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By Paul LeBlanc, Shania Shelton, Maureen Chowdhury and Tori B. Powell, CNN
Updated 5:21 PM EDT, Thu September 5, 2024
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Five days to Harris-Trump debate in Philadelphia
07:31 - Source: CNN
What we're covering
- Countdown to Election Day: Vice President Kamala Harris and former President Donald Trump are on the campaign trail ahead of their presidential debate on Tuesday. Both Trump and Harrishave unveiled more of their proposed economic policies this week.
- Looming debate: The Harris campaign hasaccepted the terms of the debate, including on microphones being muted when they aren’t speaking. The vice president is spending her final days of preparation in Pittsburgh.
- Early voting: The first ballots in the nation are scheduled to start going out Friday in North Carolina, but could be delayed after a ruling in Robert F. Kennedy Jr.’s ballot challenge. Visit ourvoter guide to see the latest guidelines in your area.
- Trump’s legal woes: The judge in Trump’s federal election subversion case has set a schedule that will allow prosecutors to release never-before-seen evidence before the presidential election.
31 Posts
Evidence in Trump's election interference case could be released before election under new schedule
From CNN’s Katelyn PolantzJudge Tanya Chutkan has set a schedule in the federal election subversion case against Donald Trump that will allow prosecutors to release never-before-seen evidence, such as grand jury transcripts, before the presidential election.
The deadline for the filing from prosecutors is September 26, according to the latest order from the judge, which largely sides with special counsel Jack Smith’s proposed schedule discussed at Thursday’s hearing. Trump’s defense team had sought to delay the public release of evidence in the case until after the November election.
This is the one of several filings the judge expects before voters head to the polls. She has not scheduled additional hearings or a trial date.
Here's a look a the economic plans Trump unveiled today
From CNN's Alayna Treene,Tami Luhby,Steve ContornoandKate SullivanDonald Trump unveiled a slate of new economic plans in a speech on Thursday as his campaign attempts to contrast the former president’s economic plans with those of Vice President Kamala Harris.
Here’s a look at the plans Trump outlined today:
- Creating a government efficiency commission that he saidElon Muskhas agreed to lead if the former president is elected in November
- Cutting government regulations, including those aimed at energy production
- Rescinding unspent funds from the Biden administration
- Embracing cryptocurrency
- Imposing sweeping tariffs on imports
- A reduction of the corporate tax rate to 15%, from 21% — but only for companies that make their products in the US
The Trump campaign, which views the economy as its top issue ahead of the November election, planned the former president’s Thursday address in an effort to contrast his economic plans with those of Harris, Trump advisers said.
Harris has in recent days unveileda slew of economic proposals,including measures aimed at aiding small businesses and at making housing, groceries, child-rearing and health caremore affordablefor the middle class and working Americans.
Read more about the campaign promises Trump has made so far.
Walz calls for stricter gun safety measures following Georgia school shooting
From CNN's Aaron PellishMinnesota Gov. Tim Walz speaks on Thursday in Pennsylvania.
Minnesota Gov. Tim Walz made the case for stricter gun safety measures in response to the Apalachee High School shooting in Georgia that left four people dead, arguing during a campaign stop in Pennsylvania on Thursday that “none of the things we’re proposing” impede on the constitutional right to bear arms.
While speaking to volunteers in Erie, Kamala Harris’ running mate called for Americans to be able to enjoy the “freedom for our kids to go to school without being shot,” and indicated support for federal laws that replicate gun safety measures he approved in Minnesota, including universal background checks and a “red flag” law to restrict access to guns for people with high risk of injuring themselves or others.
Walz said the issue of gun safety is “heavy on every one of our hearts” after the shooting in Windsor, Georgia, on Wednesday.
The gun used in Wednesday’s shooting was an “AR-platform style weapon,” according to the Georgia Bureau of Investigations. Walz has previously endorsed an assault weapons ban.
Walz insisted the stricter gun safety measures he proposed would not dampen the Second Amendment rights of gun owners.
Trump dodges question on child care legislation
From CNN's Tami LuhbyFormer President Donald Trump speaks at the Economic Club of New York in New York City on September 5.
Asked at an economic forum Thursday whether he would commit to prioritizing legislation that would make child care affordable, former President Donald Trump pivoted to tout the economic growth that he says his policies, particularly tariffs, would promote if re-elected.
