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Today's Political News Compilation - Friday, May 2, 2025

May 02
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Below are some of the top political news stories of the day:


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AP Photo

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Trump family's net worth has increased by $2.9 billion thanks to crypto investments, new report says​

By Madeleine May and Ji Ling Kent

President Trump's venture into crypto products has increased his family's wealth by billions in the last six months, according to a new report, as his administration continues to loosen the federal government's regulatory approach to the digital currency industry as a whole.

The group State Democracy Defenders Action estimated in a new report
that the president's crypto holdings now represent nearly 40% of his net worth — or approximately $2.9 billion. That increase is due in part to his release of the $TRUMP and $MELANIA meme coins, in addition to a large stake in World Liberty Financial, a crypto exchange affiliated with the Trump family that launched in October 2024. State Democracy Defenders Action identifies itself as non-partisan, but it is overseen by frequent critics of President Trump, with an agenda focused on "the autocratic threat to our nation."

The president's net worth is expected to get another bump, with World Liberty Financial's announcement this week that a Abu Dhabi-backed firm will invest billions of dollars in the Trump family-affiliated crypto fund. The Emirati firm, MGX, will purchase $2 billion in a stablecoin product offered by World Liberty, the company said in a statement to CBS. The currency, called "USD1" will then be used to invest in Binance, one of the world's largest cryptocurrency exchanges.

World Liberty has ties to the president and his sons.The fine print on the company's website says an entity affiliated with Mr. Trump and his family members own a 60% stake in the company.

According to the company's public reports, a Trump family entity also holds 22.5 billion of the $WLF tokens –- and takes an additional 75% in net revenue from future token purchases.

READ THE FULL STORY - AP

Judge permanently blocks Trump’s executive order targeting Democratic-tied law firm Perkins Coie | CNN Politics

A federal judge on Friday ruled that an executive order signed by President Donald Trump targeting a law firm that represented his 2016 presidential opponent was unconstitutional.
www.cnn.com

3 senior GOP senators slam Trump's defense budget for being too stingy

The senators say the one-time increase won't have the lasting effect of a permanent addition to the defense budget.
www.usatoday.com

Senate Republicans raise red flags about Trump's private dinner with his meme coin holders

Sen. Cynthia Lummis, R-Wyo., a strong Trump backer and a major voice on cryptocurrency regulation in the Senate, said the dinner "gives me pause."
www.nbcnews.com

The White House seeks sharp spending cuts in Trump's 2026 budget plan

The White House has released President Donald Trump’s 2026 budget proposal. It seeks to slash, if not zero out, spending on many government programs.
apnews.com

Former aide who refuted Trump's false 2020 election claims is under federal investigation

A spokesperson for the Department of Homeland Security said Chris Krebs is “under active investigation by law enforcement agencies” but declined to say why.
www.nbcnews.com

Judge blocks Trump executive order targeting elite law firm, a blow to his retribution campaign

A federal judge has blocked a White House executive order targeting an elite law firm, dealing a setback to President Donald Trump’s campaign of retribution against the legal profession.
apnews.com

Judge rules Trump executive order targeting law firm Perkins Coie is unconstitutional

U.S. District Judge Beryl Howell found the executive order targeting Perkins Coie violates First, Fifth and Sixth amendments.
www.cbsnews.com

Justice Ketanji Brown Jackson criticizes Trump's attacks on judges

Supreme Court Justice Ketanji Brown Jackson did not mention Trump by name during remarks in Puerto Rico but spoke about 'the elephant in the room'
www.usatoday.com

Trump admin live updates: Trump says he'll rename Veterans Day as 'Victory Day for World War I'

President Donald Trump said in a social media post that he is he is renaming Veterans Day, which is celebrated on November 11, as "Victory Day for World War I."
abcnews.go.com

Military parade to celebrate the Army's 250th anniversary will be held on Trump's birthday

The Army has confirmed there will be a military parade on President Donald Trump’s birthday in June, as part of the celebration around the service’s 250th birthday.
apnews.com

Donald Trump asks for huge spending increase on border, deportations

The president's plan would increase Homeland Security spending by two-third for one year.
www.usatoday.com

Brown University in GOP crosshairs after student's DOGE-like email kicks off frenzy

Rep. Troy Nehls, R-Texas, wrote to Brown University questioning its endowment and handling of a student who sent a DOGE-like email to staff.
www.foxnews.com

Trump 100 days: White House action plan makes Project 2025 look mild

Donald Trump tried to distance himself from the radical rightwing blueprint for government during the campaign but its prescriptions are all over the administration’s agenda
news.yahoo.com
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Latest Political News Feed

Elon Musk's Starbase may soon be an official Texas city

  • News source: Politics - CBSNews.com
  • Replies: 0
  • Views: 0
The South Texas home of Elon Musk's SpaceX rocket company is on its way to becoming an official city with a galactic name: Starbase.

