says that he orchestrated payments to silence women “in coordination and at the direction of a candidate for federal office.” On the same day, Trump’s former campaign chairman, Paul Manafort is convicted on eight counts of federal financial crimes. On December 12, Cohen is sentenced to three years in prison.

October 2, 2018 – The New York Times details numerous tax avoidance schemes allegedly carried out by Trump and his siblings. In a tweet, Trump dismisses the article as a “very old, boring and often told hit piece.”

November 20, 2018 – Releases a statement backing Saudi Arabia in the wake of the murder of Washington Post journalist Jamal Khashoggi, a Virginia resident, killed in October at a Saudi consulate in Turkey. Khashoggi was a frequent critic of the Saudi regime. The Saudis initially denied any knowledge of his death, but then later said a group of rogue operators were responsible for his killing. US officials have speculated that such a mission, including the 15 men sent from Riyadh, Saudi Arabia, to murder him, could not have been carried out without the authorization of Saudi leader Crown Prince Mohammed bin Salman. In the statement, Trump writes, “Our intelligence agencies continue to assess all information, but it could very well be that the Crown Prince had knowledge of this tragic event, maybe he did and maybe he didn’t!”

December 18, 2018 – The Donald J. Trump Foundation agrees to dissolve according to a document filed in Manhattan Supreme Court. The agreement allows the New York attorney general’s office to review the recipients of the charity’s assets.

December 22, 2018 – The longest partial government shutdown in US history begins after Trump demands lawmakers allocate $5.7 billion in funding for a border wall before agreeing to sign a federal funding package.

January 16, 2019 – After nearly two years of Trump administration officials denying that anyone involved in his campaign colluded with the Russians to help his candidacy, Trump lawyer and former New York City mayor, Rudy Giuliani, says “I never said there was no collusion between the campaign, or people in the campaign. I said the President of the United States.”

January 25, 2019 – The government shutdown ends when Trump signs a short-term spending measure, providing three weeks of stopgap funding while lawmakers work on a border security compromise. The bill does not include any wall funding.

February 15, 2019 – Trump declares a national emergency to allocate funds to build a wall on the border with Mexico. During the announcement, the President says he expects the declaration to be challenged in court. The same day, Trump signs a border security measure negotiated by Congress, with $1.375 billion set aside for barriers, averting another government shutdown.

February 18, 2019 – Attorneys general from 16 states file a lawsuit in federal court challenging Trump’s emergency declaration.

March 22, 2019 – Mueller ends his investigation and delivers his report to Attorney General William Barr. A senior Justice Department official tells CNN that there will be no further indictments.

March 24, 2019 – Barr releases a letter summarizing the principal conclusions from Mueller’s investigation. According to Barr’s four-page letter, the evidence was not sufficient to establish that members Trump’s campaign tacitly engaged in a criminal conspiracy with the Russian government to interfere with the election.

April 18, 2019 – A redacted version of the Mueller report is released. The first part of the 448-page document details the evidence gathered by Mueller’s team on potential conspiracy crimes and explains their decisions not to charge individuals associated with the campaign. The second part of the report outlines ten episodes involving possible obstruction of justice by the President. According to the report, Mueller’s decision not to charge Trump was rooted in Justice Department guidelines prohibiting the indictment of a sitting president. Mueller writes that he would have cleared Trump if the evidence warranted exoneration.

May 1, 2019 – The New York Times publishes a report that details how Giuliani, in his role as Trump’s personal attorney, is investigating allegations related to former Vice President Joe Biden, a potential Trump opponent in the 2020 presidential race. Biden’s son, Hunter Biden, served on the board of a Ukrainian energy company called Burisma Holdings. In 2016, the elder Biden pressured Ukraine to oust a prosecutor who had investigated Burisma for corruption. Giuliani suggests that Biden’s move was motivated by a desire to protect his son from criminal charges. Giuliani’s claims are undermined after Bloomberg reports that the Burisma investigation was “dormant” when Biden pressed the prosecutor to resign.

June 12, 2019 – Trump says he may be willing to accept information about political rivals from a foreign government during an interview on ABC News, declaring that he’s willing to listen and wouldn’t necessarily call the FBI.

June 16, 2019 – Israeli Prime Minister Benjamin Netanyahu unveils a sign at the proposed site of a Golan Heights settlement to be named Trump Heights.

