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      Trump Defends His Imperiled Pick for Defense Secretary, Pete Hegseth

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      President-elect Donald J. Trump gave a public show of support to his embattled choice for defense secretary, Pete Hegseth, on Friday morning, saying in a social media post that he will be “fantastic” in the job and that he has a “military state of mind.”Mr. Hegseth has spent the last two days fighting to stay as Mr. Trump’s choice to lead the Pentagon amid mounting news reports alleging troubling behaviors over time including rape, sexual assault, financial mismanagement and drunken behavior, which he denies.Mr. Trump’s post on Truth Social amounted to a public dare to Republican senators, a number of whom have expressed private concerns about Mr. Hegseth, to vote against his wishes. The president-elect until now has put relatively little of his own capital on the line for Mr. Hegseth and has even floated alternative candidates, such as Gov. Ron DeSantis of Florida, for the job.But on Friday, Mr. Trump doubled down publicly on his initial choice.“Pete Hegseth is doing very well. His support is strong and deep, much more so than the Fake News would have you believe,” Mr. Trump wrote. “He was a great student — Princeton/Harvard educated — with a Military state of mind. He will be a fantastic, high energy, Secretary of Defense Defense, one who leads with charisma and skill. Pete is a WINNER, and there is nothing that can be done to change that!!!”A string of damning news articles have reported problematic behavior. One woman filed a police report in 2017 accusing him of rape, which he denied and said was a consensual encounter. He entered into a settlement agreement with her that included a payment of money years later. The New York Times reported that Mr. Hegseth’s mother sent him an email in 2018 during a contentious divorce saying he had “abused” many women in different ways over the years. NBC News reported about concerns about Mr. Hegseth’s drinking, and The New Yorker reported that he had been accused of mismanagement of groups he had previously led.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Picks Frank Bisignano to Lead Social Security Administration

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      President-elect Trump announced on Wednesday night that he had chosen Frank Bisignano, the chairman of the payment processing behemoth Fiserv, to be the commissioner of the Social Security Administration, a sizable federal agency with more than 1,200 field offices and almost 60,000 employees.“Frank is a business leader, with a tremendous track record of transforming large corporations,” the president-elect said in a post on social media. “He will be responsible to deliver on the Agency’s commitment to the American People.”Mr. Bisignano vaulted into one of the most coveted positions in the New York finance world in his late 20s as a senior vice president of what was then known as Shearson Lehman Brothers, the investment bank whose collapse in 2008 helped set off a global recession. After nearly five years at the bank in the late 1980s, he moved to other major Wall Street banks, first to Morgan Stanley, then to Citigroup and then JPMorgan Chase & Company.Mr. Bisignano was listed as the second-highest-paid chief executive in the country in 2017, one of the few to have been compensated more than $100 million that year and to have received more than 2,000 times the average employee’s salary at his firm, First Data Corporation, which later merged with Fiserv.Mr. Bisignano has a long history of political giving, mainly to Republicans. Federal campaign finance reports show that his wife, Tracy Bisignano, donated nearly $1 million to Mr. Trump’s campaign in October. But in November 2023, he had thrown $15,000 behind the presidential campaign of Chris Christie, a Republican former governor of New Jersey who ran on an anti-Trump bid but later dropped out of the race.Earlier on Wednesday, Mr. Trump uploaded an elaborate biography of Mr. Bisignano to social media and congratulated him and his family without mentioning the post to which Mr. Bisignano was being named. The president-elect made a clarification an hour later, ending the speculation on what Mr. Bisignano’s next job would be. More

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      Bitcoin Price Surges to a Milestone: $100,000

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      The price of a single Bitcoin rose to six figures for the first time, an extraordinary level for a 16-year-old cryptocurrency once dismissed as a sideshow.In May 2010, Laszlo Hanyecz, an early cryptocurrency enthusiast, used Bitcoin to buy two pizzas from Papa John’s. He spent 10,000 Bitcoins, or roughly $40 at the time, in one of the first purchases ever made with the digital currency.It has turned out to be the most expensive dinner in history.On Wednesday, the price of a single Bitcoin rose to more than $100,000, a remarkable milestone for an experimental financial asset that had once been mocked as a sideshow and a fad. The total cost of those pizzas today: $1 billion.Bitcoin now stands as arguably the most successful investment product of the last 20 years. The value of all the coins in circulation is $2 trillion, more than the combined worth of Mastercard, Walmart and JPMorgan Chase. The motley assortment of hackers and political radicals who embraced Bitcoin when it was created by an anonymous coder in 2008 have become millionaires many times over. And the invention has spawned an entire industry anchored by publicly traded companies like Coinbase, a cryptocurrency exchange, and promoted by celebrities, athletes and Elon Musk.Even the president-elect says he is a believer. During the campaign, Donald J. Trump marketed himself as a Bitcoin enthusiast, vowing to create a federal stockpile that could push its price even higher.

