WELCOME TO MEET THE PRESS NOW I'M KRISTEN WELKER IN WASHINGTON. THE WAR AGAINST IRAN NOW HITTING THE ONE WEEK MARK AS THE ADMINISTRATION FACES MOUNTING QUESTIONS ABOUT ITS TRUE MILITARY OBJECTIVES, ITS CLAIMS ABOUT CIVILIAN CASUALTIES AND ITS RESPONSE TO SOARING ENERGY PRICES. THIS MORNING, PRESIDENT TRUMP APPEARING TO MOVE THE GOALPOSTS WHEN IT COMES TO THE U.S. MISSION, IN A POST ON SOCIAL MEDIA CALLING FOR IRAN'S, QUOTE, UNCONDITIONAL SURRENDER.TODAY, WHITE HOUSE PRESS SECRETARY KAROLINE LEAVITT WAS ASKE ...

The Supreme Court cleared California to use its new congressional map that favors Democrats during this year’s midterm election https://t.co/FdEVafITio ...

Core Viewpoint - The S&P 500 has increased by 92% since the bull market began in October 2022, but it faces three significant challenges in 2026 that could impact its performance [2]. Group 1: Major Headwinds - Midterm election years typically present difficulties for investors, with the S&P 500 experiencing an average peak-to-trough decline of 18% during such years, indicating a potential drop in 2026 [4]. - The economy is struggling to adjust to President Trump's tariffs, leading to a weakened labor market, with unemployment reaching a four-year high and job growth at its slowest pace in over a decade, excluding the pandemic [5]. - The S&P 500 is currently trading at a high valuation of 22.2 times forward earnings, a level only seen during the dot-com bubble and the Covid-19 pandemic, both of which resulted in significant declines [6][8]. Group 2: Wall Street Outlook - Despite the aforementioned challenges, Wall Street analysts remain optimistic about the S&P 500's potential returns in 2026, with a median forecast of 7,600, suggesting an 11% upside from its current level of 6,858 [7][8]. - Various investment banks have set year-end targets for the S&P 500, with Oppenheimer predicting a target of 8,100 (18% upside) and Deutsche Bank at 8,000 (17% upside), among others [9].

Political Messaging & Strategy - The administration's mixed messaging on affordability, calling it a "hoax" while also blaming Joe Biden, creates confusion and undermines credibility [1][2] - Donald Trump's potential disconnect with the public on affordability issues could erode his gains in the "which party cares most about you" polling metric [3][4] - Democrats have an opportunity to highlight the perceived harm caused by Trump and Republicans, while emphasizing their own solutions, particularly regarding healthcare costs and tariffs [8][15] - The midterm elections are crucial, as they could serve as a check on Trump's agenda if Democrats gain control of Congress [15] Republican Party Dynamics - Marjorie Taylor Green's criticism of the president signals growing divisions within the GOP, particularly regarding foreign policy priorities [9][10] - Disenchantment among some Republicans with the president's actions could lead to decreased enthusiasm and potentially lower voter turnout in the midterm elections [12][13] Economic Issues & Impact - Trump's policies, including ending Affordable Care Act subsidies and implementing tariffs, are seen as contributing to rising healthcare costs and the cost of goods [8] - The special election in Tennessee 7, where the Republican margin of victory significantly decreased, suggests a potential lack of enthusiasm for Trump among some Republican voters [14]

Economic Concerns & Presidential Strategy - The report highlights concerns that many Americans feel goods are too expensive [2] - The President is embarking on a travel blitz to address the economy, particularly in key battleground states like Pennsylvania [1][5] - The White House believes Trump is the party's best salesman to turn the narrative around before the midterm elections [5][6] - A potential proposal of 50-year mortgages is mentioned, but its feasibility is questioned [4][6] Republican Party & Midterm Elections - There's nervousness among House Republicans about the upcoming midterm elections [9] - The report suggests Republicans may need to distance themselves from Trump or develop their own economic recommendations [9][10] - Estimates suggest Republicans could lose a significant number of seats (around 40) in the upcoming election [11] Potential Policy & Public Perception - The President needs to acknowledge the economic problems and present solutions [3] - Republicans criticize Trump for not doing enough to address rising costs and financial struggles [7] - The White House is expected to ramp up Trump's travel after the new year [8]

