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According to the study, the failure to extend the TCJA could lead to the loss of approximately six million jobs and a reduction of $540 billion in wages. The manufacturing sector, in particular, would be hit hard, with an estimated loss of 1.137 million jobs, alongside a decrease in manufacturing worker compensation by $126 billion and a $284 billion hit to manufacturing GDP.

NAM President and CEO Jay Timmons underscored the urgency, describing the tax cuts as “rocket fuel” for manufacturers, significantly enhancing the U.S. economy’s competitiveness globally. He warned that without action from policymakers, the sector would face economic disaster, affecting the livelihoods of many Americans.

The study’s findings have sparked a debate among lawmakers. Senate Finance Committee Chairman Mike Crapo (R-Idaho) has advocated for the extension, labeling it an “investment in America” that would bolster capital growth. Conversely, during a recent House Ways and Means Committee hearing, Rep. Richard Neal (D-Mass.) criticized the extension as a “cash grab” that would primarily benefit the wealthy, potentially adding $4.6 trillion to the national deficit.

Despite concerns about revenue loss and increasing the deficit, federal tax receipts have approached record levels, reaching $4.9 trillion in the last fiscal year. This figure is $1.6 trillion above what was collected before the TCJA was enacted, suggesting that the tax cuts did not necessarily lead to the revenue drop some had feared.

However, the Committee for a Responsible Federal Budget cautions that extending the TCJA would not generate enough economic growth to offset its cost to the deficit. They argue that tax cuts typically do not pay for themselves and call for measures to offset the revenue loss to prevent further ballooning of the national debt, which currently stands above $36.1 trillion.

This study and the ensuing political discourse come at a critical juncture as the U.S. government faces decisions on fiscal policy that could shape the economic landscape for years to come. The debate over extending the Trump tax cuts underscores the broader tension between promoting economic growth and managing the national debt.

According to the The Epoch Times:

A new study has concluded that the United States could risk a $1 trillion hit to the economy if Congress fails to extend the 2017 Tax Cuts and Jobs Act (TCJA).

According to the National Association of Manufacturers (NAM), not renewing President-elect Donald Trump’s tax reforms will cost the economy about six million jobs and $540 billion in lost wages.

Without an extension of the Trump-era tax cuts, the economic damage would total a $1.1 trillion hit to the GDP.

Jay Timmons, the president and CEO of NAM, says the manufacturing sector would also be harmed if lawmakers do not renew the TCJA.

The study determined that 1.137 million manufacturing jobs and $126 billion in worker compensation would be erased, reducing the manufacturing GDP by $284 billion.

Pence, through his organization, emphasized that Kennedy’s previous support for abortion rights is a significant deviation from the pro-life legacy established during the Trump-Pence administration. In a statement, Pence highlighted that, under their leadership, HHS made decisions daily that either supported or detracted from the sanctity of life. He argued that confirming Kennedy would be “deeply concerning” to millions of pro-life Americans who have traditionally supported Republican nominees.

Kennedy, known for his skepticism regarding vaccines and his environmental activism, had previously expressed a complex stance on abortion. His positions have included support for a woman’s right to choose, advocating for codifying Roe v. Wade into law, and ensuring access to medical abortion pills.

The statement from Advancing American Freedom also pointed out that despite Kennedy’s recent attempts to reassure pro-life leaders, there remains little confidence in his commitment to pro-life policies at HHS. Pence’s group specifically mentioned the daily administrative decisions at HHS concerning issues like federal funding for Planned Parenthood, regulations on abortion pills, and insurance coverage for abortions, all of which would be pivotal under Kennedy’s potential leadership.

With the Senate gearing up for confirmation hearings, Pence’s call for rejection highlights a significant rift within the Republican Party, especially given Trump’s choice to nominate a figure known for his controversial views on vaccines. This nomination has already sparked a broad spectrum of reactions, with public health experts and Democrats expressing alarm, while some conservative groups have been more ambivalent or supportive, focusing on Kennedy’s critique of “corporate capture” in health agencies.