June 18, 2019 – Trump holds a rally in Orlando to publicize the formal launch of his reelection campaign.

June 28, 2019 – During a breakfast meeting at the G20 summit in Osaka, Japan, Trump and Saudi Crown Prince Mohamed bin Salman reportedly discuss tensions with Iran, trade and human rights.

June 30, 2019 – Trump becomes the first sitting US president to enter North Korea. He takes 20 steps beyond the border and shakes hands with Kim.

July 14, 2019 – Via Twitter, Trump tells Reps. Alexandria Ocasio-Cortez, Rashida Tlaib, Illhan Omar and Ayanna Pressley to “go back” to their home countries. Ocasio-Cortez, Tlaib and Pressley are natural-born US citizens; Omar was born in Somalia, immigrated to the United States and became a citizen.

July 16, 2019 – The House votes, 240-187, to condemn the racist language Trump used in his tweets about Ocasio-Cortez, Tlaib, Omar and Pressley.

July 24, 2019 – Mueller testifies before the House Judiciary Committee and the House Intelligence Committee.

July 25, 2019 – Trump speaks on the phone with Ukrainian President Volodymyr Zelensky. Trump asks Zelensky for a “favor,” encouraging him to speak with Giuliani about investigating Biden. In the days before the call, Trump blocked nearly $400 million in military and security aid to Ukraine.

August 12, 2019 – A whistleblower files a complaint pertaining to Trump’s conduct on the Zelensky call.

September 11, 2019 – The Trump administration lifts its hold on military aid for Ukraine.

September 24, 2019 – House Speaker Nancy Pelosi announces the beginning of an impeachment inquiry related to the whistleblower complaint.

September 25, 2019 – The White House releases notes from the July 25 call between Trump and Zelensky. The readout contains multiple references to Giuliani and Barr. In response, the Justice Department issues a statement that says Barr didn’t know about Trump’s conversation until weeks after the call. Further, the attorney general didn’t talk to the President about having Ukraine investigate the Bidens, according to the Justice Department. On the same day as the notes are released, Trump and Zelensky meet in person for the first time on the sidelines of the UN General Assembly. During a joint press conference after the meeting, both men deny that Trump pressured Zelensky to investigate Biden in exchange for aid.

September 26, 2019 – The House releases a declassified version of the whistleblower complaint. According to the complaint, officials at the White House tried to “lock down” records of Trump’s phone conversation with Zelensky. The complaint also alleges that Barr played a role in the campaign to convince Zelensky that Biden should be investigated. Trump describes the complaint as “fake news” and “a witch hunt” on Twitter.

September 27, 2019 – Pompeo is subpoenaed by House committees over his failure to provide documents related to Ukraine. Kurt Volker, US special envoy to Ukraine, resigns. He was named in the whistleblower complaint as one of the State Department officials who helped Giuliani connect with sources in Ukraine.

October 3, 2019 – Speaking to reporters outside the White House, Trump says both Ukraine and China should investigate alleged corruption involving Biden and his son. CNN reports that the President had brought up Biden and his family during a June phone call with Xi Jinping. In that call, Trump discussed the political prospects of Biden as well as Elizabeth Warren. He also told Xi that he would remain quiet on the matter of Hong Kong protests. Notes documenting the conversation were placed on a highly secured server where the transcript from the Ukraine call was also stored.

October 6, 2019 – After Trump speaks on the phone with Turkish President Recep Tayyip Erdogan, the White House announces that US troops will move out of northern Syria to make way for a planned Turkish military operation. The move marks a major shift in American foreign policy and effectively gives Turkey the green light to attack US-backed Kurdish forces, a partner in the fight against ISIS.

October 9, 2019 – Turkey launches a military offensive in northern Syria.

October 31, 2019 – Trump says via Twitter that he is changing his legal residency from New York to Florida, explaining that he feels he is treated badly by political leaders from the city and state.

November 7, 2019 – A judge orders Trump to pay $2 million to settle a lawsuit against his charity filed by the New York state attorney general. According to the suit, Trump breached his fiduciary duty by allowing his presidential campaign to direct the distribution of donations. In a statement, Trump accuses the attorney general of mischaracterizing the settlement for political purposes.

