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Tag: Republican Party

  • Trump’s social media company rises 16% in first day trading gains, but the stock could fall 95%, says an IPO expert

    Trump’s social media company rises 16% in first day trading gains, but the stock could fall 95%, says an IPO expert

    Shares of Donald Trump’s social media company rose about 16% in the first day of trading on the Nasdaq, boosting the value of Trump’s large stake in the company as well as the smaller holdings of fans who purchased shares as a show of support for the former president.

    Trump Media & Technology Group Corp. merged Monday with a blankcheck company called Digital World Acquisition Corp. Trump Media, which runs the social media platform Truth Social, has now taken Digital World’s place on the Nasdaq stock exchange.

    Shares closed at $57.99, up 16.1%, giving the company a market value of $7.85 billion. At one point the stock was up about 59%. Trump holds a nearly 60% ownership stake in the company, now worth about $4.6 billion.

    Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock of Digital World more than double this year in anticipation of the merger going through.

    Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social.

    On Truth Social Tuesday, users were posting about being shareholders or seeking tips on how to buy shares.

    One user urged conservatives to “get behind the DJT stock and sent it over $100 per share” to “drive the liberals insane!” Another declared: “Get yourself a piece of #DJT stock if your a true MAGA supporter.”

    A day earlier, Trump Media CEO Devin Nunes, a former House Republican, said, “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.”

    Despite the enthusiasm, investors could experience a bumpy ride. For one, they’re betting on a company with uncertain prospects of turning a profit. Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.

    In a recent regulatory filing, the company cited the high rate of failure for new social media platforms, as well as its expectation that its operations will lose “for the foreseeable future” as risks for investors.

    Research firm Similarweb estimates that Truth Social had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than other “alt-tech” rivals like Parler.

    However, Trump Media has said it doesn’t keep track of some numbers that rivals use as key measures of their performance, such as average revenue per user or active user accounts. It says it wants to focus on the long-term instead of “short-term decision-making.”

    For that long term, though, skeptics see struggles ahead for a company that’s estimated to have far fewer users than rivals in a business where gaining a critical mass is key.

    “I think there is a possibility of, sooner or later, the stock price falling by 95%,” said Jay Ritter, a professor and expert on initial public offerings of stock at the University of Florida’s Warrington College of Business.

    Brian Dunn, director of the Institute for Compensation Studies at Cornell University, compared the fervor for Trump Media shares to the meme stock craze that boosted shares of companies such as GameStop and AMC Entertainment to exorbitant heights in 2021.

    “Like any meme stock or fad, as long as there’s a greater fool to buy you out for what you paid for it, than you can continue to prosper,” Dunn said, warning that small investors “could end up holding the bag when the music stops.”

    On Monday, Trump told reporters that “Truth Social is doing very well. It’s hot as a pistol and doing great.” On Tuesday, he posted “I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!,” on the platform.

    The company, which is based in Florida, said in a recent regulatory filing that it “is highly dependent on the popularity and presence of President Trump.” Trump Media has acknowledged that there are risks associated with Trump’s outsized influence.

    If the former president were to limit or discontinue his relationship with the company for any reason, including due to his campaign to regain the presidency, the company “would be significantly disadvantaged,” it said in a filing ahead of the merger with Digital World.

    Acknowledging Trump’s involvement in numerous legal proceedings, the company noted that “an adverse outcome in one or more” of the cases could negatively affect Trump Media and Truth Social.

    Another risk, the company said, was that as a controlling stockholder, Trump would be entitled to vote his shares in his own interest, which may not always be in the interests of all the shareholders generally.

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  • Republican voters express support for Trump despite legal cases

    Republican voters express support for Trump despite legal cases

    Republican voters express support for Trump despite legal cases – CBS News


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    Many Republican voters in key battleground states are standing behind former President Donald Trump amid his mounting legal troubles. With the “hush money” trial set to start April 15, the presumptive GOP nominee will spend a lot of time in the courtroom ahead of November. CBS News’ Major Garrett, Fin Gómez and Katrina Kaufman join with more.

