Indicting Comey
Trump has been open about his intention to prosecute his enemies. Apparently, it’s former FBI Director James Comey’s turn.
The DOJ announced yesterday that a grand jury indicted Comey for lying to Congress and for obstruction over testimony he gave in 2020. Comey’s alleged actions represent an “extraordinary” breach of the public trust, said US Attorney Lindsey Halligan. Halligan was handpicked by Trump after her predecessor resigned under pressure for not going after the president’s enemies last week.
Trump used a social media post to cheer about the charges, which expose Comey to up to five years in prison.
Comey said in a video on Instagram that he is “not afraid.”
“My family and I have known for years that there are costs to standing up to Donald Trump, but we couldn’t imagine ourselves living any other way,” he said. Read More
See Also: Trump’s Ouster of US Attorney ‘Bodes Ill’ for Senate Democrats
It’s Safe to Put Your Dance Moves on TikTok
Donald Trump has had a love-hate relationship with TikTok, deeming it a national security risk in his first administration before deciding to rescue the app for US users in his second term.
Yesterday, he signed an executive order saying that a still-to-be-outlined deal to secure the app’s algorithm will protect US user data. The deal, which reportedly involves Oracle and other investors, values the company at around $14 billion, according to Vice President JD Vance. Read More
Trump said he had signoff on the deal from President Xi Jinping, but the Chinese government has yet to say publicly whether it has given its approval.
See Also: TikTok’s $14 Billion Price Tag in Trump Deal Stuns Investors
Market ‘Chaos and Disruption’
Fed Governor Lisa Cook had some dire warnings about what will happen if Trump is allowed to fire her.
Granting the Justice Department’s request to allow Trump to immediately oust her “would sound the death knell for the central-bank independence that has helped make the United States’ economy the strongest in the world,” her lawyers wrote in a brief filed with the Supreme Court.
Allowing even a temporary removal while the courts consider the legality of the move risks “chaos and disruption” in financial markets, her lawyers wrote.
SCOTUS set a fast schedule for written briefs in the case, but hasn’t signaled precisely when it intends to rule. Read More
All living former Fed chairs, along with some former Treasury secretaries and others, urged the court not to let Trump fire Cook. They argued in a brief that her removal would erode the public’s trust in the Fed and undermine efforts to stabilize prices, increase employment, and moderate long-term interest rates. Read More
A Loaded Gun Is on the Table
Oil man Leon Hess told a story of negotiating with a Libyan official for rights to drill in that country. The official, he said, began the discussion by putting a loaded gun on the table.
The White House has now done the equivalent in the ratcheting up of tensions over a potential shutdown. A threat of mass job cuts (not just furloughs) puts Democrats in the position of both experiencing the short-term disruptions of a possible shutdown while also aiding in the Trump administration’s push to permanently reduce the size of government.
It’s a nightmare foretold: Senate Minority Leader Chuck Schumer (N.Y.) worried in March that the administration would use any shutdown to eviscerate agencies. And while the courts may halt any mass layoffs, the OMB has leeway to define who is an “essential” or “non-essential” worker during a shutdown, meaning it could focus more pain on Democrats’ priorities.
Shall we begin negotiations now?
- Economic, Political Stakes Loom Large as Shutdown Threat Rises
- Travel Industry Warns Shutdown Would Cost It $1 Billion Per Week
- Local Democrats Dismiss Shutdown Threats to Fire Federal Workers
(NB: If you’re interested in more Leon Hess tales, I co-wrote a book.)
Tariff Watch
Drugs, trucks, and kitchen cabinets are Trump’s latest tariff targets, with new levies taking effect Oct. 1.
The US will impose a 100% tariff on branded or patented pharmaceuticals, unless those companies have broken ground on a US manufacturing plant. Investors responded to the news with a shrug, however, betting most companies will get exemptions.
Trump’s also planning a 25% tariff on heavy trucks, a 50% tariff on kitchen cabinets and bathroom vanities, and a 30% tariff on upholstered furniture.
The president announced these tariffs via social media on Thursday. The administration hasn’t released related details yet.
See Also: Trump Says Tariff Revenue Will Fund Relief for US Farmers
Next Week in Washington
WHITE HOUSE: Trump is expected to meet with Israeli Prime Minister Benjamin Netanyahu at the White House on Monday.
CONGRESS: The Senate will return to town Monday with two days left before a shutdown. House Republicans are not set to come back until October, but Democrats have been asked to return next week to make a point.
Aside from the pressing need for some sort of funding resolution, votes expected in the Senate include ones on:
- The confirmation of Mike Waltz to be ambassador to the United Nations
- Whether to end debate on
S.2806 , a bill sponsored by Sen. Ron Johnson (R-Wis.) to prevent government shutdowns by automatically continuing appropriations from the prior year if Congress doesn’t pass spending bills. See a BGOV Bill Analysis by Greg Tuorial.
For more of what’s happening in Congress, see today’s Congress Tracker.
ECONOMY: We will get the September jobs report on Friday, the first since the Fed started cutting rates.
They Said It
“This is a civil war within the Democratic Party where the extreme left is pulling the Democratic Party, and the moderates are afraid. The Democratic Party is not anti-business. It’s not anti-police. That’s not who we are.”
— Former New York Gov. and current NYC mayoral candidate Andrew Cuomo, speaking on Bloomberg Television. Read more or watch the full interview.
Before You Go
Tiffany’s Tribe: A lobbying push for federal recognition by North Carolina’s Lumbee Tribe is emphasizing that Trump’s youngest daughter, Tiffany, is a direct descendant from the “most prominent” line of the the Native American group.
Amazon Fine: Amazon will pay $2.5 billion in penalties and refunds and change its process for how to cancel its Prime subscription to settle a lawsuit by the FTC.
US Growth: The US economy grew 3.8% in the second quarter, the fastest annualized pace in nearly two years, as the government revised up its previous estimate of consumer spending.
Epstein’s Brain Trust: Thousands of emails reveal the network of professionals who surrounded Jeffrey Epstein, offering him support and advice as he faced state and federal investigations. Together, they helped extend Epstein’s influence and freedom.
Mapping 2026: Greg Giroux has a twofer on redrawing congressional district lines for next year’s midterms: A look at six possible Utah maps released by the Republican-led legislature, and how Kansas Republicans may try a new map to oust Rep. Sharice Davids, the state’s only Democrat in Congress.
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