November 13, 2019 – Public impeachment hearings begin and Trump meets Erdogan at the White House.

November 20, 2019 – During a public hearing, US Ambassador to the European Union Gordon Sondland says he worked with Giuliani on matters related to Ukraine at the “express direction of the President of the United States” and he says “everyone was in the loop.” Sondland recounts several conversations between himself and Trump about Ukraine opening two investigations: one into Burisma and another into conspiracies about Ukrainian meddling in the 2016 US election.

December 10, 2019 – House Democrats unveil two articles of impeachment, one for abuse of power and one for obstruction of Congress.

December 11, 2019 – Trump signs an executive order to include discrimination against Jewish people as a violation of law in certain cases, with an eye toward fighting antisemitism on college campuses.

December 13, 2019 – The House Judiciary Committee approves the two articles of impeachment in a party line vote.

December 18, 2019 – The House of Representatives votes to impeach Trump, charging a president with high crimes and misdemeanors for just the third time in American history.

January 3, 2020 – Speaking at Mar-a-Lago, Trump announces that a US airstrike in Iraq has killed Qasem Soleimani, the leader of the Islamic Revolutionary Guards Corps Quds Force.

January 8, 2020 – Iran fires a number of missiles at two Iraqi bases housing US troops in retaliation for the American strike that killed Soleimani. No US or Iraqi lives are reported lost, but the Pentagon later releases a statement confirming that 109 US service members had been diagnosed with mild traumatic brain injuries in the wake of the attack.

January 24, 2020 – Makes history as the first President to attend the annual March for Life rally in Washington, DC, since it began nearly a half-century ago. Trump reiterates his support for tighter abortion restrictions.

January 29, 2020 – Trump signs the US-Mexico-Canada Agreement into law, which replaces the North American Free Trade Agreement.

January 31, 2020 – The Trump administration announces an expansion of the travel ban to include six new countries. Immigration restrictions will be imposed on: Nigeria, Eritrea, Tanzania, Sudan, Kyrgyzstan and Myanmar (known as Burma), with exceptions for immigrants who have helped the United States.

February 5, 2020 – The Senate votes to acquit Trump on two articles of impeachment. Sen. Mitt Romney is the sole Republican to vote to convict on the charge of abuse of power, joining with all Senate Democrats in a 52-48 not guilty vote. On the obstruction of Congress charge, the vote falls along straight party lines, 53-47 for acquittal.

May 29, 2020 – Trump announces that the United States will terminate its relationship with the World Health Organization.

July 10, 2020 – Trump commutes the prison sentence of his longtime friend Roger Stone, who was convicted of crimes that included lying to Congress in part, prosecutors said, to protect the President. The announcement came just days before Stone was set to report to a federal prison in Georgia.

October 2, 2020 – Trump announces that he has tested positive for coronavirus. Later in the day, Trump is transferred to Walter Reed National Military Medical Center, and returns to the White House on October 5.

November 7, 2020 – Days after the presidential election on November 3, CNN projects Trump loses his bid for reelection to Biden.

November 25, 2020 – Trump announces in a tweet that he has granted Michael Flynn a “full pardon,” wiping away the guilty plea of the intelligence official for lying to the FBI.

December 23, 2020 – Announces 26 new pardons, including for Stone, Manafort and son-in-law Jared Kushner’s father, Charles.

January 6, 2021 – Following Trump’s rally and speech at the White House Ellipse, pro-Trump rioters storm the US Capitol as members of Congress meet to certify the Electoral College results of the 2020 presidential election. A total of five people die, including a Capitol Police officer the next day.

January 7-8, 2021 – Instagram and Facebook place a ban on Trump’s account from posting through the remainder of his presidency and perhaps “indefinitely.” Twitter permanently bans Trump from the platform, explaining that “after close review of recent Tweets…and the context around them we have permanently suspended the account due to the risk of further incitement of violence.”

January 13, 2021 – The House votes to impeach Trump for “incitement of insurrection.” He is the only president to be impeached twice.

January 20, 2021 – Trump issues a total of 143 pardons and commutations that include his onetime political strategist, Steve Bannon, a former top fundraiser and two well-known rappers but not himself or his family. He then receives a military-style send-off from Joint Base Andrews on Inauguration morning, before heading home to Florida.