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  • Trump Repeats Obama’s Mistake

    Trump Repeats Obama’s Mistake

    Donald Trump has long detested Barack Obama and sought to present himself as the opposite of his presidential predecessor in every way. But in his takeover of the Republican National Committee, he risks echoing one of Obama’s biggest political mistakes.

    Last night, Trump’s handpicked leadership of the RNC took charge and conducted a purge. The new regime, led by the new chair, Michael Whatley; the vice chair, Lara Trump; and the chief of staff, Chris LaCivita, fired about 60 employees—about a quarter of the staff—as part of “streamlining.” The “bloodbath” includes members of the communications, data, and political departments. Insiders told Politico they anticipate that existing contracts with vendors will be voided.

    When the new leaders were announced last month, I suggested that the GOP was ceasing to function as a political party, and becoming another subsidiary of Trump Inc. But there is another way to view it. For years now, the RNC has struggled. Republicans might have lost the 2016 presidential election if not for the emergence of Trump, who shook up the party’s longtime platform and forged a new coalition, turning out voters no other recent candidate had. Since then, however, Republicans have continued to lag, even with Trump juicing turnout. Republicans got slammed in the 2018 midterms, lost the 2020 presidential race, and missed expectations in 2022. Special elections have been a Democratic playground. The RNC is entering the 2024 election with a third of the Democratic National Committee’s reserves.

    From this perspective, it’s about time that Trump took charge and cleared out the deadwood. Allies such as Charlie Kirk and Representative Marjorie Taylor Greene were jubilant at the overhaul. Although Trump’s appointments of his daughter-in-law and a top campaign aide are unusual, nominees typically take over the campaign apparatus ahead of a presidential election, the better to align aims.

    Truth be told, Trump can’t really distance himself from the recent mismanagement. The deposed chair, Ronna McDaniel, was Trump’s pick in 2017, and his main complaint about her is that she was insufficiently compliant. If Trump just wants more of the same, that’s bad news for the party. Trump critics within the GOP also fear that he intends to use the party coffers as a personal defense fund, underwriting his substantial legal bills. Last week, the committee pointedly rejected a proposal by an old-line member to prevent that.

    Let’s take the best-case scenario for Republicans, though. In the past, the RNC seemed like the professionals compared with the chaotic, amateurish Trump campaigns of 2016 and 2020. (There’s a reason Trump resorted to appointing RNC Chair Reince Priebus as his first White House chief of staff, despite Priebus representing the establishment Trump hated.) This year, however, the Trump campaign has seemed organized and disciplined, and LaCivita is reportedly a big part of that. National committees tend to be bloated and old-fashioned. A more focused, streamlined operation could fix what ails the GOP.

    The problem is that Trump sees his own success and the success of the Republican Party as bound up together. But some things that are good for Trump are not good for the Republican Party over the long run. This is where Obama offers a cautionary tale.

    When he won the Democratic presidential nomination in 2008, Obama was an insurgent; the DNC had long been dominated by allies of Hillary Clinton, whom he defeated in the primary. He wasn’t as deeply embedded in the old way of doing things. Obama viewed the Democratic Party as essentially a national organization, with the goal of supporting his political goals and his reelection. Upon winning the presidency, he moved key DNC functions to Chicago, his hometown and political base, despite the protests of party insiders who worried that downballot efforts would be overshadowed by Obama’s reelection campaign. He also created a group outside the DNC, Organizing for America, to support his political movement.

    The result was a badly weakened DNC. The national focus led to a neglect of other elections. After Senator Ted Kennedy died, Democrats managed to lose a 2010 special election for his seat in Massachusetts, of all places—a failure that some Democrats blamed on the national party. The loss delayed the passage of the Affordable Care Act and required congressional Democrats to water it down to pass it.