A vote Saturday to formally organize Starbase as a city was approved by a lopsided margin by a small group of voters who live there and are mostly Musk's employees at SpaceX.

Starbase is the facility and launch site for the SpaceX rocket program that is under contract with the Department of Defense and NASA, which hopes to send astronauts back to the moon and someday to Mars.

Musk first floated the idea of Starbase...
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How Carney's election win will change direction of trade war

  • News source: BBC News - World
  • Replies: 0
  • Views: 6
In his exclusive BBC interview, the Canadian Prime Minister indicates how he plans to tackle Trump.
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For America's European allies, Trump's first 100 days a time of reckoning, backlash

  • News source: Politics - CBSNews.com
  • Replies: 0
  • Views: 6
Normandy, France — The heroic D-Day landings in Normandy marked the beginning of the end of World War II, where thousands of the Americans who fell in the assault still rest in graves in northwestern France.

It was the sacrifice of the American and European Allied soldiers during the Normandy Invasion, and of course their great victory over the Nazis, that formed the bedrock of an alliance that has stood firm for more than 80 years.

Then, however, came President Trump's rhetoric and the ensuing tariff war.

"Europe has been very, very bad for us,"...
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Europeans react to Trump's first 100 days

  • News source: Politics - CBSNews.com
  • Replies: 0
  • Views: 4
This week, President Trump marked 100 days in office. For some Americans, it has been a time of smashing success. For others, it was chaos and danger. But for America's allies, it has been a time of reckoning and backlash. Elizabeth Palmer has more.
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Trump's AI photo of him as pope sparks worldwide outrage

  • News source: Politics - CBSNews.com
  • Replies: 0
  • Views: 7
President Trump's attempt at papal humor sparked worldwide outrage on Saturday. With the conclave just days away, the White House released an AI-generated photo of him in full pope attire.
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Trump's 25% tariff on imported auto parts kicks in

  • News source: Politics - CBSNews.com
  • Replies: 0
  • Views: 7
The latest shot in President Trump's global trade war was fired on Saturday. New tariffs on imported car parts took effect but the economy proved resilient. Willie James Inman has the latest.
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"CBS Weekend News" headlines for Saturday, May 3, 2025

  • News source: Politics - CBSNews.com
  • Replies: 0
  • Views: 9
Here's a look at the top stories making headlines on the "CBS Weekend News" with Jericka Duncan.
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Warren Buffett, 94, stepping down as Berkshire Hathaway CEO

  • News source: BBC News - World
  • Replies: 0
  • Views: 7
The veteran investor known as the Sage of Omaha told his company's annual meeting that he would hand over the reins to Vice-Chairman Greg Abel.
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Germany defends AfD extremist classification after Rubio criticises 'tyranny in disguise'

  • News source: BBC News - World
  • Replies: 0
  • Views: 8
Germany's foreign office says history shows that right-wing extremism "needs to be stopped", after criticism from the White House.
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Europe marks VE Day with Trump on its mind

  • News source: BBC News - World
  • Replies: 0
  • Views: 8
As Western alliances unravel, Europe is entering an era that seems distant from what VE Day represented, the BBC's Katya Adler writes.
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Trump criticised after posting AI image of himself as Pope

  • News source: BBC News - World
  • Replies: 0
  • Views: 9
The image, shared by White House social media accounts, comes as Catholics prepare to pick the next pontiff.
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Crowds flock to free Lady Gaga concert in Brazil

  • News source: BBC News - World
  • Replies: 0
  • Views: 11
Lady Gaga fans gather for a massive concert on Copacabana beach, paid for by Rio de Janeiro city to help boost the economy.
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Fears of global instability drive Singapore voters into ruling party's arms

  • News source: BBC News - World
  • Replies: 0
  • Views: 11
The People's Action Party won by a landslide in an election dominated by concerns over the cost of living and the economy.
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New post for Togo leader could see him rule for life

  • News source: BBC News - World
  • Replies: 0
  • Views: 13
Faure Gnassingbé's new role has no official term limits and his critics say it is a "coup d'état".
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Retailers are turning the trade war into a sales event

  • News source: J.J. McCorvey | NBC News
  • Replies: 0
  • Views: 14
The add-to-cart callouts are widespread, and lately they’re coming with a trade war twist: buy now to beat the tariffs.

Retailers and e-commerce brands have been flooding social media in recent weeks with appeals to shoppers’ well-founded fears that President Donald Trump’s import taxes will raise prices, urging them to act now before that happens.

“Tariffs are rising — but our prices aren’t (for now)!” promised DTG Pro, a printing equipment seller, in a recent Instagram post with a 10% discount code.

“Unfortunately, the bridal industry is not...
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