The opposition from Pence, who has been critical of Trump since their time in office together, underscores his resentment toward his former boss. His failed presidential run was embarrassing and he’s been all but excommunicated from Republican politics ever since.

As the father of two kids, one thing you hope they do from all the mistakes they make, and they make a lot of mistakes, is learn from them. Democrats aren’t learning from anything, and it is glorious.

With the exception of who the President is going to be on the 20th and who controls the Senate, nothing has changed in their world. They still insist they are popular – a majority, in fact – in spite of all the evidence to the contrary. It’s simultaneously hilarious and horrifying.

It’s hilarious because watching adults try to convince themselves that they’re popular is very amusing. It’s horrifying because the denialism is dangerous. Not for Republicans, for the country.

As Joe Biden readies to retire, he is a destructive force and the 20th of January cannot come fast enough. I shudder to think of the damage he can and will do between now and then to the nation and the world. He will do all he can to make it happen. Prepare yourself for a list of pardons unlike anything before seen in American history. Hell, I wouldn’t be surprised if he pardoned Ghislaine Maxwell at this point, as I can only imagine the dirt he has on Biden’s friends and fellow Democrats. […]

— Read More: www.frontpagemag.com

Axios reports Wednesday morning, “A breakthrough has been reached in the negotiations between Israel and Hamas in Doha and a deal to release hostages held by Hamas and establish a ceasefire in Gaza is imminent, three Israeli officials told Axios.”

“There is a breakthrough in the hostage deal negotiations in Doha. Hamas’ military leader in Gaza Mohammed Sinwar gave his OK,” one Israeli official was cited as saying. And importantly, a statement from Trump’s team:

‘We have a deal’: Trump hails Gaza peace accord

In a quick follow-up statement on Truth Social, president-elect Trump underscored the unmistakable timing, attributing the deal to his election win in November. Below is his statement in full [emphasis ZH]:

This EPIC ceasefire agreement could have only happened as a result of our Historic Victory in November, as it signaled to the entire World that my Administration would seek Peace and negotiate deals to ensure the safety of all Americans, and our Allies. I am thrilled American and Israeli hostages will be returning home to be reunited with their families and loved ones.

With this deal in place, my National Security team, through the efforts of Special Envoy to the Middle East, Steve Witkoff, will continue to work closely with Israel and our Allies to make sure Gaza NEVER again becomes a terrorist safe haven. We will continue promoting PEACE THROUGH STRENGTH throughout the region, as we build upon the momentum of this ceasefire to further expand the Historic Abraham Accords. This is only the beginning of great things to come for America, and indeed, the World!

We have achieved so much without even being in the White House. Just imagine all of the wonderful things that will happen when I return to the White House, and my Administration is fully confirmed, so they can secure more Victories for the United States!

The impending deal reportedly lays out an initial six week ceasefire phase which includes gradual withdrawal of Israeli forces from Central Gaza as well as the return of displaced Palestinians to North Gaza.

Of the some 100 hostages still held by Hamas, at least one-third are believed already deceased. Dozens were released upon an initial deal struck early in the conflict.

Like with the first hostage exchange, dozens of Palestinian prisoners are expected to be released under this new agreement in return for each Israeli hostage.

Gazans, enduring Israeli attacks for 465 days, celebrate the ceasefire agreement with tears of relief pic.twitter.com/eiW0jyuB9V

— Anadolu English (@anadoluagency) January 15, 2025

According to the latest on where things stand via Axios:

• A second Israeli official said there is optimism that a deal could be announced by Thursday at the latest.
• The Israeli prime minister’s office said in a statement that Hamas hasn’t given it’s approval for the deal.
• Hamas still hasn’t issued an official statement, but a Palestinian source quoted by Al-Araby al-Jadeed website said the group and other factions in Gaza have a unified position and have given a positive response to the draft ceasefire agreement.

Netanyahu’s office has still said it has not received official word from Hamas on whether it has agreed to the deal.

“Both Reuters and AFP reported that Hamas had given verbal approval for the deal, citing Palestinian sources. According to Reuters, the terror group had not yet given a written response to the ceasefire proposal,” Times of Israel also underscores. Additionally:

Channel 12 quoted an Israeli official saying that “there has been a breakthrough,” and assessed that a deal could be signed later in the day.

