Last week the White House acted on its threats to eliminate the CDFI Fund, laying off its entire staff.

But CDFIs have strong bipartisan backing, and at least one GOP senator is fighting back. Read @emilyflitter.bsky.social and @caitlinreilly.bsky.social: www.bloomberg.com/news/article...

A deeper look at how the Trump administration is targeting liberal groups, with @caitlinreilly.bsky.social and @simonefoxman.bsky.social: www.bloomberg.com/news/article...

The list, which is one of various option menus floating around and doesn't represent any final decisions or even a comprehensive set of proposals, provides a more detailed look at trillions of dollars in potential spending cuts and revenue raisers than previously made public.

If the idea picked up enough steam among Republicans, which is probably a long shot, it could be a handy revenue raiser to offset the cost of extending more than $4T in expiring tax cuts later this year. The proposal also has the support of Senate Budget Chair Graham, R-S.C.

"Either he and his lawyers take the position Treasury policy doesn't apply to the Treasury Secretary, or he blesses the loophole that lets Wall Street titans blow off their fair share of Medicare taxes," he said.

The defense comes in the wake of a leaked memo prepared by Democratic committee staff accusing Bessent of avoiding self-employment taxes and taking other deductions staff deemed questionable. Representatives of Bessent and Finance Republican staff denied the characterization.