Trump said child care is “a very important issue” and that the country under his leadership would be able to “afford to take care of its people.”
“We are going to be taking in trillions of dollars. As much as child care is talked about as being expensive, it is relatively speaking not very expensive compared to the kind of numbers we’ll be taking in,” he said in a speech at the Economic Club of New York.
Some background: Child care is a major financial burden for many families in the US. Parents with two kids in a child care center paid on average at least twice as much for that care as they did for the typical rent in 11 states and the District of Columbia in 2023, according to a Child Care Aware of America report released in May.
Placing two kids at a child care center cost at least 25% more than the typical rent, on average, in every state in the US.
And the tab exceeded annual typical mortgage payments in 45 states, plus the District of Columbia, according to the Child Care Aware report, which looked at care for an infant and 4-year-old.
Nationwide, the average annual cost of care rose to $11,582 per child last year, up 3.7% from the prior year. It was the smallest annual increase since the pandemic began and trailedinflation.
Trump is pushing for a 15% corporate tax rate, but only for certain companies
From CNN's Tami LuhbyFormer President Donald Trump said Thursday he would reduce the corporate tax rate to 15%, from 21% — but only for companies that make their products in the US.
Trump has said repeatedly that he’s interested in lowering the corporate levy further than the 21% rate put in place by the 2017 Tax Cuts and Jobs Act, one of his signature achievements during his first term. Prior to the law, the corporate tax rate was 35%.
He argues that reducing the rate, along with making other provisions of the TCJA permanent and enacting additional tax cuts, would grow the economy, raise revenue and cut the deficit. However, the economic effects of the 2017 law remain a matter of debate among experts.
Also, slashing the rate that low could prove a hard sell in Congress, which would have to approve the measure amid concerns about the rising federal debt. Trump pushed for a 15% corporate tax rate as part of his 2016 presidential campaign, but Republicans opted for the 21% rate even though they controlled Capitol Hill at the time.
Slashing the rate to 15% would reduce federal revenue by $673 billion over a decade, according to the Tax Foundation, which also estimates the proposal would boost the economy by 0.4% over the long run.
Reducing the corporate tax rate is among the many contrasts Trump is drawing with his Democratic rival, Vice President Kamala Harris. She supports raising the rate to 28% as part of her aim to make big companies and the wealthy pay their fair share of taxes to raise funding for her proposals aimed at supporting the middle class and working Americans.
Meanwhile: Hunter Biden offers to plead guilty to federal tax charges without a deal with prosecutors
From CNN's Marshall Cohen,Evan Perez,Paula ReidandCasey GannonAs the campaign season continues without President Joe Biden as the Democratic presidential candidate, his son is making his way back into the spotlight.
Hunter Biden is offering to plead guilty to the nine tax offenses he faces in federal court, without a deal with prosecutors, his attorneys said in court Thursday.
Biden had earlier attempted to resolve hisfederal tax evasion casein California with a plea in which he would maintain his innocence but still accept punishment.
The arrangement wouldn’t have become final until District Judge Mark Scarsi, a Trump appointee who has presided over the tax case, gave his stamp of approval in open court.He said Thursday that he would make that decision at a later date. This type of arrangement, called an “Alford plea,” would have seen Biden acknowledge that special counsel David Weiss has enough evidence to convict him – and then he would accept whatever sentence Scarsi eventually hands down.
But in a surprising turn Thursday afternoon, Biden’s team changed course and instead said Biden is prepared to admit that his conduct satisfied the elements of the tax offenses with which he had been charged.
Prosecutors from Weiss’ team had said they would object to an Alford plea. Prosecutor Leo Wise told the judge that Lowell’s comments in court earlier in the day were the first time he learned about a potential plea change.
Lowell had earlier “there has not been an agreement” between the parties – like a plea agreement – in which Biden would plead guilty to some charges in exchange for other charges being dropped. The only offer that Hunter’s team ever got from prosecutors, Lowell said, was for him to plead guilty to all nine counts.
The potential resolution of the tax case came on the brink of a trial in downtown Los Angeles. This would have been Biden’s second criminal trial this year, after he wasconvictedin June on three federal gun charges in Wilmington, Delaware.
Read more on his case here.
