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Speaker 1: News when you want it with Bloomberg News now, I

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Speaker 1: meant Kleggy. The House Ways and Means Committee Friday night

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Speaker 1: released a partial version of President Trump's tax proposal that

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Speaker 1: calls for increasing the maximum child tax credit to twenty

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Speaker 1: five hundred dollars and raising the estate tax exemption to

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Speaker 1: fifteen million dollars. Representative Jason Smith of Missouri, the committee's chairman, said,

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Speaker 1: in a statement, Ways and Means, Republicans have spent two

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Speaker 1: years preparing for this moment, and we will deliver for

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Speaker 1: the American people. It was notable, however, for what it

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Speaker 1: did not address, raising the deduction for state and local

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Speaker 1: taxes and at tax unwealthy Americans that Trump has indicated

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Speaker 1: he might consider. Treasury Secretary Scott Besson told lawmakers that

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Speaker 1: his department's ability to use special accounting maneuvers to stay

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Speaker 1: within the federal debt limit could be exhausted in August. Bessen,

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Speaker 1: in a letter to House Speaker Mike Johnson, said that

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Speaker 1: after reviewing receipts from the recent April tax filing season,

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Speaker 1: there is a reasonable probability that the federal government's cash

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Speaker 1: and extraordinary measures will be exhausted in August. While Congress

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Speaker 1: is scheduled to be in recess. Bessett urged Congress to

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Speaker 1: increase or suspend the debt limit by mid July before

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Speaker 1: its scheduled break to protect the full faith and credit

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Speaker 1: of the United States. Google will pay one point four

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Speaker 1: billion dollars to Texas to settle claims the company collected

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Speaker 1: users data without permission. The state's Attorney general announced this

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Speaker 1: fronting in twenty twenty two. Attorney General Ken Paxton sued Google,

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Speaker 1: saying the search giant collected millions of biometric identifiers, including

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Speaker 1: voice prints and records of face geometry, through its products

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Speaker 1: and services like Google Photos, Google Assistant, and Nest hubmes.

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Speaker 1: Paxton described the settlement as sending a message to tech

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Speaker 1: companies that he will not allow them to make money

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Speaker 1: off of quote selling away our rights and freedoms. Airlines

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Speaker 1: and aviation officials planned to meet concerning further flight cutbacks

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Speaker 1: at Newark Airport following multiple breakdowns and radar systems. The

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Speaker 1: plan currently under consideration would encourage carriers to voluntarily decrease

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Speaker 1: the number of FLA lights for a limited period at

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Speaker 1: the transportation hub outside New York City. The idea is

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Speaker 1: to cabin at fifty six per hour. There will be

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Speaker 1: a meeting May fourteenth to discuss this further. President Trump

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Speaker 1: floated in eighty percent tariff on China ahead of negotiations

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Speaker 1: due to begin Saturday, as he urged Beijing to do

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Speaker 1: more to open their markets to US goods. Friday, Trump

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Speaker 1: wrote in a social media post, eighty percent tariff on

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Speaker 1: China seems right up to Scott b referring to Treasury

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Speaker 1: Secretary Scott Bessant. Bessants and US Trade Representative Jamison Guirros

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Speaker 1: had to begin talks in Switzerland this weekend, the first

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Speaker 1: public discussions on diffusing a trade war that has seen

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Speaker 1: Trump impose one hundred and forty five percent levees on

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Speaker 1: China and Beijing retaliating with one hundred and twenty five

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Speaker 1: percent duties on many American goods. White House Press Secretary

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Speaker 1: Caroline Levitt talked Friday about the President's desire to unilaterally

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Speaker 1: bring down the tariffs.

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Speaker 2: The President still remains with his position that he is

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Speaker 2: not going to unilaterally bring down towns on China. We

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Speaker 2: need to see concessions from them as well, and again

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Speaker 2: that's part of the reason that Secretary Besson is going

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Speaker 2: to talk to his Chinese counterparts this weekend to start

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Speaker 2: those discussions in person.

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Speaker 1: Whitehouse Press Secretary Caroline Levitt the US has launched a

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Speaker 1: Section two thirty two investigation into imports of commercial aircraft

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Speaker 1: jet engines in their parts. This according to a notice

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Speaker 1: and the Bureau of Industry and Security posted Friday. Representative

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Speaker 1: Nicole Meliataka says increasing the state and local tax deduction

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Speaker 1: cap to thirty thousand from ten thousand would reduce the

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Speaker 1: tax burden of the vast majority of people in her district,

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Speaker 1: indicating support for a proposal that is dividing Republicans. Bloomberg's

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Speaker 1: Eric Wasson says this endorsement does not put the deal

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Speaker 1: over the finish line. This is going to continue negotiate.

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Speaker 1: One thing, we might see this was a flat thirty thousand.

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Speaker 1: We might see them double it for couples. You know,

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Speaker 1: there's been a lot of talk about the marriage penalty

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Speaker 1: under salt. Eric Wasson, speaking with Bloomberg's Balance of Power

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Speaker 1: in golf. After two rounds of the Truest champion Chip

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Speaker 1: Keith Mitchell three hunder on Friday, twelve under for the

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Speaker 1: tournament heads into Saturday's third round with a one shot lead.

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Speaker 1: The Friday number is on Wall Street. The down lost

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Speaker 1: one to nineteen. Nasdaq was virtually unchanged. The SMP dropped four.

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Speaker 1: The ten year treasury yield at four point three eight percent,

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Speaker 1: the two year yield at three point eight nine percent.

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Speaker 1: As Putin and Sheet strengthened ties at Russia's victory Day parade,

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Speaker 1: Trump is squandering his leverage to securing meaningful peace deal.

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Speaker 1: A bad Ukraine Russia deal is also a terrible deal

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Speaker 1: for Europe. You can read all about it in Bloomberg's

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Speaker 1: weekend edition, exploring the places where finance, life and culture meet.

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Speaker 1: Find it now on bloomberg dot com and the Bloomberg

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Speaker 1: Business app. That's News When you wanted with Bloomberg News Now,

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Speaker 1: I made Kalggy. This is Bloomberg