    The Bay State special was a harbinger. As Matt Yglesias calculated in 2017, the Obama years saw Democrats lose 11 Senate seats, 62 House seats, and 12 governorships. The damage was especially bad at the state level. Democrats lost nearly 1,000 seats in state legislatures, the worst loss since Herbert Hoover dragged down the GOP. Republicans captured 29 separate chambers and gained 10 new trifectas—control of both chambers of the legislature and the governor’s mansion. All of this happened at the same time that Democratic presidential candidates won the national popular vote in the 2008, 2012, and 2016 presidential elections (as they would again in 2020).

    Democrats, including Obama, suffered for their missteps. As the Obamacare experience shows, it’s harder to push a policy agenda when you lose elections. Losing control of the Senate makes it difficult to confirm judges, especially to crucial spots such as the Supreme Court—just ask Justice Merrick Garland. And implementing policy is challenging if governors and state Houses are working against you.

    An excessive focus on presidential races is also the danger of Trump’s RNC takeover. He and his aides have announced that, like Obama, they see the party committee as basically an instrument for the presidential election. “Our mission is straightforward: maximize the Republican Party’s resources to get President Trump elected,” LaCivita told The New York Times last month. Echoing Obama’s Chicago move, the RNC is reportedly already moving most of its operations to Palm Beach, Florida, near Trump’s Mar-a-Lago headquarters. All of this makes sense. Trump is a narcissist who can’t and won’t separate his self-interest from the party’s or the nation’s.

    Slashing the national footprint of the RNC may weaken the party at lower levels. Several state parties are already a mess. The chair of the Florida GOP was recently ousted amid a sex scandal. Michigan’s GOP chair, a fervent Trump backer, was also deposed after a tumultuous stint, and the state party is reportedly broke. The Arizona GOP also recently lost its chair and has been racked by feuds. But more MAGA is unlikely to be the solution to these problems, because infighting and obsession with Trump’s election denial have been at the center of several blowups. The most effective wing of the GOP apparatus right now, the National Republican Senatorial Committee, has succeeded by managing to create some insulation from Trump, allowing it to select strong candidates. In 2020, Republican congressional candidates mostly ran ahead of Trump.

    And even if Trump’s theory of the RNC works out in 2024, what happens next? Trump will not always be the president or the nominee. Someday, Republicans will need to choose a new leader, and they may be left with only a shell of a party committee, gutted and stretched to be part of Trump’s personal election apparatus. It’s a hard and long road to rebuilding from there. Just ask a Democrat.

    David A. Graham

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  • 3/11: America Decides

    3/11: America Decides

    3/11: America Decides – CBS News


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    Tensions rise between Biden and Netanyahu over war in Gaza; Trump close to securing Republican nomination for president

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  • Biden, Trump on the attack as general election kicks into gear

    Biden, Trump on the attack as general election kicks into gear

    Biden, Trump on the attack as general election kicks into gear – CBS News


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    President Biden and former President Trump are both going after each other as their paths to their parties’ 2024 presidential nominations seem all but certain. Nancy Cordes reports.

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  • Sen. Katie Britt delivers Republican rebuttal to State of the Union address

    Sen. Katie Britt delivers Republican rebuttal to State of the Union address

    Sen. Katie Britt delivers Republican rebuttal to State of the Union address – CBS News


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    Republican Sen. Katie Britt of Alabama delivered her party’s response to President Biden’s State of the Union address Thursday night, in emotional remarks from her kitchen. “CBS Evening News” anchor and managing editor Norah O’Donnell leads a panel to break down Britt’s speech.

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  • 3/6: CBS Evening News

    3/6: CBS Evening News

    3/6: CBS Evening News – CBS News


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    National Guard to be deployed to New York City subway following spike in violence; How a mother’s breast cancer diagnosis inspired her daughter to complete a marathon

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  • 3/6: Prime Time with John Dickerson

    3/6: Prime Time with John Dickerson

    3/6: Prime Time with John Dickerson – CBS News


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    John Dickerson reports on a deadly Houthi attack in the Red Sea, Nikki Haley’s departure from the 2024 race, and why a bipartisan bill to ban TikTok in the U.S. is picking up support.