Ministers is Netanyahu’s cabinet are reportedly preparing for a possible Wednesday night vote on enacting a ceasefire deal.

Not everyone is happy. For example, Israeli National Security Minister Itamar Ben Gvir has threatened to quit the governing coalition if Netanyahu agrees to the hostage and ceasefire deal.

I don't care what you think of Trump. I don't care what Trump's motives are or what else he promised Israel, which I'm sure is non-trivial.

Anyone who causes an end to Israel's civilian- destruction in Gaza has done a good thing, and there's no denying his key role: https://t.co/saOMNruu78

— Glenn Greenwald (@ggreenwald) January 15, 2025

“Over the past year, through our political power, we have managed to prevent this deal from coming to fruition, time after time,” Ben Gvir said Tuesday. Some critics both within and outside Israel have accused Netanyahu of doing precisely this. Large protests have persisted in Tel Aviv amid accusations Netanyahu has thwarted potential peace deals in the past, opting to pursue total war in Gaza.

“I think that we’re experiencing a real transition now with the woke movement. Not in defeat, we need to be cautious but also optimistic. But there’s a lot of people who have broken through the spell of the woke possession,” Mering tells Jill Savage and Matthew Peterson of “Blaze News Tonight.”

“I think what’s happening is it’s an inversion of reality. It’s been telling us for years everything that’s good for us is actually really bad for us. You know, like your faith is bad for you, your family is bad for you, marriage is bad for you,” she continues.

What this has created is a lot of “transgressive behavior,” which Mering says “always fails because it gets really boring.”

“What’s transgressive today is going to be boring tomorrow. And you can’t keep pushing the envelope further and further, trying to make a king of your own pleasure,” she explains. “It’s a bit like coming out of a narcissistic personality spell where you’ve been distrustful of your own ability to perceive what’s true.” […]

— Read More: www.theblaze.com

Hochul used her state-of-the-state address Tuesday to highlight the proposals, many of which would require legislative approval. That includes a proposal to slash taxes by up to 5% across five of the state’s nine tax brackets, which she said would provide relief to more than 8.3 million taxpayers for joint filers who earn up to $323,200. She said the plan would cut taxes for the middle class by more than $1 billion over the next two years.

Hochul, who is up for reelection next year, also touted previously announced plans to make free school meals universal for students, regardless of their income, and a $3 billion tax rebate plan to counter inflation and prevent private equity firms from buying single-family homes.

“Let me say this — a state of the state address can be full of flowery rhetoric and still fail to address the needs of the people,” Hochul said in remarks at the Hart Theater in Albany. “I believe it needs to be much more than just lofty words. It should be a concrete blueprint that will deliver actual results that the people will feel. Our state has to be livable and the people here have to be able to afford to live in it.”

Hochul also highlighted a new proposal to expand New York’s child tax credit in the speech. She said the plan would give 1.6 million New York families an annual tax credit of up to $1,000 per child up to age three and $500 for kids aged 4 through 16.

The first-term Democrat also revived her quest to build more than 100,000 new homes and expand protections for homeowners and first-time homebuyers. She plans to ask lawmakers to approve $100 million for the effort.

“Housing is the number one driver of our affordability crisis, and the only way to decrease housing costs is to increase supply,” Hochul said. “We need to build and build and build some more.”

Hochul also pledged to beef up NYPD patrols along the New York City subway system, which has been roiled by a series of vicious attacks, including a woman burned to death while sleeping on a train in Coney Island and a man who was randomly pushed onto the subway tracks.

She also proposed a raft of new mental health policies, including a controversial proposal to allow the involuntary commitment of the mentally ill. New York City Mayor Eric Adams is pushing for a similar law.

“Our laws must be stronger, and that’s why I’m willing to stand up and say we need to expand involuntary commitment into a hospital,” Hochul said. “That includes someone who does not have the mental capacity to care for themselves, such as refusing help for the basics — clothing, food, shelter, medical care.”

Details of Hochul’s plans are expected to be revealed as part of her preliminary budget plan, which is set to be released next week. The state’s fiscal year begins April 1.

