05.23.2025

Good morning. It's Friday, May 23, and we're covering the domestic policy bill moving through Congress, the Jewish museum attack in DC, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.

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PS—The 1440 team will be off for Memorial Day (but look out for our Sunday email on the anniversary of the Apollo program). Have a great long weekend and we'll see you bright and early Tuesday!

House Passes 'Big Beautiful Bill'

House Republicans passed a broad domestic policy bill early Thursday by a 215-214 vote following overnight negotiations and last-minute changes to the legislation. The so-called “One Big Beautiful Bill” now heads to the Senate, where expected tweaks may result in a back-and-forth between the two chambers.

The House version renews and expands trillions of dollars in tax cuts first enacted in 2017 and boosts spending for defense, border security, and immigration enforcement while reducing the budget for food assistance and Medicaid programs. Medicaid recipients would see stricter eligibility criteria, including the first federal work requirement of 80 hours a month for able-bodied adults (92% of recipients currently meet the standard). The bill would also create $1,000 child savings accounts and increase the debt limit by $4T ahead of the July deadline. See what's in the bill here.

Passage relied on several eleventh-hour alterations, including the implementation of Medicaid work requirements three years sooner. Senators indicated the bill would likely see significant changes, particularly around reducing the deficit.

Jewish Museum Attack

A suspect was charged with two counts of first-degree murder and murder of foreign officials after killing two Israeli embassy staffers outside the Capital Jewish Museum in Washington, DC, this week. The 31-year-old assailant, who is believed to have acted alone, shouted “Free, Free Palestine” after firing at the victims at close range. More charges are expected as officials investigate the act as a hate crime and act of terrorism.

World leaders condemned the attack, with Israel’s government blaming the violence on a climate of antisemitism and anti-Israel incitement amid the country’s ongoing war in Gaza. Officials were investigating whether a 900-word manifesto released the day before the attack was authentic. The Chicago-based suspect was affiliated with left-wing politics, at one point a member of a local chapter of the Party for Socialism and Liberation.

The two victims—Sarah Milgrim and Yaron Lischinsky—were an interfaith couple who met while working together at the embassy. Family members say Lischinsky planned to propose next week. Learn more about the victims here.

A Penny Saved Is a Nickel Earned

The US Treasury announced yesterday it will stop issuing new pennies, ending more than 200 years of production for the one-cent coin. The Mint has already placed its final order for penny blanks—the metal discs used to create coins—and will continue minting until that supply runs out, likely in early 2026. Consumers can continue using existing pennies, but as circulation declines, banks and retailers will likely round cash transactions to the nearest nickel. Digital payments will remain unaffected and will continue to be processed to the exact cent.

The decision is largely driven by cost. Each penny costs about 3.7 cents to produce, resulting in an $85M loss in 2024. Treasury officials estimate the move will save $56M annually in materials and manufacturing. However, the nickel—which costs 13.8 cents to produce—may see increased demand, potentially cutting into the anticipated savings.

Check out our overview of US currency and all the currencies taken out of print here.

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