What we're covering
• Venezuela latest: President Donald Trump yesterday said he was ordering a complete blockade of sanctioned oil tankers coming to and leaving Venezuela. He also demanded oil, land and assets from the country that he claimed it had “stole” from the US.
• Health care subsidies: In defiance of Speaker Mike Johnson, GOP centrists are signing onto a Democratic effort to force a vote on extending soon-to-expire enhanced Obamacare subsidies.
• Trump address: The president said he will deliver remarks to the nation tonight at 9 p.m. ET. The White House said his speech will highlight the administration’s actions during the past year and tease priorities for 2026.
• On Capitol Hill: Former special counsel Jack Smith is testifying in a closed-door deposition before a House committee regarding his prosecutions of Trump.
Bessent calls "Trump Accounts" the biggest merger in history
Announcing what he referred to as “the biggest merger in history, the merger of Main Street and Wall Street,” Treasury Secretary Scott Bessent offered more details Wednesday on how “Trump Accounts” would work.
At an event at the Treasury department Wednesday morning, Bessent characterized the new accounts as an opportunity for US families to build generational wealth. Eligible US parents of children born between January 1, 2025 and December 31, 2028, can open a tax-advantaged savings account.
“Through the Trump accounts, we’re creating an ownership economy where all citizens become shareholders in American wealth,” Bessent said.
The federal government will contribute seed funding of $1,000 per account next year; and Bessent said he anticipates families, philanthropists and employers will also contribute.
“World-renowned investor Ray Dalio has joined what we are calling the 50-state challenge,” Bessent said. “Through the 50-state challenge, we are inviting every philanthropist in every state across the country to partner with us in building generational wealth for America’s children through Trump accounts.”
Dalio would be representing Connecticut, he added.
Separately on Wednesday, BlackRock announced that it would match the federal government’s contribution for their own roughly 9,400 US employees accounts. The exact size of the company’s match, however, has yet to be set, but companies are allowed to contribute up to $2,500 a year.
Earlier this month, Michael and Susan Dell pledged $6.25 billion to the “Trump Accounts.”
Republican centrists back Democratic push to extend enhanced Obamacare subsidies
In a stunning blow to House Speaker Mike Johnson, four GOP lawmakers have agreed to back a Democratic push to extend pandemic-era enhanced Obamacare subsidies.
Those four GOP centrists — New York Rep. Mike Lawler and Pennsylvania Reps. Brian Fitzpatrick, Ryan Mackenzie and Rob Bresnahan — have officially opted for what they have been describing as the nuclear option.
By signing onto Democrats’ procedural maneuver to force a floor vote on their proposed three-year extension of enhanced Affordable Care Act tax credits, House Minority Leader Hakeem Jeffries now has the 218 signatures needed guarantee a vote under discharge petition rules.
That floor vote cannot be forced until January, however, under those same rules.
Those same four centrists have criticized Democrats’ plan as flawed. But in a sign of desperation, the typically leadership-aligned centrists chose to defy Johnson and sign onto the Democrats’ push rather than allow the enhanced subsidies to expire at year’s end.
Former special counsel Jack Smith enters House Judiciary deposition
Former special counsel Jack Smith has arrived on Capitol Hill this morning for his closed-door deposition with the House Judiciary Committee.
As he entered, Smith did not answer questions from CNN.
Rep. Lawler to become second Republican to back Democratic push on enhanced ACA subsidies
A second Republican centrist is minutes away from signing onto House Democrats’ push to extend enhanced Obamacare subsidies for three years after weeks of infighting with Speaker Mike Johnson over the matter.
Rep. Mike Lawler, who represents a battleground New York district, told CNN he is on his way to the floor to sign the discharge petition. Lawler has worked closely with fellow GOP centrist Rep Brian Fitzpatrick to secure a vote on their own compromise measure.
But when Johnson rejected that effort, the two centrists decided to back Democrats’ push.
Once Lawler signs on, Democrats will only need two more Republicans to force a floor vote on their bill. While it would likely pass the House, a similar measure has already failed in the Senate.
In leadership-defying move, Republican backs Democratic push to extend key Obamacare subsidies
GOP centrist Brian Fitzpatrick dramatically stepped up his public battle against Republican leadership this morning as he signed onto a Democratic effort to force a vote on extending soon-to-expire enhanced Obamacare subsidies.
Fitzpatrick has strongly criticized the Democrats’ three year extension, which he says does nothing to reform the costly pandemic-era program, such as enforce stricter income limits.
But in a sign of desperation for the normally leadership-aligned GOP congressman, Fitzpatrick chose to defy Speaker Mike Johnson and sign onto Democrats’ push. The Pennsylvania Republican is the first lawmaker from his party to sign onto the measure, which now needs just three more Republicans to force a floor vote under the discharge petition rules.
The move will immediately ramp up pressure on other GOP centrists who intentionally did not rule out signing the Democratic petition as they tried to hardball their own leadership into allowing a compromise measure to extend and reform the subsidies to come to the floor. That effort failed on Tuesday, triggering Fitzpatrick’s move.
Republicans, including Reps. Mike Lawler of New York and Kevin Kiley of California, will now need to decide if they too will sign onto the position.
Fitzpatrick telegraphed his move in a late night meeting of the House Rules Committee, where he was making a final push for his bipartisan compromise measure.
“I think the only thing worse than a clean extension without any income limits and any reforms – because it’s not a perfect system. The only thing worse than that would be expiration,” Fitzpatrick said Tuesday night when asked about the Democratic push. “And I would make that decision.”