February 13, 2021 – The US Senate acquits Trump in his second impeachment trial, voting that Trump is not guilty of inciting the deadly January 6 riots at the US Capitol. The vote is 43 not guilty to 57 guilty, short of the 67 guilty votes needed to convict.

May 5, 2021 – Facebook’s Oversight Board upholds Trump’s suspension from using its platform. The decision also applies to Facebook-owned Instagram.

June 4, 2021 – Facebook announces Trump will be suspended from its platform until at least January 7th, 2023 – two years from when he was initially suspended.

July 1, 2021 – New York prosecutors charge the Trump Organization and Trump Payroll Corporation with 10 felony counts and Chief Financial Officer Allen Weisselberg with 15 felony counts in connection with an alleged tax scheme stretching back to 2005. Trump himself is not charged. On December 6, 2022, both companies are found guilty on all charges.

February 14, 2022 – Accounting firm Mazars announces it will no longer act as Trump’s accountant, citing a conflict of interest. In a letter to the Trump Organization chief legal officer, the firm informs the Trump Organization to no longer rely on financial statements ending June 2011 through June 2020.

May 3, 2022 – The Trump Organization and the Presidential Inaugural Committee agree to pay a total of $750,000 to settle with the Washington, DC, attorney general’s office over allegations they misspent money raised for former President Donald Trump’s inauguration.

June 9-July 21, 2022 – The House select committee investigating the January 6, 2021, attack on the US Capitol holds eight hearings, where it hears from witnesses including top ex-Trump officials, election workers, those who took part in the attack and many others. Through live testimony, video depositions, and never-before-seen material, the committee attempts to paint the picture of the former president’s plan to stay in power and the role he played on January 6.

August 8, 2022 – The FBI executes a search warrant at Trump’s Mar-a-Lago resort in Palm Beach, Florida, as part of an investigation into the handling of presidential documents, including classified documents, that may have been brought there.

August 12, 2022 – A federal judge unseals the search warrant and property receipt from the FBI search of Mar-a-Lago. The unsealed documents indicate the FBI recovered 11 sets of classified documents from its search, including some materials marked as “top secret/SCI” – one of the highest levels of classification, and identify three federal crimes that the Justice Department is looking at as part of its investigation: violations of the Espionage Act, obstruction of justice and criminal handling of government records.

September 21, 2022 – The New York state attorney general files a lawsuit against Trump, three of his adult children and the Trump Organization, alleging they were involved in an expansive fraud lasting over a decade that the former President used to enrich himself. According to the lawsuit, the Trump Organization deceived lenders, insurers and tax authorities by inflating the value of his properties using misleading appraisals.

October 3, 2022 – Trump files a lawsuit against CNN for defamation, seeking $475 million in punitive damages.

November 15, 2022 – Announces that he will seek the Republican presidential nomination in 2024.

November 19, 2022 – Trump’s Twitter account, which was banned following the January 6, 2021, attack on the Capitol, is reinstated after users respond to an online poll posted by Twitter CEO and new owner Elon Musk.

December 19, 2022 – The Jan. 6 insurrection committee votes to refer Trump to the Department of Justice on at least four criminal charges. Four days later the panel releases its final report recommending Trump be barred from holding office again.

February 9, 2023 – Trump’s Facebook and Instagram accounts are restored following a two-year ban in the wake of the Jan. 6, 2021 insurrection, a Meta spokesperson confirms to CNN. On March 17, 2023, YouTube restores Trump’s channel.

March 30, 2023 – A grand jury in New York votes to indict Trump, the first time in American history that a current or former president has faced criminal charges.

April 4, 2023 – Surrenders and is placed under arrest before pleading not guilty to 34 felony criminal charges of falsifying business records in Manhattan criminal court. Prosecutors allege that Trump sought to undermine the integrity of the 2016 election through a hush money scheme with payments made to women who claimed they had extramarital affairs with Trump. He has denied the affairs. Hours after his arraignment, Trump rails against the Manhattan district attorney and the indictment during a speech at his Florida resort at Mar-a-Lago.

May 9, 2023 – A Manhattan federal jury finds Trump sexually abused former magazine columnist E. Jean Carroll in a luxury department store dressing room in the spring of 1996 and awards her $5 million for battery and defamation.