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  • John Dickerson on McConnell endorsing Trump despite Jan. 6 criticism

    John Dickerson on McConnell endorsing Trump despite Jan. 6 criticism

    John Dickerson on McConnell endorsing Trump despite Jan. 6 criticism – CBS News


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    Senate Minority Leader Mitch McConnell endorsed Donald Trump on Wednesday, despite once saying the former president committed a “disgraceful dereliction of duty” on Jan. 6. CBS News chief political analyst John Dickerson weighs in on the move.

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  • Nikki Haley suspends her presidential campaign following Trump’s Super Tuesday sweep

    Nikki Haley suspends her presidential campaign following Trump’s Super Tuesday sweep

    Nikki Haley suspends her presidential campaign following Trump’s Super Tuesday sweep – CBS News


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    Nikki Haley, the last major challenger to former President Trump for the Republican presidential nomination, is suspending her campaign. It comes as Donald Trump is projected to win virtually every state in Tuesday’s contests.

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  • 3/5: CBS Evening News

    3/5: CBS Evening News

    3/5: CBS Evening News – CBS News


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    Hundreds of Republican delegates up for grabs on Super Tuesday; NASA welcomes 10 new astronauts

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  • 3/3: CBS Weekend News

    3/3: CBS Weekend News

    3/3: CBS Weekend News – CBS News


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    Blizzard in Sierra Nevada enters third day; Webcam audience eagerly awaits bald eagle hatching

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  • Trump wins Missouri and Michigan caucuses. Republicans in Idaho will also weigh in on 2024 race

    Trump wins Missouri and Michigan caucuses. Republicans in Idaho will also weigh in on 2024 race

    Former President Donald Trump has won the Missouri and Michigan Republican caucuses, CBS News projects, two of three events Saturday that will award delegates for the GOP presidential nomination.

    Idaho was scheduled to hold its caucuses later Saturday. Former U.N. Ambassador Nikki Haley, meanwhile, is still seeking her first win.

    Trump won all 54 Republican delegates available in Missouri, and all 39 delegates at stake Saturday in Michigan’s district caucuses. That is in addition to the 12 at-large delegates Trump won in Michigan’s Republican primary Tuesday.

    Michigan and Missouri’s results put Trump’s total delegate count so far at 215 nationwide, and Haley’s at 24.

    There are no Democratic contests on Saturday.

    Weekend caucuses

    The next contest is the GOP caucus Sunday in the District of Columbia. Two days later is Super Tuesday, when 16 states and American Samoa will hold primaries on what will be the largest day of voting of the year outside of the November election. Trump is on track to lock up the nomination days later.

    Michigan Republicans at their convention in Grand Rapids on Saturday allocated 51 of the state’s 55 GOP presidential delegates to Trump. But a significant portion of the party’s grassroots force was skipping the gathering because of the lingering effects of a months-long dispute over the party’s leadership.

    Trump handily won Michigan’s primary this past Tuesday with 68% of the vote compared with Haley’s 27%.

    Michigan Republicans were forced to split their delegate allocation into two parts after Democrats, who control the state government, moved Michigan into the early primary states, violating the national Republican Party’s rules.

    The Missouri Republican Party held its presidential caucuses on Saturday, offering state voters their only chance to weigh in on who should represent the party on the November presidential ballot. Voters lined up outside a church in Columbia, home to the University of Missouri, before the doors opened.

    “I don’t know what my role here will be, besides standing in a corner for Trump,” Columbia resident Carmen Christal said, adding that she’s “just looking forward to the experience of it.”

    Brand new system

    This year will be the first test of the new system in Missouri, which is almost entirely run by volunteers on the Republican side.

    The caucuses were organized after Missouri Republican Gov. Mike Parson signed a 2022 law that, among other things, canceled the planned March 12 presidential primary.

    Lawmakers have failed to reinstate the primary despite calls to do so by both state Republican and Democratic party leaders. Democrats will hold a party-run primary on March 23.

