Good morning! It’s Daniel de Visé with your Daily Money.
Is it a “big, beautiful bill,” or a “disgusting abomination”?
The latter descriptor comes from Elon Musk. Days after leaving his role in the White House, Musk excoriated President Donald Trump’s tax and domestic policy bill, escalating his criticism of the president’s signature legislation over concerns that it will increase the deficit.
Can powerful alumni save Harvard?
Harvard University’s alumni, nearly half a million strong, include some of the most powerful and wealthy people in the United States. Donations to their alma mater amount to hundreds of millions of dollars annually.
Since President Trump began targeting the Ivy League campus as part of a pressure campaign to reform American colleges, Harvard has come to need the public and financial support of its alumni more than ever. Can they make a difference?
Education Department pauses loan collections
The Department of Education has paused its plan to garnish Social Security benefits for defaulted student-loan borrowers, a process that was initially set to take effect when the administration restarted student debt collections on May 5.
The announcement is a reversal for the administration, which announced last month that the Education Department’s Office of Federal Student Aid would resume collections of its defaulted federal student loan portfolio, ending a more than five-year deferment amid the pandemic.
What happens now?
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
