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Speaker 1: News when you want it with Bloomberg News Now. I'm

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Speaker 1: Dan Schwartzman. President Trump has been dealt a blow as

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Speaker 1: the Supreme Court is blocked the administration's ability to use

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Speaker 1: a seventeen ninety eight Alien Enemies Act to send a

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Speaker 1: group of Venezuelans to a notorious salvador in prison, faulting

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Speaker 1: the government for not giving the men adequate notice about

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Speaker 1: its deportation plans. Bloomberg's June Grosso with more on the

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Speaker 1: Court's ruling.

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Speaker 2: The removal of the of the Venezuelans that are actually

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Speaker 2: represented here the plaintiffs here is stayed until something is

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Speaker 2: decided about whether or not they're what kind of notice

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Speaker 2: they decide to give them. But it's stayed also because

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Speaker 2: now the Supreme Court is saying, if we take this case,

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Speaker 2: if you file a rid of sert and we take

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Speaker 2: this case, then their removal will be stayed until we're

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Speaker 2: done with the case.

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Speaker 1: Hear more from June Grosso on the Bloomberg Business Week

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Speaker 1: Daily podcast. The Court reinforced an interim ortar, temporarily barring

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Speaker 1: Trump from using the seventeen ninety eight Alien Enemies Act

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Speaker 1: to deport men being held in a Texas attention facilit

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Speaker 1: Justices Samuel Alito and Clarence Thomas dissented. President Trump reacted

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Speaker 1: to the ruling on truth social by posting quote, the

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Speaker 1: Supreme Court won't allow us to get criminals out of

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Speaker 1: our country. The US was downgraded by Moody's Ratings on

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Speaker 1: an increase in government debt, a landmark move that casts

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Speaker 1: down in the nation's status as the world's highest quality

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Speaker 1: sovereign borrower. Bloomberg's Michael McKee says this may not mean

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Speaker 1: a lot for US market spot. The real question is

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Speaker 1: how are bond holders going to react to this? How

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Speaker 1: much is it going to change interest rates? Michael McKee,

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Speaker 1: speaking on Bloomberg TV. Moody's lowered the US credit rating

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Speaker 1: to double A one from triple A on Friday, joining

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Speaker 1: Fitch Ratings and SMP Global Ratings in grading the world's

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Speaker 1: biggest economy below the top triple A position. The House

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Speaker 1: Budget Committee rejected a tax and spending bill by a

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Speaker 1: twenty one to sixteen margin, with four Republicans voting against it,

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Speaker 1: citing cost concerns and demanding deeper cuts to medicate another

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Speaker 1: government programs. Negotiations will continue through the weekends. With the

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Speaker 1: committee planning to meet again late Sunday night. Committee for

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Speaker 1: a Responsible Federal Budget Press since Mia McGinnis says, this

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Speaker 1: is not how this story ends.

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Speaker 3: Ultimately, and I've been saying this for a while. I

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Speaker 3: think it could pass as a massive budget buster as

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Speaker 3: it is currently, or it could just temporary extensions and

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Speaker 3: limping along to continue to figure it out. But those

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Speaker 3: fiscal hawks are not comfortable with the borrowing that is

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Speaker 3: in the bill, and I sympathize with them.

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Speaker 1: It's huge, miam acginnis speaking with Bloomberg's Balance of Power.

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Speaker 1: You can catch the rest of the interview on the

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Speaker 1: Balance of Power podcast. After the vote, White House Press

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Speaker 1: Secretary Caroline Levin posted on social media that the administration

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Speaker 1: quote expects all Republicans to vote for this bill. Trump

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Speaker 1: has referred to the bill as he quote one big,

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Speaker 1: beautiful bill. Fed Shaer Jerome Powell informs staff on Friday

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Speaker 1: that the Federal Reserve plans to shrink its system wide

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Speaker 1: workforce by about ten percent of the next couple of years,

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Speaker 1: mainly through attrition. The reduction also includes offering some employees

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Speaker 1: at the Washington based Board of Governors who are fully

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Speaker 1: eligible to retire by the end of twenty twenty seven

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Speaker 1: voluntary deferred resignation. In its twenty twenty three annual report,

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Speaker 1: the FED reported close to twenty four thousand employees. We're

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Speaker 1: finding out that high profile executives were also affected by

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Speaker 1: the Coinbase global data hack revealed on Thursday. As Sequoya

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Speaker 1: Capital managing partner Ruloff Botez personal information, including his phone

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Speaker 1: number and address, were stolen in the hack. Coinbase says

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Speaker 1: that attackers had bribed customer service representatives in India with

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Speaker 1: cash in exchange for access to client data. The thieves

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Speaker 1: then demanded twenty million dollars from Coinbase in exchange for

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Speaker 1: covering up the incident and extortion demand. The company says

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Speaker 1: it refused to pay. Ten men have escaped from a

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Speaker 1: New Orleans jail by scaling a wall. After fleeing through

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Speaker 1: a hole in a wall behind a toilet, Authorities say

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Speaker 1: that the loan guard assigned to their cell podders away

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Speaker 1: getting food. So far, two of the men have been reapprehended.

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Speaker 1: The Orleans Parish Sheriff Susan Hudson has blamed defective locks

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Speaker 1: and possible inside help as reasons for the escape. President

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Speaker 1: Trump says he would be willing to meet with Chinese

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Speaker 1: leader Shi Jimping in China about foreign policy and economic issues.

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Speaker 1: Trump said during an interview with Fox News, US and

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Speaker 1: Chinese reps recently negotiated a temporary truce in the trade

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Speaker 1: war sparked by Trump imposing massive tariffs on Chinese goods.

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Speaker 1: The ninety day agreement loris levies on Chinese imports from

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Speaker 1: one hundred and forty five percent to thirty percent, while

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Speaker 1: Chinese duties on US goods felt to ten percent. Trump

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Speaker 1: also stressing in the interview that the relationship between China

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Speaker 1: and the US was quote important. The second round of

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Speaker 1: the PGA Championship is in the books from Quail Hollow

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Speaker 1: Club in Charlotte, North Carolina. Jonathan Vegas atop the leaderboard

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Speaker 1: at eight under. There's now a three way tie for

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Speaker 1: second place between Seewu Kim, Matthew Pavan, and Mat Fitzpatrick.

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Speaker 1: Right behind them at five under is Max Oma and

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Speaker 1: Scottie Scheffler. That's news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Dan Schwartzman, and this is Bloomberg