As the Trump administration continues to ramp up its focus on Los Angeles and threatens to send troops to the city amid anti-ICE protests, the fallout from President Donald Trump and Elon Musk’s feud continues.
This comes as Republicans in Congress continue to work on agreeing on language for Trump’s “Big Beautiful Bill.”
Meanwhile, U.S.-China trade talks in London this week are expected to take up a series of fresh disputes that have buffeted relations, threatening a fragile truce over tariffs.
Latest Developments
Jun 9, 10:51 AM
Trump to highlight $1,000 ‘Trump Savings Accounts’ as Congress tries to pass budget megabill
President Donald Trump will host a roundtable Monday to formally announce the provision in his massive funding bill called the “Trump savings accounts,” which will allow parents and guardians to invest funds in the financial markets on behalf of children, a White House official confirms to ABC News.
The savings account would be applicable to children born between January 1, 2025, and January 1, 2029. The government would deposit $1,000 into a tax-deferred, low-cost index fund account that will track the overall stock market for each newborn. Additional contributions can go up to $5,000 annually. When the children reach adulthood, they are able to take out the money to cover things like college or a down payment on a home.
“The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, AND by creating this incredible new “Trump Account” program, which will put the lives of young Americans on the right financial path,” White House press secretary Karoline Leavitt said in a statement to ABC News.
Multiple CEO’s from companies, such as Dell Technologies, will appear with Trump to announce billions of dollars in collective investments into “Trump Accounts” for the children of their employees, according to the official.
The event comes as the White House works to highlight Trump’s so-called “One, Big, Beautiful Bill,” as the Senate works through attempting to pass the budget bill and amid explosive criticism from Elon Musk last week.
–ABC News’ Lalee Ibssa
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