Politics
Column: The 'One, Big, Beautiful Bill' is a big, ugly mess
The “One Big Beautiful Bill” is one big, ugly mess.
We’ve seen false advertising in naming laws before — the Democrats’ 2022 Inflation Reduction Act jumps to mind. Yet no legislation has been as misbranded as the Republican tax and spending cuts that President Trump, the branding aficionado himself, is pushing along a tortuous path in Congress.
Trump’s appeal to many Americans has always been his purported penchant for “telling it like it is.” But he’s doing the opposite by labeling as the “One Big Beautiful Bill” a behemoth that encompasses just about everything he can’t even try to do by unilateral executive orders — deeper tax cuts, more spending on the military and on his immigration crackdown and, yes, Medicaid cuts. His so-called beauty is a beast so frightening that ratings firm Moody’s saw the details last week, calculated the resulting debt and on Friday downgraded the United States’ sterling credit rating for the first time in more than 100 years. That likely means higher interest costs for the nation’s increased borrowing ahead.
And yet, in another example of the gaslighting at which Trump and his party are so adept, the White House and House Republican leaders dismissed the rebuke of their bill. Treasury Secretary Scott Bessent said it would spur economic growth — the old, discredited “tax cuts will pay for themselves” argument. Speaker Mike Johnson said the Moody’s downgrade just proved the urgent need to pass the big, beautiful bill with its “historic spending cuts.” Which only proved that Johnson didn’t read Moody’s rationale, explaining that spending cuts would be far exceeded by tax cuts, thereby reducing the government’s revenues and piling up more debt.
The Republican Party, which postures as the fiscally conservative of the two parties despite decades of evidence to the contrary, would add about $4 trillion in debt over the next 10 years if its bill becomes law, according to Moody’s. Other nonpartisan analyses — including from the Congressional Budget Office, the Committee for a Responsible Federal Budget and the Penn Wharton Budget Model of the University of Pennsylvania, similarly project additional debt in the $3-trillion-plus to $5-trillion range, more if the tax cuts are made permanent as Trump and Republicans want.
No surprise: Trump, after all, set a record for the most debt in a single presidential term: $8.4 trillion during Trump 1.0, nearly twice what accrued under his successor, President Biden. Most of Trump’s first-term red ink stemmed from his 2017 tax cuts and spending, which predated the COVID-19 pandemic and the government’s costly response.
“This bill does not add to the deficit,” White House Press Secretary Karoline Leavitt insisted to reporters on Monday, showing yet again why such a facile dissembler was chosen to speak for the habitually prevaricating president.
“That’s a joke,” Republican Rep. Thomas Massie of Kentucky responded.
Worse, it’s a lie.
And no surprise here, either, but Trump’s tariffs — another economic monstrosity that he’s declared “beautiful” — aren’t paying for this bill despite his claims. Yet the president repeated that falsehood on Tuesday (along with others), when he visited the Capitol to strong-arm Republican dissidents, including Massie, into supporting the measure ahead of a House vote. (Inside a closed caucus with House Republicans, the president reportedly called for Massie to be unseated; the Kentuckian remains opposed.)
“The economy is doing great, the stock market is higher now than when I came to office. And we’ve taken in hundreds of billions of dollars in tariff money,” Trump told reporters at the Capitol. Every point a lie.
(This week provided yet more evidence that he’s utterly wrong to keep insisting that foreign countries pay his tariffs, not American consumers. After Walmart, the largest U.S. retailer, said late last week that it would have to raise prices, Trump posted that it should “ ‘EAT THE TARIFFS.’ ” He added: “I’ll be watching, and so will your customers!!!” This after a Walmart exec said that “the magnitude of these increases is more than any retailer can absorb.”)
