US Domestic News Highlights: Economy, Cannabis, and Budget Deficit
This summary covers various US domestic news topics, including former Federal Reserve President James Bullard's discussions with the Treasury about the Fed Chair role, potential marijuana reclassification, projected record-high power usage, and a lawsuit by Texas against Eli Lilly for alleged bribery. Trump's administration's economic policies and their implications on power, cannabis industry, and the budget deficit are also explored.
Former St. Louis Federal Reserve President James Bullard revealed talks with U.S. Treasury Secretary Scott Bessent about the Federal Reserve Chair position. President Trump seeks a replacement for Jerome Powell, focusing on individuals supportive of interest rate cuts to boost the economy amidst a slowing job market.
The Trump administration is contemplating reclassifying marijuana to lessen penalties, potentially easing the strain on cannabis companies. Such a reclassification would lower tax burdens and facilitate funding for firms, with a decision anticipated within weeks, according to the administration.
The U.S. achieved record energy consumption in 2024, and the Energy Information Administration projects higher peaks by 2026. However, Texas's lawsuit against Eli Lilly for alleged medication prescription bribery and challenges to economic data quality indicate ongoing governmental and corporate tensions.
(With inputs from agencies.)
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