The affordability proposals come as Hochul gears up for a 2026 reelection bid with low favorability ratings among voters, which has spurred potential challenges from high-profile New York politicians, including Reps. Mike Lawler, a Republican, and Ritchie Torres, a Democrat.

Noem, who was nominated for Homeland Security Secretary, was initially expected to testify in front of the Senate Homeland Security and Governmental Affairs Committee on Wednesday morning, but the hearing was rescheduled for Friday morning at 9 a.m. Eastern, according to the committee’s website.

The committee did not give a reason for the schedule change, but Politico reported that it was because senators were still waiting for “paperwork” from the FBI, citing a person familiar with the process.

The change comes after Senate panels delayed the confirmation hearings of Trump’s nominees for Interior Secretary Doug Burgum, and Veteran Affairs Secretary Mike Collins on Monday. Burgum is still expected to testify this week, on Thursday, but Collins will not appear before his panel until next week.

Trump’s Attorney General nominee Pam Bondi, CIA Director nominee John Ratcliffe, Secretary of State nominee Sen. Marco Rubio, and Transportation Secretary nominee Sean Duffy are all still slated to appear in front of their respective committees on Wednesday. […]

— Read More: justthenews.com

The CBO released its monthly report on federal spending and revenue to show the increase, which is more than double the deficit levels just a few years ago. Before the COVID-19 pandemic, the fiscal year deficit did not top $1 trillion.

Now, Americans are in danger of $2 trillion becoming the new normal.

Recently, the federal figures are even worse. According to the CBO, the federal deficit has already hit $710 billion in the fist three months of the fiscal year.

Now, the federal government is on track to have interest payments on the national debt as its single largest expenditure.

So far, lawmakers have shown little sign of planning significant budget cuts.

“Zombie-Congress is headed in a bad direction,” U.S. Rep. Thomas Massie, R-Ky., wrote on X Tuesday. “Plan is to pass a tax cut bill (reconciliation) AND a spending increase (omnibus) … This one-two deficit punch will make bond buyers demand more interest to finance existing debt…”

“We will burn billions more in interest!!” he added.

Many economic and fiscal policy experts continue to raise the alarm about the rising deficit as well as the national debt, which is over $36 trillion and is expected to surpass $37 trillion later this year.

“The 5 year US Treasury yield has just hit 5 percent even as the real yield for the same horizon is above 2.6 percent,” Harvard Professor and former Secretary of the Treasury for President Bill Clinton and Director of the National Economic Council for President Barack Obama, wrote on X. “This confirms concerns about looming budget deficits and a rising neutral rate.”

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, pointed out the hypocrisy of Congress celebrating cutting spending last year only to raise it again the following year.

“There is absolutely no just justification for running a $2 trillion deficit in a year when the economy was strong and we were still fighting inflation,” MacGuineas said in a statement. “And what an expensive about face to have gone from 2023 – a year in which Congress passed legislation that reduced the debt by $1.3 trillion over ten years – to 2024, where they increased it by $1 trillion over the decade.”

Federal debt spending helps fuel inflation since debt spending is partially offset by printing more money, thus increasing the money supply and increasing inflation.

“Under Joe Biden, federal powers ballooned, turning states into mere subjects with $2 trillion deficits as a result,” Heritage Fellow Stephen Moore wrote on X.

In November, seven more states enshrined abortion rights into their constitutions, doubling the number that have loosened abortion restrictions in the wake of the high court’s landmark decision.

Pro-abortion amendments passed last year in Arizona (62%), Colorado (61%), Maryland (74%), Missouri (51.6%), Montana (57%), Nevada (55%) and New York (62%). The Nevada amendment must pass again in 2026 to take effect.

But not all was lost in the battle for the sanctity of human life as voters in Florida, Nebraska and South Dakota defeated efforts to loosen abortion restrictions in their states.

And in Missouri, where its abortion rights amendment overturns 52 pro-life laws on the books—including parental consent and notification—Attorney General Andrew Bailey remains committed as ever to defending pro-life causes. […]

— Read More: harbingersdaily.com