House Republicans strike a deal on the budget, consumer prices fall, and the dollar hits a new low against the Chinese yuan. President Trump continues to press ahead with his plan to raise taxes on $200 billion worth of Chinese goods.
00:00:06.300A big, beautiful thing happening on Capitol Hill just moments ago.
00:00:09.780House Republicans narrowly approving their budget framework.
00:00:13.100This afternoon, a political turnaround after Speaker Mike Johnson worked into the night to satisfy those GOP,
00:00:20.000we'll call them rhinos to be nice, holdouts who had refused to advance trillions of dollars in tax breaks without deeper spending cuts.
00:00:27.580Speaker Johnson stood with Senate Majority Leader John Thune earlier this morning at the Capitol
00:00:31.900and said President Trump's big, beautiful bill, which seeks as much as a trillion and a half dollars in cuts to federal spending and programs, was on track.
00:00:40.500The Speaker had abruptly halted voting Wednesday night, saying, quote,
00:00:43.840I believe we have the votes. We take a big next step coming tomorrow.
00:00:48.760Thune also tried to assure House conservatives that the GOP senators are aligned with their pursuit of spending reductions.
00:00:55.220Thune saying, quote, we certainly are going to do everything we can.
00:00:59.200The 216 to 214 vote pushed the budget plan forward.
00:01:03.280One more milestone for Speaker Mike Johnson, who could only use a few detractors from his slim Republican majority.
00:01:10.400Failed vote, particularly as the economy was convulsing over President Trump's tariff war,
00:01:15.220would have been a major setback for the party's agenda in Washington.
00:01:18.200Now, speaking of those tariffs and the agenda, promises made, promises kept.
00:01:24.840U.S. consumer prices, we have some indicators for you, folks.
00:01:27.180U.S. consumer prices fell in March, pushed down by a decline in the price of goods.
00:01:32.460That defies all predictions that President Trump's tariff plans would push prices up.
00:01:37.200This was the first drop in consumer prices in nearly three years, folks.
00:01:42.340Only the second decline since inflation accelerated under Joe Biden to the worst rates in decades.
00:01:47.760Now, consumer price index fell by 0.1% compared with previous months, climbing each month since July of 2022.
00:01:55.180Now, economists had forecasted prices would rise by 0.1%.
00:01:59.900Core consumer prices, a measure that excludes volatile food and energy prices, rose by 0.1%.
00:02:05.200Now, this is far less than the expected 0.3% that The Economist had projected.
00:02:12.120This was the smallest rise in core prices since President Trump's first term as president.
00:02:16.880Fall in prices mark a significant political victory for Donald Trump,
00:02:20.540who said on the campaign trail that he would be bringing consumer prices down.
00:02:24.860Now, that's not the only number that's down, folks.
00:02:27.480Energy prices fell by 2.4% by the month, led by a 6.3% decline in gasoline prices.