This post has been updated with more details on today’s developments.
Harris campaign will try to appeal to GOP voters turned off by Project 2025
From CNN's Aaron PellishVice President Kamala Harris’ campaign is planning a slew of organizing events this weekend designed to appeal to Republican voters who are wary of Donald Trump’s agenda, tying the GOP nominee to the conservative policy proposal Project 2025.
The organizing push will feature Democratic Sens. Jon Ossoff, Alex Padilla and Amy Klobuchar appearing at events in battleground states, the campaign announced Thursday.
The push comes as the Harris campaign looks to capitalize on support from prominent Republican figures, including endorsements this week from former GOP Rep. Liz Cheney and 1st Lt. Jimmy McCain, son of the former Republican presidential nominee John McCain.
The Harris campaign will host over 2,000 events and 20,000 volunteer shifts in hopes of reaching over 1 million voters in battleground states, the campaign said.
The slate of events is the latest effort by the Harris campaign to link Trump to the Heritage Foundation policy document crafted with help from many of his allies and former members of his administration. Democrats frequently cite proposals in the document to portray Trump’s agenda, while the former president has repeatedly denied any connection to Project 2025.
Trump promises dirt-cheap gas prices. That may require a global recession
From CNN's Matt EganFormer President Donald Trump answers questions during a campaign event at the Economic Club of New York on Thursday.
Former President Donald Trump promised Thursday to make gasoline dirt-cheap again by slashing red tape and drilling for more oil.
“We’re going to get gasoline below $2 a gallon,” Trump said at the New York Economic Club.
However, some experts warn it could take an economic calamity to make that happen.
Trump vowed to “end Kamala Harris’ anti-energy crusade,” a claim that does not match up with the fact that America is producing more oil now than at any point under his presidency.
US oil production recently stood at 13.4 million barrels per day, according toweekly federal data. That is higher than the pre-Covid peak of 13.1 million under Trump – andit is higher any other point in US history.
Trump on Thursday bragged about gas prices tumbling to $1.87 a gallon during his time in office. In fact, at one point in the spring of 2020 gas prices dropped below $1.80 a gallon.
However, many Americans could not take advantage of those ultra-low prices because they took place during the height of the Covid-19 crisis.
“I don’t think anyone wants to return to those pandemic times,” Lipow said.
Start of early voting could be delayed after ruling in RFK Jr. North Carolina ballot challenge
From CNN's Ethan CohenThe first ballots in the nation are scheduled to start going out Friday in North Carolina, but that may be delayed after a judge ordered a temporary pause to ballot distribution.
The ruling came in response to a request from Robert F. Kennedy Jr. to remove his name from the ballot.
North Carolina’s State Board of Elections rejected that request last week, saying that it wouldn’t be practical to reprint ballots and delay the start of voting.
Kennedy challenged that decision in court.
Wake County Superior Court Judge Rebecca Holt denied Kennedy’s request, but also ordered a 24-hour pause to allow Kennedy to appeal.
After the hearing, state board general counsel Paul Cox instructed counties to not send ballots out Friday morning.
However, Cox said that ballots would need to be go out Friday afternoon, unless an appeals court ordered a further delay.
Trump falsely claims that 1.3 million workers have "become unemployed" in the past 12 months
From CNN's Alicia WallaceIn a speech Thursday, former President Donald Trump greatly overstated the number of people who lost their job in the past year.
Trump falsely claimed that “1.3 million workers have become unemployed in the past 12 months” when speaking at the Economic Club of New York.
Trump appears to be citing data from the Bureau of Labor Statistics’ survey of households, which is one of two surveys that feeds into the monthlyjobsreport. As of July 2024, the estimates from the household survey show there were 7.163 million “unemployed persons,” an increase of 1.259 million from July 2023.
People are classified as “unemployed” if they do not have a job, were available for work and have actively tried to find work. In addition to permanent and temporary job losers, the BLS’ definition of unemployed includes people who have newly entered the labor force, as well as those who have re-entered the workforce.