      Note: As of 10 p.m. Eastern on Dec. 4Source: Investing.comBy The New York TimesBitcoin began as “essentially an experimental hobbyist project,” said Finn Brunton, the author of a 2019 book about the history of cryptocurrency. “To see where it is now is to see a really impressive feat.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Donors Who Give at Least $1 Million or Raise $2 Million Get Inaugural Access

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      President-elect Donald J. Trump is raising money for his inauguration in increments as high as $2 million, according to materials from fund-raisers for the inauguration.A flier titled “Trump Vance Inaugural Committee Benefits” lists the perks of donating $1 million or raising $2 million for the event. Donors who reach that elite level receive as many as a half-dozen tickets to eight inaugural events from Jan. 17 to Jan. 20.After a divisive election, donors and corporations typically put big money into presidents’ inaugural committees as a way to support the president and also to curry favor with an administration that will be in power for four years. There are no limits on the donations that can be made to the Trump committee, which is structured as a political nonprofit for tax purposes, but gifts over $200 are disclosed to the Federal Election Commission.Highlights of the schedule of events for the elite donors and fund-raisers include a reception with cabinet picks and a dinner with Vice President-elect JD Vance and his wife, Usha Vance, on Jan. 18, and an “elegant and intimate dinner with President Donald J. Trump and Mrs. Melania Trump” on Jan. 19, described as “the pinnacle event.” Before the dissemination of this flier, Mrs. Trump had not confirmed her plans to attend the inaugural festivities, which include a Sunday morning interfaith service that the materials say she plans to attend with Mr. Trump.On Monday, Jan. 20, the big donors will receive six tickets each to attend the inauguration itself.Mr. Trump’s first inaugural committee, which was investigated by federal prosecutors for illegal foreign donations and resulted in a 12-year prison sentence for one donor, raised $107 million in 2016 and 2017. The current inaugural committee is being led by Steven Witkoff, a billionaire real estate mogul who has given nearly $2 million to Mr. Trump’s political causes over the past decade and who has been named a special envoy to the Middle East, and Kelly Loeffler, a former Republican senator from Georgia.Mr. Trump is continuing to raise money for his political efforts, too. On Dec. 19, he is expected to headline an event at his private Florida club, Mar-a-Lago, for a pro-Trump super PAC, MAGA Inc., where tickets cost $1 million a person, according to a copy of the invitation seen by The New York Times. More

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      Can Rahm Emanuel Flip the Script Again?

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      There’s a buzz around Rahm Emanuel — the former Bill Clinton adviser, former Illinois congressman, former chief of staff to President Barack Obama, former mayor of Chicago — possibly becoming the next head of the Democratic National Committee. The progressive left despises his pragmatism and liberal centrism. He has a reputation for abrasiveness. And his current job, as ambassador to Japan, has traditionally served as a posting for high-level political has-beens like Walter Mondale and Howard Baker.But he also has a gift for constructing winning coalitions with difficult, unexpected partners.More on that in a moment. When I meet him for breakfast this week at a New York City hotel, what he wants to talk about is a looming crisis in Asia. “What started as two wars in two theaters is now one war in two separate theaters,” he says of the conflicts in Ukraine and the Middle East. “We need to ensure that it does not expand into a third theater.”How soon might that happen? I mention 2027, a year that’s often seen as China’s target date for reunification with Taiwan, if necessary by force.“I think it’s actually 2025,” he answers.What Emanuel has in mind are Asia’s other flashpoints, including along the 38th parallel that divides North and South Korea, where Russia is “poking” Kim Jong-un, the North Korean leader, “to do something” and where South Korea’s president briefly declared martial law, and also in the South China Sea, where China and the Philippines are coming to blows over Beijing’s illegal maritime claims. Unlike with Taipei, to which America’s obligations are deliberately ambiguous, with Manila and Seoul our defense commitments are ironclad.That could mean war for the United States on multiple unexpected fronts. Emanuel’s tenure as ambassador was distinguished by his role in engineering two historic rapprochements — last year between Japan and South Korea and this year between Japan and the Philippines — that, along with the AUKUS defense pact with Britain and Australia, form part of a broad diplomatic effort by the Biden administration to contain China.The Chinese, Emanuel says, “have a theory of the case in the Indo-Pacific. We have a theory of the case. Their attempt is to isolate Australia, isolate the Philippines and put all the pressure on that country,” often through abusive trade practices. “Our job is to flip the script and isolate China through their actions.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Biden Turns to an Unlikely Ally to Help Protect His Legacy: Republicans