GOP Rep. Dan Newhouse announces he will not seek reelection
GOP Rep. Dan Newhouse of Washington announced that he will not seek reelection in 2026, as Republican angst on Capitol Hill grows with fear of more retirements.
Newhouse is one of the only remaining Republicans still in Congress who had voted to impeach President Donald Trump in 2021.
The GOP currently holds a narrow majority in the House. That has created a challenge for congressional Republicans who need near-unanimous support of the party to advance legislation.
Here's what is on Trump's schedule today
President Donald Trump is expected to participate in a dignified transfer later today for two US service members killed in Syria over the weekend. It will take place at Dover Air Force Base in Delaware around 1:15 p.m. ET.
Later tonight, at 9 p.m. ET, he will deliver an address to the nation from the White House’s Diplomatic Reception Room.
White House press secretary Karoline Leavitt told Fox News yesterday that the president will be addressing “the historic accomplishments that he has garnered for our country over the past year.”
On Capitol Hill: Meanwhile, former special counsel Jack Smith is set to testify about his prosecutions of Trump in a closed-door deposition before the House Judiciary Committee.
Sources told CNN that Smith plans to testify about Trump’s alleged mishandling and retention of classified documents and his role in attempting to overturn the 2020 election, as well as issues surrounding the use of phone records. Smith has continually denied his work was politically motivated and said that he is willing to testify publicly regarding his investigations into Trump.
Also today, Senate and House Armed Services committees will receive closed briefings on the US military’s strike on an alleged drug boat on September 2.
CNN’s Kit Maher, Casey Gannon, Katelyn Polantz and Annie Grayer contributed to this reporting.
Analysis: 6 key takeaways from Vanity Fair's interviews with Trump's chief of staff
The Trump administration appears to have been rocked yesterday, following the publication of several interviews with Susie Wiles, US President Donald Trump’s chief of staff.
Wiles said on X that Vanity Fair’s articles were “a disingenuously framed hit piece” missing context, while Trump gave Wiles a vote of confidence in an interview later Tuesday. Meanwhile, Vanity Fair has offered recorded proof of some of the quotes that she has disputed.
Here are some of the key takeaways from the interviews:
- Trump, Musk and Vance under fire: One of the standout quotes from Wiles’ interviews was her saying that Trump — a known teetotaler — has an “alcoholic’s personality.” Elon Musk was also described by Wiles as “an avowed ketamine (user),” while Vice President JD Vance was called “a conspiracy theorist.”
- Trump undercut on Venezuela: Despite Trump’s insistence that the reason for his recent action regarding Venezuela is to stop drugs reaching the US, Wiles indicated that it’s about applying pressure on Venezuelan President Nicolas Maduro.
- A willing enabler: Another standout quote from the interview is Wiles saying that she is “not an enabler,” but adding, “I’m also not a bitch.” But the totality of the interviews suggest she’s played the role of enabler plenty.
- Trump out for retribution: Wiles said that she and Trump had an informal agreement that his “score settling” would end after 90 days, something Trump clearly didn’t abide by. “In some cases, it may look like retribution,” she said. “And there may be an element of that from time to time.”
- Trump alienating key voters: One some key issues, Wiles indicated she fears Trump and the administration are alienating key voters, including on subjects like the release of the Epstein files.
- Rubio says he’d support Vance as president: Meanwhile, Secretary of State Marco Rubio said in the interviews that he would be “one of the first people to support” Vance should he run in the 2028 GOP presidential primary.
CNN’s Catherine Nicholls contributed to this reporting.
This is the latest on Trump's ongoing campaign against Venezuela's leader
US President Donald Trump has once again ratcheted up pressure on Venezuelan leader Nicolás Maduro, this time ordering a “total and complete blockade” of sanctioned oil tankers coming to and leaving the country.
Here are the latest developments in Trump’s ongoing campaign against Marudo:
- While announcing his blockade against the sanctioned oil tankers yesterday, Trump also said that Venezuela is “completely surrounded by the largest Armada ever assembled in the History of South America.” He demanded oil, land and assets from the country that he claimed it had “stole” from the US.
- For its part, the Venezuelan government denounced the blockade, describing it as a “reckless and serious threat.” In a statement yesterday, it said that Trump has the “aim of stealing the riches that belong to our Homeland,” calling on the international community to reject Trump’s “extravagant threat.”
- Republican Sen. Lindsey Graham emphasized his support for regime change in Venezuela, following a briefing with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio. “Maduro is not a legitimate president. He’s actually head of one of these terrorist organizations, and I am glad that we’re taking him on,” said Graham.
CNN’s Kit Maher, Kevin Liptak, Jose Alvarez, Lex Harvey, Morgan Rimmer, Alison Main and Manu Raju contributed to this reporting.
Trump says he'll deliver live address from the White House tonight
President Donald Trump announced that he will deliver a live address from the White House tonight.
“My Fellow Americans: I will be giving an ADDRESS TO THE NATION tomorrow night, LIVE FROM THE WHITE HOUSE, at 9 P.M. EST. I look forward to ‘seeing’ you then. It has been a great year for our Country, and THE BEST IS YET TO COME!” Trump posted on Truth Social yesterday.
White House press secretary Karoline Leavitt told Fox News later that the president will be addressing “the historic accomplishments that he has garnered for our country over the past year.”
Leavitt also said Trump may tease some policy actions coming in the new year.
“President Trump will be talking about what’s to come. The best is truly yet to come, as he often says,” Leavitt said.
CNN has reached out to the White House for more information.