Through the 12 months that ended in July, that 1.259 million increase was broken down as follows:
- Temporary layoffs +339,000
- Permanent job losers +284,000
- Completed tempjobs+164,000
- Job leavers +1,000
- Reentrants +292,000
- New entrants +116,000
Trump says Elon Musk has agreed to lead Trump’s proposed government efficiency commission
From CNN's Kate SullivanTesla CEO Elon Musk listens as Israeli Prime Minister Benjamin Netanyahu addresses a joint meeting of Congress in the chamber of the House of Representatives at the U.S. Capitol on July 24 in Washington, DC.
Former President Donald Trump said Thursday Elon Musk has agreed to lead the government efficiency commission that Trump proposed creating if reelected in November.
The commission was first proposed by Musk. Trump made the comments as he unveiled a slate of new economic plans during his remarks at the Economic Club of New York.
Trump said, “And Elon, because he’s not very busy, has agreed to head that task force, be interesting, if he has the time, he’d be good to do it. But he’s agreed to do it.”
Republican Jewish Coalition committed to raising $5 million for Trump’s campaign, chairman says
From CNN's Veronica StracqualursiRepublican Jewish Coalition chairman Norm Coleman on Thursday said that the organization has committed to raising $5 million from Jewish donors for former President Donald Trump’s presidential campaign.
The RJC is in the middle of a$15 million independent expenditure tomobilize the Jewish community in support of Trump this November – “a record high number for any Jewish group in a presidential campaign,” he claimed.
He said that RJC’s field staffers have already been on the ground in battleground states, including Pennsylvania, Georgia, Michigan, Arizona and Nevada, and that their national staff will deploy to these states for GOP get-out-the-vote efforts.
“We’re working hard at recruiting volunteers, making phone calls, knocking on doors, sending text message, making inroads with local communities in battleground states,” he said. “We know this election much like 2016 and 2020 will be decided by very narrow margins, including just a few households in certain precincts.”
Trump allies blast Harris’ economic proposals ahead of his New York speech
From CNN's Ebony DavisFormer President Donald Trump’s allies on Thursday slammed Vice President Kamala Harris’ economic proposals during a press call ahead of his scheduled speech in New York where he is expected to unveil a set of new economic plans.
A day after Harris proposed a new wave of economic proposals aimed at boosting small businesses and entrepreneurs, the Trump campaign argued “we should reject these failed ideas,” claiming that her time serving in the Biden administration has only contributed to high costs and inflation.
The call, hosted by the RNC and Trump campaign, highlighted that Trump is expected to spend less time focused on criticizing Harris’ agenda and instead emphasize “he has the plan that works.”
Harris will meet with Teamsters on September 16
From CNN's Arlette SaenzVice President Kamala Harris will attend a rank-and-file roundtable with the International Brotherhood of Teamsters at the union’s headquarters in Washington, DC, on September 16th, the union announced Thursday.
It marks Harris’ latest effort to win over union support, especially from rank-and-file members that former President Donald Trump is also making a play for in November.
The Teamsters have yet to offer an endorsement in the election. Trump and President Joe Biden each met with the group earlier his year.
Harris will meet with rank-and-file members, the Teamsters general executive board, general President Sean O’Brien and General Secretary-Treasurer Fred Zuckerman.
Trump is making government spending a focal point of his speech. Here’s what’s really going on
From CNN's Elisabeth BuchwaldFormer President Donald Trump is set to dedicate a substantial portion of the speech he’s delivering Thursday at the Economic Club of New York to calling out what he considers excessive government spending, a source familiar with his remarks told CNN.
In an effort to cut down on spending, he’s expected to unveil a commission focused on government efficiency. Absent this, government spending is already inching down.
For much of Trump’s presidency, government spending was fairly flat — that was, until the pandemic.
To stimulate theUS economyafter much of it came to a standstill during Covid, government spending ramped up significantly. From fiscal year 2019 to fiscal year 2020, it increased from $5.31 trillion to $7.72 trillion, according to data from the Bureau of Economic Analysis.
It stayed above $7 trillion until fiscal year 2022, when it was $6.48 trillion. For the 2023 fiscal year it fell even more, to $6.13.
Even though that’s almost $1 trillion more than what the government spent in fiscal year 2019, it amounts to 23% of gross domestic product for that year, just two percentage points higher than in 2019.
But federal outlays are projected to increase to almost 25% of GDP by 2034, according to the latest projection by the Congressional Budget Office.