While details of the budget bill shift as Republican leaders dicker with their dissidents, here’s the ugly general outline, according to Penn Wharton:
Extending and expanding Trump’s 2017 tax cuts, which otherwise expire this year, would cost nearly $4.5 trillion over 10 years, $5.8 trillion if the cuts are permanent. (Mandating that tax cuts expire after a time, as Trump did in 2017, is an old budget gimmick to understate a bill’s cost. The politicians know they’ll just extend the tax breaks, as we’re seeing now.) The bill’s proposed spending increases for the military, immigration enforcement and deportations would cost about $600 billion more.
Spending cuts over 10 years, mostly to Medicaid as well as to Obamacare, food stamps and clean-energy programs, would save about $1.6 trillion. That offsets as little as one-quarter of the cost of Trump’s tax cuts and added spending.
Also, the bill is inequitable. The tax cuts would disproportionately favor corporations and wealthy Americans. Its spending cuts, however, would mostly cost lower- and some middle-income people who benefit from federal health and nutrition programs. Changes to Medicaid, including a work requirement (92% of recipients under 65 already work full or part-time, according to the health research organization KFF), and to Obamacare would leave up to 14 million people without health insurance.
Penn Wharton found that people with household income less than $51,000, for example, would see their after-tax income reduced if the bill becomes law, and the top 0.1% of income-earners would get hundreds of thousands of dollars more over the next 10 years. Beyond that time, Penn Wharton projected, “all future households are worse off” given the long-term impact of spiraling debt and a tattered safety net.
“Don’t f— around with Medicaid,” Trump told Republicans at the Capitol, according to numerous reports. How cynical, given that he was pressuring them to vote for a bill that would do just that.
All of which recalls an acronym that’s popular these days: FAFO.
@jackiekcalmes
Politics
Israel shares intelligence warning Iran plotted new assassination attempt against Trump: report
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Israel recently shared intelligence with the United States indicating Iran had developed a fresh plan to assassinate President Donald Trump, according to a Wall Street Journal report Thursday citing people familiar with the matter.
The reported intelligence would mark an escalation in the longstanding threats against Trump, who Iran has repeatedly vowed to retaliate against over the 2020 U.S. strike that killed Islamic Revolutionary Guard Corps Gen. Qassem Soleimani.
The White House referred Fox News Digital to Trump’s remarks Wednesday when asked about the report.
TRUMP FACES UNPRECEDENTED THIRD ASSASSINATION ATTEMPT
President Donald Trump speaks during a news conference at the NATO Summit in Ankara, Turkey, July 8, 2026. Trump addressed threats against his life after a report said Israel shared intelligence with the United States about an alleged new Iranian assassination plot. (Kerem Uzel/Bloomberg via Getty Images)
“They want to take out the U.S. leader — me. I’m on whatever list. I saw this morning I’m on every single one of their lists,” Trump said. “And, so far, I guess I’ve been a bit lucky, but maybe that doesn’t last very long. These are evil, sick people. And we have to root out that cancer. That cancer. You know what you do? You’ve got to cut out cancer early. And that’s the way I feel.”
Fox News Digital has also reached out to Israel’s Embassy in Washington and Iran’s Mission to the United Nations for comment.
The Journal reported the intelligence surfaced as Trump and Israeli Prime Minister Benjamin Netanyahu have diverged in recent weeks over how to proceed after last month’s conflict with Iran. Netanyahu has advocated for continuing military pressure on Tehran, while Trump has sought to preserve a fragile ceasefire after U.S. strikes on Iranian nuclear sites.
NETANYAHU REJECTS REPORTS OF A RIFT WITH PRESIDENT TRUMP, SAYS THE TWO REMAIN ALIGNED ON IRAN
President Donald Trump, left, and Israeli Prime Minister Benjamin Netanyahu at the White House March 25, 2019. The leaders spoke Thursday after The Wall Street Journal reported Israel had shared intelligence with the United States about an alleged new Iranian plot targeting Trump. (AP Photo/Susan Walsh, File)
Trump and Netanyahu spoke Thursday and agreed to continue coordination between the two countries, according to a statement from Netanyahu’s office, which said Trump also updated the Israeli leader on recent U.S. activity in the Gulf.