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      President Biden wants to make it more difficult for President-elect Donald J. Trump to repeal his signature legislation, which sent money flowing to Republican districts nationwide.President-elect Donald J. Trump has promised to unravel President Biden’s major legislation when he takes office next month, but Mr. Biden is hoping to salvage his most prized policies with help from an unlikely source: Republicans.With just weeks left in office, Mr. Biden and his aides have emphasized that his signature economic legislation, the Inflation Reduction Act, overwhelmingly benefits Republican districts, in the hopes that Mr. Trump would face blowback from his own party if he repealed it.The administration is also racing to award hundreds of millions of dollars in grants and finalize environmental regulations to lock in Mr. Biden’s economic agenda, including ramping up domestic manufacturing of clean energy products and semiconductors.“They are not going to want to undermine those jobs and those businesses that we know for the first time are really strong in so many districts around the country that have been left behind under trickle-down policies,” Lael Brainard, Mr. Biden’s national economic adviser, said in an interview.Roughly 80 percent of new clean energy manufacturing investments announced since the Inflation Reduction Act passed in 2022 have flowed to Republican congressional districts, according to data from Atlas Public Policy, a research firm.Mr. Trump and his allies have attacked the legislation, which provides at least $390 billion over 10 years in tax breaks, grants and subsidies for wind and solar power, electric vehicle battery production and other clean energy projects. More

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      How Biden Changed His Mind on Pardoning Hunter: ‘Time to End All of This’

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      The threat of a retribution-focused Trump administration and his son’s looming sentencings prompted the president to abandon a promise not to get involved in Hunter Biden’s legal problems.A dark sky had fallen over Nantucket, Mass., on Saturday evening when President Biden left church alongside his family after his final Thanksgiving as president.Inside a borrowed vacation compound earlier in the week, with its views of the Nantucket Harbor, Mr. Biden had met with his wife, Jill Biden, and his son Hunter Biden to discuss a decision that had tormented him for months. The issue: a pardon that would clear Hunter of years of legal trouble, something the president had repeatedly insisted he would not do.Support for pardoning Hunter Biden had been building for months within the family, but external forces had more recently weighed on Mr. Biden, who watched warily as President-elect Donald J. Trump picked loyalists for his administration who promised to bring political and legal retribution to Mr. Trump’s enemies.Mr. Biden had even invited Mr. Trump to the White House, listening without responding as the president-elect aired familiar grievances about the Justice Department — then surprised his host by sympathizing with the Biden family’s own troubles with the department, according to three people briefed on the conversation.But it was Hunter Biden’s looming sentencings on federal gun and tax charges, scheduled for later this month, that gave Mr. Biden the final push. A pardon was one thing he could do for a troubled son, a recovering addict who he felt had been subjected to years of public pain.When the president returned to Washington late Saturday evening, he convened a call with several senior aides to tell them about his decision.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      California Lawmakers to Propose $25 Million Fund to Litigate Trump Administration

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      California lawmakers will convene a special session on Monday to discuss legislation to bolster the state against potential attacks by Donald J. Trump’s administration, including a proposed fund of up to $25 million to underwrite litigation against the federal government, Gov. Gavin Newsom said.President-elect Trump and fellow Republicans signaled during the campaign that he would target signature California policies if he were to win the election, including environmental protections, safeguards for immigrants, civil rights laws and abortion access. Democratic governors across the country have expressed concerns that the second Trump administration will be better prepared and less restrained.California’s Democratic leaders, who have been working for more than a year on contingency plans in the event of a second Trump term, announced within days of the election that they would begin to meet early this month on plans to “Trump-proof” the nation’s most populous state.“We will work with the incoming administration and we want President Trump to succeed in serving all Americans,” Governor Newsom said in a statement on Monday. “But when there is overreach, when lives are threatened, when rights and freedoms are targeted, we will take action.”The fund for litigation aims to pay for legal resources in the state’s Justice Department and regulatory agencies to “challenge illegal federal actions in court and take administrative actions to reduce potential harm,” according to the governor’s office.The proposed $25 million figure is significantly less than the roughly $42 million that California spent on lawsuits against the federal government during the first Trump administration, when the state sued the government more than 120 times. The smaller number — a fraction of the state’s nearly $300 billion annual budget — is a testament to concern over the risk of a financial shortfall. California’s lawmakers struggled to close a deficit this year.The figure is also a nod to the number of fronts on which the state’s Democrats expect the Trump administration to attack California. Mr. Newsom has already vowed to provide rebates to eligible residents who buy electric vehicles if Mr. Trump ends the $7,500 federal E.V. tax credit. The governor also has floated a possible disaster assistance fund to cover victims of floods and wildfires should Mr. Trump withhold federal aid from the disaster-prone state.California also extends health insurance coverage under the state’s version of Medicaid to low-income residents regardless of immigration status, a program that the next administration has also targeted.But the fund’s size also reflects the state’s success during and after Mr. Trump’s first term in protecting Californians against efforts to weaken state regulations, and the likelihood that Democratic states will work together to challenge Mr. Trump. More