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Wednesday Executive News Summary

Biden pushes a gas tax holiday, Trump-endorsed candidate results in Alabama and Georgia, Musk’s Twitter takeover bid still a go, and more.

Top of the Fold

  • Biden pushes a gas tax holiday: Joe Biden announced his latest impotent effort to at least appear to reduce the nation’s sky-high gas prices, even as he continues his assault against America’s fossil fuel industry. Biden will be asking Congress to suspend the federal gas tax over the next three months in order to reduce prices at the pump. “[Biden] believes that states, oil companies and retailers have a responsibility in this unique moment — to do their part to ameliorate Putin’s price hike,” a White House official explained. “He’s calling on states to suspend their gas taxes or else find other ways to deliver the same relief, such as consumer rebates or relief.” The high gas prices have everything to do with a lack of U.S. production, which the Biden administration is loathe to reverse. Despite Biden’s rhetoric to the contrary, his administration has done everything in its power to stifle and limit fossil fuel companies from expanding and increasing extraction operations. Furthermore, a gas tax holiday — which would only lower the average price at the pump by 18.4 cents per gallon — would have little long-term impact, which is why back in 2008 Barack Obama called such a move a “gimmick.” It would boost demand at exactly the wrong time, exacerbating and lengthening inflation. Besides, what are Democrats going to do — let that holiday expire just before the election?

  • Trump-endorsed candidates — a win in Alabama, two losses in Georgia: In Alabama’s GOP primary runoff election for the U.S. Senate, Katie Britt defeated Representative Mo Brooks. Britt received Donald Trump’s endorsement, which he withdrew from Brooks after taking offense over his suggestion that Trump needed to get over the 2020 election result. Trump also accused Brooks of being “lazy” and criticized him for hiring “some Never Trump advisers.” Britt welcomed Trump’s endorsement and responded to her election victory by stating, “It is so exciting to see so many young conservatives and young women step up and say ‘It’s time.’” She further noted that the Republican Party is “no longer the party of big business” but has become the party of “working Americans.” Meanwhile, the Peach State continues to remain a thorn in Trump’s side. Two Republicans whom the former president endorsed — Vernon Jones for Georgia’s 10th Congressional District and Jake Evens for the state’s 6th Congressional District — went down in big defeats in their primary runoffs. Republican consultant Dan McLagan suggested that “Trump’s ire has outweighed his influence in Georgia” and that “[Governor Brian] Kemp’s stock in Georgia is a lot higher than Trump’s right now.”

  • Musk’s Twitter takeover bid is still a go: Twitter’s board of directors unanimously voted on Tuesday to approve Elon Musk’s $44 billion buyout offer. The takeover deal has seemingly been in a bit of an on-again, off-again stage, as Musk raised issues with the company’s reported percentage of fake accounts on its platform. He demanded greater access to Twitter’s internal data and, after balking at first, the execs at Twitter eventually gave Musk what he asked for. Now, the status of Musk’s buyout appears to be more of a waiting game, with “when” being the only question remaining. That said, Musk recently identified three issues that still need to be addressed — a resolution regarding the actual number of fake accounts, questions surrounding the debt portion for the purchase, and a shareholders’ vote. Regarding the debt question, Musk has committed to providing $33.5 billion in cash for the purchase and plans to cover the remaining $7 billion by securing financial backing from investors. Musk’s $44 billion buyout offer equates to $54.20 per share and represents a significant profit value for shareholders given that the current value of Twitter’s stock sits at $37.38.

Headlines

  • Supreme Court rules Maine tuition program violates First Amendment for excluding religious schools (Fox News)

  • Senate votes to advance bipartisan gun control legislation (Fox News)

  • Biden yields to GOP, will keep factory running for AR-15 ammo (Washington Times)

  • DOJ engaged in “court packing on steroids” with immigration judges (Washington Times)

  • Matt Gaetz pushes to reinstate service members dismissed over COVID vaccine (Daily Wire)

  • Iran renews threats to assassinate Mike Pompeo (Free Beacon)

  • Kamala Harris botches Juneteenth history lesson about “400 years of slavery” (NY Post)

  • Family of Daunte Wright reaches $3.25 million settlement over deadly traffic stop (Washington Examiner)

  • Officers in Uvalde were ready with guns, shields, and tools — but not clear orders (Texas Tribune)

  • Democrats seek to suppress pro-life Google search results (Free Beacon)

  • Falling dominoes: Another sports league — Rugby — bans “transgender” athletes (Free Beacon)

  • Kamila Valieva Olympic debacle leads to figure skating age change (NY Post)

  • Policy: Three things Biden has done that increased gas prices (FEE)

  • Policy: History will not judge the Powell Fed kindly (The Hill)

  • Satire: Merriam-Webster replaces definition of “woman” with shrug emoji (Babylon Bee)

For more of today’s editors’ choice headlines, visit Headline Report.

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