Prime Minister Benjamin Netanyahu during his conversation with U.S. President Donald Trump. (Avi Ohayon/GPO)
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Iranian mourners at the funeral for Supreme Leader Ali Khamenei chanted for Trump’s death and displayed a banner that said, “We Will Kill Trump,” according to the Journal.
Iran has publicly vowed for years to retaliate against Trump over the U.S. operation that killed Soleimani, the former commander of the Islamic Revolutionary Guard Corps’ Quds Force, in Baghdad in January 2020.
Politics
Iran ceasefire is ‘over,’ Trump says, and orders additional strikes
WASHINGTON — A tentative armistice between the United States and Iran reached less than a month ago appeared all but dead Wednesday after the two sides traded fresh military strikes, and as President Trump directed further attacks on the Islamic Republic.
The escalation marked a dramatic turn after the Trump administration spent weeks selling a diplomatic breakthrough with Tehran that proved controversial across the political aisle, lifting oil sanctions and a naval blockade on Iran in exchange for the promise of talks over the status of the Strait of Hormuz and its decades-old nuclear program.
Now, speaking to reporters at the NATO summit in Turkey, Trump said he believed the truce — which diplomats describe as a memorandum of understanding — was “over” and that it was a “waste of time” dealing with Iranian leadership.
“They’re scum. They’re sick people,” Trump said of Iranian leaders, whom he had characterized last month as “very rational people” and “very nice to deal with.”
The president’s dim views of the ceasefire agreement’s fate were shared by Iran’s foreign ministry, which issued a statement on Wednesday saying the American attacks, the reinstatement of a U.S. naval blockade on the Strait of Hormuz, and Israel’s continuing attacks in Lebanon rendered “important and fundamental” parts of the deal “ineffective.”
The truce’s unraveling was underscored by Trump ordering the U.S. military to launch a series of strikes against Iran on Wednesday afternoon to “further degrade their ability to threaten” the commercial shipping through the Strait of Hormuz.
“The United States is holding Iran accountable for recent unjustified aggression against commercial shipping and civilian crews freely navigating a vital international waterway,” U.S. Central Command said in a statement on social media.
Earlier in the day, Trump signaled that the United States planned to “hit them hard” and floated the possibility of taking over Kharg Island, which is vital to Iran’s economy. His remarks quickly prompted oil prices to rise and global stock markets to fall, a worry that Trump acknowledged but which did not seem to sway his decision-making in relation to Iran.
“If we hit Iran, oil goes up a little bit, it is all right,” Trump said. He later added that the United States may “do some other thing that could lift it a little bit, but I don’t think it’s gonna lift it a lot at all.”
As Trump signals the continuation of fighting, his administration has been seeking more than $67 billion in funding to cover expenses related to the Iran war, a request that Congress has not yet approved as lawmakers have been split over the president’s handling of the conflict.
“The American people are paying the price for Trump’s total failure in Iran,” Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement Wednesday. “Our troops are back in harm’s way and high gas costs are continuing to punish working families.”
The president’s stance on the war marked the latest setback to a fragile truce that has barely held since the 14-page agreement was signed June 17, as the U.S. and Iran engaged over the last few weeks in cycles of attacks and counterattacks.
Trump was noticeably angrier at Iran on Wednesday as he cast doubt over the deal. Last month, Trump had complimented Iranian leadership for trying to reach a peace deal and celebrated the reopening of the Strait of Hormuz, a crucial shipping route for the world’s oil and gas. But based on his remarks, it was clear he was out of patience.
“I am not happy with them,” Trump said. “They’re cuckoo. There’s something wrong with these people. For 47 years, they’ve been the bully of the Middle East and they are not the bully anymore. They are not the bully anymore.”
Trump expressed frustration with Iran’s negotiators and their resistance to abiding by U.S. demands to reopen the strait. When asked if he intended to send troops to Iran, the president dismissed the idea.