Legal & Political Landscape - A group of voters is suing to block a Republican-drawn congressional map in Texas [1] - The group is urging the US Supreme Court to reject the new district lines [1] - The group is calling for next year's midterm election to be conducted using the state's existing map [1]

Government Shutdown & Fiscal Policy - The House is expected to vote to reopen the government after a shutdown of over 50 days [4][13] - Democrats claim Republicans are blindly loyal to Donald Trump and not interested in addressing the rising costs impacting American people [6] - Republicans accuse Democrats of filibustering important spending bills, including those for food stamps, air traffic controllers, and TSA agents [64] - A potential government shutdown looms in January, with a 50/50 chance of it occurring [12][84] - Discussions around healthcare and the Affordable Care Act (ACA) are needed, as rates are increasing for the American people [85][88] Healthcare & ACA - Democrats emphasize the issue of affordability, stating Republicans have done nothing but raise prices for working families [11] - The debate over extending Obamacare subsidies is ongoing, with potential votes in the House and Senate [12] - Republicans express concerns about the structure of ACA subsidies, alleging waste, fraud, and abuse, with funds padding the pockets of insurance companies [68] - There is a need to address the rising cost of healthcare, with potential negotiations and conversations to reform or replace Obamacare [64][69] - The President suggests sending cash directly to people to negotiate with insurers, but Democrats are asking for the Republican plan to replace or reform Obamacare [69] Epstein Files & Transparency - Newly released emails related to Jeffrey Epstein are intensifying scrutiny over President Trump's relationship with the disgraced financier [3][19][44] - A discharge petition to release the Epstein files has reached 218 signatures, potentially leading to a vote in early December [3][14][16] - The White House claims the emails are a distraction from the Democrats as they try to navigate the shutdown [22] - There are legal questions surrounding the emails and whether they create legal exposure for President Trump [48] - The release of the files is about accountability and listening to the demands of the American people [17] Economic Indicators & Federal Reserve - Subprime borrowers at least 60 days past due on car payments are rising to 665%, the highest rate since data collection started 30 years ago [80] - The Atlanta Fed President plans to retire at the end of his current term in February [57] - A potential quarter-point rate cut by the Federal Reserve is in question, with policymakers divided about the outlook for policy [61]

Midterm Elections Impact - The bill is designed for hardworking Americans, especially middle and lower class earners, aiming to improve their economic well-being [1] - Expectation of higher wages, increased opportunities, and greater economic growth as a result of the bill [1] - The bill is expected to secure the border and restore American energy dominance [2] - Anticipation of being rewarded for restoring peace through strength [3] - Confidence in gaining seats and flipping Democrat seats in the midterms [3] Political Strategy - Dismissal of Democrat concerns and predictions of losing the majority [3] - Belief that underestimating the company should be avoided [3]

Tax Bill & Political Landscape - Republicans are pushing a tax bill considered President Trump's signature domestic priority [1] - The bill includes unpopular measures like Medicaid and food stamp cuts, raising concerns among Democrats and some Republicans about midterm election repercussions [2][3] - Public opinion is reportedly 2 to 1 against the bill [1][15] - The Wall Street Journal suggests the bill could hand the next election to the Democrats [15] Deficit & Debt - The Senate version of the bill is estimated to add $3.3 trillion to the debt [4][5][6] - The House bill was estimated to add $2.4 trillion to the debt over the next 10 years [5] - Some Republicans argue economic growth will offset tax revenue losses, while others remain concerned about the deficit [6][7] Republican Concerns & Divisions - Some Republicans worry about the impact of Medicaid cuts on the 2026 elections, drawing comparisons to the 2014 Obamacare backlash [18][19] - Senators like Lisa Murkowski raised concerns, particularly regarding provisions affecting Medicaid payments to Alaska and Hawaii [8][9] - The bill includes a provision that could impose additional taxes on US-based solar and wind companies using products from China, impacting energy-producing states [12][13][14] Energy Policy - The House version of the bill aims to phase out federal subsidies for solar and wind energy, established under the Inflation Reduction Act [11] - Lisa Murkowski is attempting to add a provision related to solar and wind energy [10] - Approximately 80% of the solar industry's components originate from China [14]