    Trump prevailed twice under Missouri’s old presidential primary system.

    Last year, Idaho lawmakers passed cost-cutting legislation that was intended to move all the state’s primaries to the same date in May — but the bill inadvertently eliminated the presidential primaries entirely. The Republican-led legislature considered holding a special session to reinstate the presidential primaries but failed to agree on a proposal in time, leaving both parties with presidential caucuses as the only option. The GOP presidential caucuses will be on Saturday, while the Democratic caucuses aren’t until May 23.

    The last GOP caucuses in Idaho were in 2012, when about 40,000 of the state’s nearly 200,000 registered Republican voters showed up to select their preferred candidate.

    For this year, all Republican voters who want to participate will have to attend in person. They will vote after hearing short speeches by the candidates or their representatives.

    If one candidate gets more than 50% of the statewide votes, that candidate will win all the Idaho delegates. If none of the candidates gets more than 50% of the votes, then each candidate with at least 15% of the total votes will get a proportionate number of delegates.

    The Idaho GOP will announce the results once all the votes are counted statewide.

    Trump placed a distant second in the 2016 Idaho primary behind Sen. Ted Cruz of Texas.

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  • Are the top candidates to replace Mitch McConnell as Senate Republican leader MAGA enough?

    Are the top candidates to replace Mitch McConnell as Senate Republican leader MAGA enough?

    WASHINGTON — Former President Donald Trump knows how to influence an election, that much is clear. In the last few years, he has championed down-ballot nominees, wielded extensive influence over primary races and had his fingerprints on the House leadership race.

    But Trump is already beginning to leave his MAGA mark on a new sort of Republican race: the race to succeed Republican leader Mitch McConnell, who announced Wednesday that he is stepping down from his leadership role in November after nearly two decades. After the 2024 election, but before newly elected members are sworn in, there will be closed-door Senate Republican Conference meeting in which members will nominate and elect a new leader.

    Trump has not yet publicly commented on McConnell’s departure, but the former president’s sway over the party as McConnell has waned in popularity is clear. Many Senate Republicans said on Thursday that they believe a candidate’s ability to work with Trump, and in many cases align with him, is an essential factor in their consideration of who they’ll back during the November contest.

    Listen to Mitch McConnell’s full speech on the Senate floor announces he will step down as Senate GOP leader in November.

    Top-tier contenders cozy up to Trump

    Already, top-tier contenders — referred to as the “three Johns” — are trying to cozy up to Trump, leaving many to speculate if they are MAGA enough for the job.

    In a statement formally announcing his candidacy for Republican leader, Sen. John Cornyn, R-Texas, touted his Trump bona fides.

    “As the Republican Whip, I helped President Trump advance his agenda through the Senate, including passing historic tax reform and remaking our judiciary — including two Supreme Court Justices,” Cornyn said.

    In a gaggle with reporters, Cornyn said he spoke to Trump Wednesday — the same day McConnell announced his plans to step down — to make his “intentions” known.

    ‘I have learned a lot’: John Cornyn announces he’s running for Senate GOP leader

    Sen. John Cornyn officially announced he is running for Senate GOP leader a day after Mitch McConnell announced he was stepping down.

    Sen. John Thune, the South Dakota Republican and current GOP whip, has been slightly less overt about his intentions, but a spokesperson said Thursday that Thune is “reaching out to each of his colleagues directly to discuss the future of the Senate Republican Conference and what they would like to see in their next leader.”

    Thune issued an endorsement of Trump on Monday after speaking to the former president over the weekend.

    “I worked closely with him when he was president last time. You know, I was one of the key negotiators on the Senate Finance Committee on the tax cuts and Jobs Act. We put through, I want to say, 15 judges when I was the whip on the floor under his administration, and so yeah — we’ve got a record of accomplishment, of getting things done for the American people,” Thune said Thursday.

    Senate Minority Whip John Thune, R-S.D., speaks during a news conference on border security, following the Senate policy luncheon at the Capitol in Washington, Feb. 6, 2024.