Melania Trump promotes upcoming memoir in new video
From CNN's Kate SullivanFormer first lady Melania Trump on Thursday promoted her upcoming memoir, stating in a new video that she feels “a responsibility to clarify the facts.”
Trump said, “I believe it is important to share my perspective: The truth.”
The black and white video showed clips and photographs from the former first lady’s time in office, including her trips abroad and her interacting with children.Her post linked to a page to pre-order her book.
The text, “My Story. My Perspective. The Truth,” flashed on screen.
The former first lady’s office announced last month her memoir titled “Melania” would be released this fall and described the book as “a powerful and inspiring story of a woman who has carved her own path, overcome adversity and defined personal excellence.”
The former first lady has maintained a low profile throughout Trump’s 2024 presidential campaign and has not appeared at a campaign event with him except to attend the Republican National Convention in Milwaukee last month.
North Carolina ranks 6th in presidential ad spending with first ballots set to go out tomorrow
From CNN's David WrightStickers reading "I Voted By Mail" are displayed as the Wayne County Board of Elections prepares absentee ballots in Goldsboro, North Carolina, in September 2022.
With the first presidential ballots going out tomorrow in North Carolina, the Harris and Trump campaigns – and their allies – are pouring advertising money into the key battleground state.
Between President Joe Biden’s withdrawal from the race and Labor Day weekend, North Carolina voters were bombarded by $46.4 million in total presidential advertising, ranking sixthamong all states during that stretch, according to AdImpact data.
Republicans outspent Democrats in that period by about $26.3 million to $19.98. million, ramping up their efforts to prevent a GOP loss in the state for only the second time since 1976.
The Raleigh-Durham (Fayetteville) media market drew the most spending in that period, about $8.7 million total, and Republicans outspent Democrats by about $4.9 million to $3.8 million there.
Trump’s economic plans expected to include government efficiency commission proposed by Elon Musk
From CNN's Alayna Treene and Tami LuhbyFormer President Donald Trump is expected to unveil a slate of new economic plans during his remarks at the Economic Club of New York on Thursday, including the creation of a presidential commission focused on government efficiencyfirst proposed by Elon Musk, a source familiar with his speech told CNN.
The commission would conduct “a complete financial and performance audit of the entire federal government,” Trump is expected to announce, and be tasked with finding and eliminating fraud, the source said.
Trump is also expected to outline new proposals aimed at tackling government regulations, including those aimed at energy production, and vow to withdraw unspent funds appropriated during the Biden administration. His speech will also address his recent embrace of cryptocurrency and reaffirm his plan to place sweeping tariffs on imports.
The Wall Street Journal first reportedTrump’s planned announcement.
Trump and Republicans have sought to rescind funding boosts contained in recent legislation that Democrats have pushed through Congress, including the 2022 Inflation Reduction Act, which funneled about $80 billion over 10 years to the Internal Revenue Service and put in place a wide array of climate measures. Congressional Republicans have already succeeded in paring back$20 billion of the IRS funds.
Also, Trump and congressional Republicans have long pointed to combatting waste, fraud and abuse as ways to save the federal government money. But that refrain is “often an excuse to do nothing,” said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget.
Trump’s commission would have to be given a broad mandate to review the largest federal spending programs – Social Security, Medicare and defense – to be most effective, he said.
The Trump campaign, which views the economy as its top issue ahead of the November election, planned the Thursday address as an effort to contrast the former president’s economic plans with that of Vice President Kamala Harris, Trump advisers said.
Economic issues, which posed a notable weak point for President Joe Biden, remain the topic most often chosen by voters when asked what matters to their choice for president; with an average of 39% of likely voters across the six top battleground states choosing the economy as their top issue,a recent CNN poll found.
Walz visited Pittsburgh diner for breakfast
From CNN's Aaron Pellish and Eva McKendMinnesota Gov. Tim Walz visited Pamela’s Diner in Pittsburgh on Thursday, an unannounced stop on his schedule during his two-day swing through Pennsylvania.
A restaurant staff member told CNN that Walz and his daughter Hope ate breakfast at the popular Pittsburgh restaurant on Thursday. The press pool traveling with Walz did not accompany him to the restaurant.
The staff member said Walz and his daughter ordered hot cakes and eggs, and shook hands with workers and restaurant goers during his visit. The staff member described Walz as “nice.”