“Why would I go in now?” Trump said. “I’d go in when they’re completely eliminated or an agreement is made.”
Still, the president kept the door open for negotiations, saying that his envoys Steve Witkoff and Jared Kushner “want to negotiate.”
“They’re good people, Steve Witkoff, Jared Kushner, but they have to come back to me,” Trump said. “As far as I’m concerned, it’s just a waste of time dealing with [the Iranians]. They’re liars.”
The latest breakdown to the ceasefire followed a now-familiar chain reaction of tit-for-tat attacks, starting with a series of strikes on three oil tankers transiting the Strait of Hormuz on Tuesday, including a Qatari vessel carrying natural gas, according to the United Kingdom Maritime Trade Operations center.
The Qatari tanker was off the coast of Oman when it was hit and caught fire, the maritime monitor said, in what experts say was a move to thwart ships attempting to use an alternate transit route to the one Iran specified. Iran did not claim responsibility, but a report on Iranian state television said the Qatari tanker came under attack after ignoring warnings to turn back.
The two other vessels were damaged but were able to continue to their destination, according to the U.K. group.
Qatar, which has played a vital role in facilitating negotiations between the U.S. and Iran, condemned the attack on its tanker as “unacceptable.”
The U.S. responded with a wave of strikes against more than 80 Iranian targets aimed at “impos[ing] heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” according to a statement from U.S. Central Command. That tally included roughly 60 Islamic Revolutionary Guard Corps small boats in the strait.
Iranian state media said U.S. strikes targeted Sirik, Qeshm Island and Bushehr and Bandar Abbas, while a U.S. drone strike on the port city of Mahshahr killed one Revolutionary Guard member.
Ahead of the strikes, the White House revoked the 60-day temporary license given to Tehran to sell and deliver oil during the truce.
Iran’s military countered with its own strikes on 85 U.S. military facilities in Bahrain and Kuwait; it also shot down an MQ-9 drone, according to a statement on Wednesday.
Kuwait said its military intercepted two ballistic missiles and 13 drones, but that none had resulted in material damage or casualties.
Global oil prices surged 6% on news of Trump’s reversal on the deal, rising to more than $78 a barrel, down from the peak during the war but still above prewar levels.
The renewed violence appeared to have little effect on the funeral for Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed in an Israeli strike on Feb. 28, in the war’s opening hours.
The funeral, a days-long period of mourning, is set to end on Thursday, when Khamenei’s body will return from Iraq to be buried in the city of Mashhad, his birthplace. Negotiations were to begin once more.
In his remarks Wednesday, Trump said Iranian leaders had asked for a “timeout” to attend the funeral, and that he had promised not to kill them.
“And I said give it to them, and they start shooting missiles,” Trump said.
Whether those talks — which were meant to deal with the thorniest issues between the two countries, including the Strait of Hormuz and Iran’s nuclear program — will go ahead remains unclear. Iran, for its part, maintained a defiant attitude.
“The era of bullying and extortion is over,” wrote Mohammad Ghalibaf, Iran’s parliamentary speaker. “It leads nowhere. We don’t fold.”
Ali Akbar Velayati, a senior advisor to the supreme leader, posted on X that Trump’s policy had “driven the region towards fire.”
“We had previously warned that the region is not a place for the political gambling of small countries, and we have repeatedly proven that adventures are met with an immediate response,” he wrote.
He added that the Axis of Resistance — a reference to Iran’s network of allied groups in Lebanon, Iraq and Yemen — would not be “silent against humiliation and adventurism” and has “its finger on the trigger.”
Bulos reported from Beirut and Ceballos from Washington.
Politics
Omar’s disclosures erased millions, leaving her with potential negative net worth. She won’t explain why.
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Rep. Ilhan Omar, D-Minn., refused to address her revised financial disclosures that could imply she has a negative net worth after the progressive lawmaker dramatically reducing the reported value of assets tied to her husband’s business ventures.