May 15, 2023 – A report by special counsel John Durham is released. In it he concludes that the FBI should never have launched a full investigation into connections between Donald Trump’s campaign and Russia during the 2016 election. The report does not recommend any new charges against individuals or “wholesale changes” about how the FBI handles politically charged investigations, despite strongly criticizing the agency’s behavior.

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April 12, 2021
States have been on a tax-cutting spree, but revenues are now weakening | CNN Politics

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CNN
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Fueled by surging revenues, states have been slashing taxes for individuals and businesses for the past three years.

But the party is expected to come to an end in the coming fiscal year, which started on Saturday in 46 states. Revenue is projected to decline by 0.7% in fiscal 2024, based on forecasts used in governors’ budgets, after an estimated 0.3% dip this fiscal year, according to a recently released National Association of State Budget Officers survey.

This reversal comes after double-digit percentage increases for the prior two fiscal years. It reflects the impact of slower economic growth, a weaker stock market and a slew of recent tax cuts.

Some 25 states have cut individual income tax rates since 2021, according to the right-leaning Tax Foundation. This includes 22 states that reduced their top marginal rates.

“Most states are viewing tax reform and relief as a chance to, first and foremost, return some of their excess revenue to taxpayers, but to also do that in a way that is simultaneously improving the structure of their tax cuts and make it more conducive to long-term economic growth,” said Katherine Loughead, senior policy analyst at the foundation.

States are also seeking to make themselves more attractive to business investment, as well as to remote and traditional workers, she continued.

In 2023 alone, at least eight states approved rate reductions, according to the Tax Foundation. Arkansas, for instance, is trimming its top individual income tax rate to 4.7%, retroactive to January 1, after reducing it from 5.5% to 4.9% last year.

Likewise, Montana lawmakers approved deepening cuts enacted in 2021. Starting in 2024, the top marginal income tax rate will be 5.9%, instead of 6.5% as originally planned. It was 6.9% in 2021.

In addition, previously scheduled or triggered income tax rate reductions took effect this year in Arizona, Idaho, Iowa, Missouri and North Carolina, as well as for interest and dividend income in New Hampshire, according to the Tax Foundation.

Aside from individual income tax cuts, states have also lowered the levies on purchases and for businesses over the past three years. Two states cut sales tax rates, while 13 reduced corporate income tax rates and others made additional tax changes that benefited companies.

In 2023, Nebraska and Utah adopted corporate income tax rate reductions. The former will phase down its top rate to 3.99% in 2027, accelerating an earlier law’s timetable. If fully implemented as planned, Nebraska will slash its top marginal corporate income tax rate nearly in half over six years, according to the Tax Foundation.

Utah also further reduced its corporate income tax rate to 4.65%, retroactive to January 1. A law passed last year had cut it to 4.85% for 2022, down from 4.95%.

The tax cuts, along with stock market declines and the shaky economy, have taken their toll on states’ revenues, however.

State tax revenue fell in 37 states, after adjusting for inflation, between July 2022 and May 2023, according to Lucy Dadayan, principal research associate at the nonpartisan Tax Policy Center. Some 19 states saw declines before taking inflation into account.

Revenue dropped nearly 12% over the period on an inflation-adjusted basis. All major sources of revenue – personal income, sales and corporate income taxes – declined, though the extent varies widely by state and source. Individual income taxes were the weakest, plummeting more than 22%.

States are in trouble, though there won’t be an immediate crisis, she said. Much depends on factors that remain unknown, such as whether the nation will fall into a recession or whether states will face natural disasters.

The robust revenue of recent years was “artificially boosted” by federal Covid-19 pandemic relief funds and the strong stock market in 2021, she said.

“We knew this is temporary,” Dadayan said. “It would have been better if the states wouldn’t jump and do tax cuts and be more cautious.”

Still, revenues in fiscal 2023 are coming in stronger than initially expected. The current estimates are outperforming earlier forecasts by 6.5%, according to the National Association of State Budget Officers. Most states have also built up big reserves in their rainy day funds in recent years.

Whether states will continue cutting taxes in the coming fiscal year will depend on what happens with revenues.

“A lot of states have done what they can already,” Loughead said. “They will continue to look at how revenues come in and how the rates measure up. If they still are experiencing strong surpluses, I do think they might tweak those rates down even more.”

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April 12, 2021