The Energy and Commerce, Ways and Means, and Agriculture committees will hammer out details on Medicaid and nutritional assistance spending and tax cuts.

Thanks to the Department of Government Efficiency and new tariff revenue, deficit spending dropped by 92 percent during President Donald Trump's first approximately 100 days in office, compared to the same period last year under then-President Joe Biden.

President Donald Trump's sweeping tariffs are an "unprecedented and unlawful expansion" of executive power, a lawyer for a group of small businesses told a federal court Tuesday morning. The hearing at the Court of International Trade in Manhattan marks the first time a federal court has taken up the question of whether Trump's "Liberation Day" tariffs are legal.

The U.S. collected a record $16.3 billion in customs revenue in April, although the "Liberation Day" import tax revenue surge could be short-lived.

The Trump administration has made moves to ease tariff tensions with China, but the situation remains uncertain in the longterm.

U.S. tariff revenue hit a record $16.3 billion in April, easing the budget deficit rate as President Donald Trump's sweeping tariffs took hold.

President Trump’s first 100 days in office have been marked by economic disruption and uncertainty in the stock market. The S&P 500 index fell around 8% during this period, its worst performance since 1974.

President Donald Trump has long been preoccupied by the trade deficit—the gap between what the U.S. sells to the rest of the world and what it buys from it. He recently declared the issue a national emergency and used trade deficit data to calculate so-called "reciprocal tariffs" targeting nearly 100 countries.