“Can you tell us if your husband still has the consulting business and the wine business?” Fox News Digital asked Omar.
The congresswoman stayed silent as she was repeatedly questioned, after previously telling Fox News Digital that the original filing — showing Omar’s reported assets reducing by as much as $29.9 million — was inaccurate and “incomplete” information.
ILHAN OMAR’S OFFICE SAYS SHE’S ‘NOT A MILLIONAIRE’ AFTER $30M FILING REVISED DOWN TO UNDER $100K: REPORT
US Representative Ilhan Omar, Democrat of Minnesota, speaks during a press conference with family members of Palestinian-American journalist Shireen Abu Akleh as members of Congress call for US investigations into Israel’s actions and reintroduce the Justice for Shireen Act, outside the US Capitol in Washington, DC, May 18, 2023. The Al Jazeera journalist, who was a dual US citizen, was killed on May 11, 2022. The Israeli army later admitted one of its soldiers likely shot the reporter. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
The controversy surrounding Omar’s finances began when a 2024 financial report estimated that Omar and her husband possessed between $6 million and $30 million in assets, all while the Minnesota fraud scandal within the Somali community was beginning to come to fruition.
A more recent 2025 financial disclosure report shows Omar’s revised value of shared assets between her and husband to sit at a maximum of $125,000 — a multi-million-dollar drop from the year prior. The lower estimate of their assets, $20,000, compared to the low and high debt estimates, $30,000 and $100,000, would imply the Minnesota Democrat could have a negative net worth.
Both her and her husband have separate debts, each ranging somewhere between $15,000 and $50,000 — from her own student loans and her husband’s credit card debt, according to the disclosures.
WATCH: OMAR SILENT WHEN CONFRONTED ON ALLEGED TIES TO MASSIVE MINNESOTA FRAUD SCANDAL
RICHFIELD, MN – AUGUST 08: Rep. Ilhan Omar (D-MN) (C) campaigns with her husband Tim Mynett (R) at the Richfield Farmers Market on August 8, 2020 in Richfield, Minnesota. Omar is hoping to retain her seat as the representative for Minnesota’s 5th Congressional District in next week’s primary election. (Photo by Stephen Maturen/Getty Images)
The biggest change in the documents involved Omar’s husband, Tim Mynett. His reported ownership interests in both his winery and venture capital advisory firm, which were previously valued in the millions of dollars, are listed with no value now.
In Omar’s 2024 financial disclosure records, Mynett’s share in his winery was valued between $1 million and $5 million, and his share at the venture capital advisory firm was valued between $5 million and $25 million. Now, his equity interests are both listed at $0.
Omar’s office previously told Fox News Digital that Mynett has partners in both businesses and said the earlier disclosure mistakenly reflected the businesses’ total equity rather than his ownership interest. The office also said the original filing listed assets without accounting for liabilities.
VANCE REFERS TIM WALZ, MINNESOTA ATTORNEY GENERAL TO DOJ FOR CRIMINAL INVESTIGATION OVER STATE’S ALLEGED FRAUD
House Oversight Committee Chairman James Comer, R-Ky., has publicly voiced his interest in the Ethics Committee opening an investigation into Omar’s personal finances after the 2025 financial reports came out showing the possibility of a $29 million drop in her net worth.
Vice President JD Vance also has previously said the U.S. Department of Justice will be opening a probe into her alleged fraud as part of the administration’s anti-fraud taskforce that he spearheads, though no formal investigations have been shared with the public at this time.
Omar has been reluctant to answer Fox News Digital’s questions about her financial fallout and potential probes to be opened against her.
The Minnesota lawmaker similarly dodged answering any of Fox News Digital’s questions just last month about the revised disclosures.
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“There’s also the possibility that it might rain on this sunny day,” Omar replied without responding directly to the content of the question.
Fox News Digital’s Robert Schmad contributed to this report.
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