Harris economist says Trump is "blatantly lying" about the consequences of his tariff and tax plan
From CNN's Steve ContornoAs Donald Trump prepares to lay out his plans for the American economy, Vice President Kamala Harris’ campaign will argue the former president’s proposals would cost “trillions” of dollars and disproportionately hurt the middle class.
In a memo obtained by CNN, Brian Nelson, a top economic adviser to Harris, contends that Trump’s economic policies will “serve billionaires and big corporations” and his proposals would lead to “massive tax windfalls” for the wealthy.
Trump, who lowered the corporate tax rate to 21% in his first term, has promised another cut for businesses if elected again, as well as eliminating taxes on tipped wages. He has also proposed sweeping tariffs across the economy in hopes it will generate revenue to pay for these new cuts and encourage more investments in the US.
Nelson, who until recently served as the US Department of the Treasury’s Under Secretary for Terrorism and Financial Intelligence, pointed to analyses from economists across the political spectrum who have cautioned Trump’s approach could backfire and set off a trade war that would bring economic growth to a standstill.
As CNN and others have reported,many economic experts warnthat a broad and unprecedented hike in tariffs could cause considerable harm and lead to a sharp spike in prices on goods for Americans and kill jobs.
“But Donald Trump is denying this broad, bipartisan consensus, ‘hoping that most economic analyses of his ideas are dead wrong’ and blatantly lying to the American people about the severe costs and consequences of his economic plans,” Nelson wrote in the memo, which the campaign intends to release as Trump speaks Thursday.
Trump will deliver remarks at the Economic Club of New York Thursday – a day after Vice President Kamala Harris unveiled the latest piece of her economic agenda
Trump on upcoming debate with Harris: "I’m going to let her talk"
From CNN's Kate SullivanFormer President Donald Trump on Wednesday said he was “going to let her talk” when asked about his upcoming debate with Vice President Kamala Harris.
“You know when I had Biden, you and I had the same discussion and I let him talk. I’m going to let her talk,” Trump said to Fox News host Sean Hannity during a town hall in Harrisburg, Pennsylvania.
“It depends a lot on ABC, will they be fair or not?” Trump said. “I hope they will be fair.”
ABC News on Wednesday officially announced the rules of next week’s presidential debate between Harris and Trump, and both candidates have agreed to the format that microphones will be muted while the other is speaking.
Trump claimed Wednesday Harris’ team “wanted notes” and “wanted a desk” but that Trump objected. The rules set out by ABC News do not allow for notes, and the candidates will be standing behind podiums.
Trump also made the baseless claim that he had “already heard” that Harris’ team would “get the questions in advance.”
Harris campaign launches second ad highlighting Project 2025
From David WrightKamala Harris’ campaign on Thursday launched its second ad highlighting Project 2025, the conservative blueprint for the next Republican president that has attracted considerable blowback.
The ad, which began airing this morning in Georgia, specifically warns of the impact the plan would have on Black Americans, and emphasizes the threat to abortion rights.
Trump and his campaign have made efforts to distance the former president from the controversial policy blueprint, as it’s become a focus of Democratic attacks. ACNN analysis, however, found nearly 240 people with ties to both Project 2025 and Trump.
Emhoff speaks out on his own and Harris' behalf in response to hostage murders
From CNN'sEdward-Isaac DovereSecond Gentleman Doug Emhoff during a prayer vigil at Adas Israel Congregation in Washington, DC on September 3 to honor the six Israeli hostages killed in Gaza and those who remain in Hamas captivity.
The murders ofsix more Israeli hostagesmarked a critical new moment forDoug Emhoff, who’s speaking out on his own and Kamala Harris’ behalf, as only a Jewish American and the spouse of a presidential candidate can.
For Emhoff, it’sa reflection of historical circumstances:he has spoken often about how he reconnected to his Judaism after seeing the response he receivedwhenJoe Biden picked Kamala Harris for the ticket four years ago.Then as second gentleman, he felt compelled first by the rise in antisemitism and then the October 7Hamasterror attacks to speak up about how much hurt he felt.
Now, with his wife suddenly the Democratic nominee andboth of themthrust more into the spotlight— and as the worldapproachesthe anniversary of those attacks andIsrael’s ensuing warin Gaza — friends and advisers say they’re seeing a man continuing to search for his own response to an issue that is policy, politics and personal allat once.