    AP Photo/Jose Luis Magana

    Sen. John Barrasso, R-Wyo., hasn’t issued a formal statement on his intentions yet either. But on Wednesday he said he would “talk to members of the conference and hear what they have to say and listen to them in terms of what direction they want to take the conference.”

    Barrasso’s ties to Trump are well-documented. He is the most outspoken Trump supporter of the “three Johns” and was the first to endorse him, which he did in January.

    Other candidates are also expected to throw their hat in the ring in the coming months. Sen. Rick Scott, R-Fla., ran against McConnell for leader in late 2022, and may run again. Some of Scott’s colleagues, including Sen. Mike Braun of Indiana, have already said they’d back him.

    Scott is still considering Trump when weighing a potential bid, too.

    “President Trump, I’m sure he wants somebody he can work with, so that’s probably what he’ll do. He’ll probably think about all the people who are considering running and whether he feels comfortable he can work with,” Scott said.

    Rank-and-file Republicans say Trump is a key factor

    It’s nine months until a leadership election — that’s quite a runway. But as contenders for the role begin jockeying for support within their conference, it’s clear a key factor for many will be how closely the candidate is able to work with Trump.

    Sen. Roger Marshall, R-Kan., said he’ll be looking to ensure that Senate leadership aligns with the party leader — presumptively Trump.

    “I think it’s really important that whoever our next Senate majority leader, shares the same priorities and goals as whoever the Republican president is,” Marshall said. “So it’s important that they share the same priorities.”

    Sen. Tommy Tuberville, R-Ala., said he expects Trump would be “very concerned” about who the eventual new leader is.

    “He should be involved,” Tuberville said of Trump.

    Sen. Ron Johnson, R-Wis., has asked for a special conference meeting to be called in March for contenders to outline their visions for the future of the conference.

    “This is something for the Republican Senate Conference to accomplish,” Johnson said, when asked about the impact Trump might have on that vision.

    Johnson said he did not think it would be productive for Trump to weigh in now. But if no consensus is reached before the November election, “Trump might have some influence,” Johnson said.

    Copyright © 2024 by The Associated Press. All Rights Reserved.

    AP

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  • 2/28: CBS Evening News

    2/28: CBS Evening News

    2/28: CBS Evening News – CBS News


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    Supreme Court agrees to take up Trump immunity case; How 2 Florida teens exhibited real girl power

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  • GOP lays out next steps in impeachment probe after Hunter Biden testifies

    GOP lays out next steps in impeachment probe after Hunter Biden testifies

    GOP lays out next steps in impeachment probe after Hunter Biden testifies – CBS News


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    Hunter Biden testified Wednesday before two House committees leading the impeachment inquiry into his father. CBS News investigative reporter Erica Brown has the latest on where things stand.

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  • McConnell’s end as leader marks seismic shift for Republican Party

    McConnell’s end as leader marks seismic shift for Republican Party

    McConnell’s end as leader marks seismic shift for Republican Party – CBS News


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    Senate Minority Leader Mitch McConnell surprised Capitol Hill on Thursday by announcing he will step down from leadership in November. CBS News chief election and campaign correspondent Robert Costa examines what the move means for the Republican Party.

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  • 2/27: CBS Evening News

    2/27: CBS Evening News

    2/27: CBS Evening News – CBS News


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    Ukrainian town under siege pleads for military aid; 5-year-old with brain cancer lives out dream of becoming police officer

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  • 2/26: Prime Time with John Dickerson

    2/26: Prime Time with John Dickerson

    2/26: Prime Time with John Dickerson – CBS News


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    John Dickerson reports on the Michigan GOP and Democratic primaries, President Biden says he is “hopeful” of a ceasefire between Israel and Hamas by Monday, and Sweden clears the final hurdle to join NATO.

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  • 2/25: CBS Weekend News

    2/25: CBS Weekend News

    2/25: CBS Weekend News – CBS News


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    Haley doubles down on promise to stay in presidential race; Art exhibit shows the power of African American doll making

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