Continue reading about Emhoff’s reaction to the hostage murders.
This is the Trump policy that has economists on edge
From CNN's Matt EganDonald Trump takes the stage during a campaign rally in Johnstown, Pennsylvania, on August 30.
Former President Donald Trump wants to spend trillions of dollars on tax cuts. His plan to pay for that is alarming some mainstream economists.
Trump proposedsweeping tariffson all $3 trillion worth of imports into the United States, including a 60% tariff on imports from China and a 10% across-the-board tariff on imports from other nations.
Recently, Trump doubled down on the threat, saying he isconsidering tariffs of up to 20% on most importsin a bid to protect working-class jobs and punish what he labels unfair trading practices.
In theory, the unprecedented tariff hikes could raise trillions of dollars, funds that would help cover the cost of the tax cuts. However, many economists warn that those tariffs could backfire — badly — by raising prices on American families, killing jobs and setting off a global trade war.
It’s part of the reason Goldman Sachs in an analyst note this week said Trump’s economic policies — particularly on trade — would cause America’s economy to shrink. By contrast, Vice President Kamala Harris’ economic policy proposals would grow the economy, Goldman Sachs predicted.
Goldman and other experts fear Trump’s tough proposed trade tactics could worsen the affordability crisis in America.
Kelly warned that tariffs are a “perfect stagflation machine,” threaten to scramble supply chains and invite a punishing response from trading partners.
Harris spokesman says “she’s her own candidate” as she breaks from Biden on capital gains tax
From CNN's Liz Brown-Kaiser and Betsy KleinIan Sams, aspokesperson for the Harris-Walz campaign, emphasized that Vice President Kamala Harris is “her own candidate,” separate from President Joe Biden, when pressed about her decision to break from Biden on her capital gains tax proposal.
Sams continued that, “when it comes to something like the capital gains tax rate, she thinks that 39.6% is too high and that we can come down a little lower to 28% to better incentivize the kind of investment and entrepreneurs that we want to see in this country.”
He added, “I think as the campaign continues, you’ll see places where there are distinctions because she’s her own candidate.”
Trump campaign warns staffers against talking to press in new leaked memo
From CNN's Kristen Holmes and Jalen BeckfordThe Trump campaign on Wednesday warned staff against talking to the press in a memo, telling staffers that “information is power.”
This is not the first time top campaign officials have lectured staffers on talking to press. CNN has reported on the extensiveefforts since the campaign began to curb leaking to the press among campaign staffers. It was not immediately clear if a specific story or event prompted this memo or if the memo is simply a routine warning against leaks.
“Information is power - and the press doesn’t give a damn if you lose your job because you spoke out of school,” LaCivita and Wiles wrote.
NBC News was first to report the leaked campaign memo.
Harris will travel to Pittsburgh today ahead of debate in Philadelphia next week
From CNN's Ebony DavisVice President Kamala Harris speaks at a campaign stop in North Hampton, New Hampshire, on Wednesday.
Vice President Kamala Harris will travel to Pittsburgh on Thursday, according to her campaign, where she is expected to remain as she prepares for the presidential debate next week.
CNN previously reported that Harris intentionally pared back her travel leading up to the upcoming presidential debate at National Constitution Center in Philadelphia to dedicate time to preparation. While in Pittsburgh, she will prepare with her team, according to two sources familiar with the planning, and will stay for several nights until the debate Tuesday.
It’s the second time the vice president will visit the city this week aftercampaigning with President Joe Bidenon Labor Day.She plans to make community stops while she’s in Pittsburgh and stay on the campaign trail in a critical battleground state, according to one of the sources.
Meanwhile, her running mate Minnesota Gov. Tim Walz will travel to Erie, Pennsylvania, on Thursday. In Erie, he will participate in “a series of campaign engagements” before speaking at a rally at 6 p.m., according to a news release from the Harris campaign.
CNN’s Priscilla Alvarez,Kristen HolmesandKevin Liptak contributed to this report.
ABC News releases official rules for presidential debate, including muted mics
From CNN's Hadas GoldABC News has officially announced the rules of next week’s presidential debate between Vice President Kamala Harris and former President Donald Trump — meaning both candidates have agreed to the format,including that microphones will be muted while the other candidate is speaking.
Additionally, a virtual coin flip held this week was won by Trump,to determine podium placement and order of closing statements. Trump chose to offer the last closing statement, and Harris chose the right podium position on screen.
Whether microphones would be cut was the last sticking point for the Harris campaign, after Trump’s team had already agreed to the rules last week.
Over the weekend, Harris posted on X that Trump is “surrendering to his advisors who won’t allow him to debate with a live microphone. If his own team doesn’t have confidence in him, the American people definitely can’t.”
“We are running for President of the United States. Let’s debate in a transparent way — with the microphones on the whole time,” she added.
Last week Trump said at a campaign stop that while they had already agreed to the rules, he didn’t mind if the mics were on.
The ABC News debate rules largely mirror those used by CNN in its presidential debate between President Joe Biden and Trump in June, when the Biden campaign, at the time, was the one that advocated for muted microphones.
In addition to the muted microphones, the rules state there will be no audience, the candidates will not be permitted to have written notes, no staff can visit them during the two commercial breaks and they cannot ask questions of one another.
RFK Jr. planning tour to support Trump in battleground states
From CNN's Rashard RoseRobert F. Kennedy Jr. said he plans to visit battleground states, where his name remains on the ballot, as part of a “Make America Healthy Again tour” to support former President Donald Trump.
RFK Jr. has removed his name from the ballot in several key states but has faced obstacles inMichigan, Wisconsin and North Carolina.
Asked if he would be campaigning alongside the former president, Kennedy said that he plans to do so.
Last month, RFK Jr. announced that he wassuspending his independent presidential campaignand endorsing Trump.
Harris unveiled more of her economic policies yesterday. Catch up on her latest proposals
From CNN's Tami LuhbyandKatie LoboscoVice President Kamala Harris and her running mate, Minnesota Governor Tim Walz, exit their campaign bus in Savannah, Georgia, on August 28.
Vice President Kamala Harris is adding tax relief for small businesses to her economic policy platform aimed at helping middle-class and working Americans.
Harris unveiled Wednesday a proposal to massively increase the existing small business tax deduction for startup costs and cut the red tape that impedes small businesses’ formation and growth.
Her goal: 25 million new small business applications by the end of her first term, up from the record 19 million received under the Biden administration as of mid-August.
Harris on Wednesday also proposedraising the capital gains tax rate, though not by as much as President Joe Biden has called for.
The measures come three weeks afterHarris released a four-part packageaimed at making housing, groceries, child rearing and prescription drugs more affordable. Many of the proposalsbuild upon efforts the Biden administration has already unveiled.
Here’s what we know about Harris’ economic proposals:
- Bigger tax deduction for small businesses: Harris proposed a 10-fold expansion to a tax deduction for new small businesses. Currently, small businesses are allowed to deduct up to $5,000 of eligible startup expenses in the year they begin to operate, according to theCongressional Research Service.
- Cut red tape for small businesses: Harris proposed measures aimed at making it easier for small business owners to operate. Creating a standard deduction for small businesses could make it easier for them to file taxes. Harris also wants to make it easier to do business across state lines and to ensure that one-third of federal contract dollars goes to small businesses.
- Higher taxes on the wealthy and corporations: Harris also said Wednesday that she would raise the long-term capital gains tax rate to 28%, up from the current 20%, for those who earn $1 million or more. Biden’s budget called for hiking the rate to 39.6% – the same rate levied on ordinary income – for high earners.
- Housing support: In August, Harris unveiled a multipart, four-year plan to address the nation’s affordable housing crisis. It includesproviding up to $25,000 in down-payment support and a $10,000 tax credit for first-time homebuyers.
- Price gouging ban: Harris called in August for afederal ban on price gougingin an effort to lower grocery prices, though her campaign has released few details about the proposal. More than three dozen states have laws that prohibit price gouging during special circumstances, such as emergencies, disasters or market disruptions.
Find out what else Harris is proposing for the economy here.
The debate between Trump and Harris is just days away. Here's what is coming up on the road to Election Day
From CNN staffThe 2024 presidential racehas entered a critical stretch,with Vice PresidentKamala Harris and former PresidentDonald Trumppreparing to debate in less than a week and the first ballots going out Friday in North Carolina.
Read aboutother upcoming campaign events here.
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