White House ballroom will cost nearly $400m as Supreme Court allows work to continue
Source: Euronews โ (cross-verified by 2 outlets โ full list below)
US President Donald Trump says the project is being funded by private donors and companies. US President Donald Trump announced that a new White House ballroom will cost nearly $400 million, funded entirely by private donors and corporations. "We're spending hundreds of millions of dollars on the ballroom, and it's all from people like me and great companies that are putting it up. It's going to be close to $400 million, and it's all paid for by patriots and patriotic companies, big companies. I'll name the companies probably over the next couple of weeks, but I want to ask if they mind. But and really, most of them have said you could use my name gladly. So that's all money.
No, no taxpayer money for the ballroom at all," Trump said. Meanwhile, the Supreme Court has cleared the way for construction to continue for the time being. The temporary order was issued just hours before lower-court rulings were set to halt above-ground work on the project due to a lack of congressional approval. Trump thanked the high court and the chief justice during his remarks later Friday during a political appearance in South Carolina. โWhen they say proceed, I think that's a good thing. That's a good thing,โ Trump said. The case reaches the nation's highest court as Trump exercises unprecedented assertions of executive power, increasingly seeking to reshape the capital to reflect his own vision.
The administration contends that the president holds absolute authority to alter the White House and other federal properties at his discretion, maintaining that the ballroom construction must proceed on national security grounds. However, when Trump initially unveiled plans for the new facility, he made no mention of national security, instead framing it as a privately funded project supported by himself and other donors. The National Trust for Historic Preservation counters that the president lacks the unilateral authority to carry out the work, which involved razing the East Wing. Legal counsel for the organisation accused the White House of attempting to "outrun the courts" by speeding up construction. The full Supreme Court is expected to deliberate next on whether building work can proceed as the broader legal battle plays out. Trump expressed appreciation for Friday's development, claiming in a social media update that the project remains "under budget and ahead of schedule."
โก Effects Interpreter
๐World Economymedium impact
What this means for you
- โถPolicy turns can send quiet ripples through the wider economy.
- โถPolitical risk is something markets price in almost instantly these days.
๐๏ธLocal Economylow impact
What this means for you
- โถThe knock-on for local trade is usually gradual rather than sudden.
- โถThe pinch, if any, tends to show up first at the till.
๐ฆRates & Bankslow impact
What this means for you
- โถCurrencies can react fast to political news โ the pound or dollar could move.
- โถRate decisions tend to filter out political theatre and focus on data.
โค๏ธHealthmedium impact
What this means for you
- โถCommunity spirit usually steadies nerves when headlines feel unsettling.
- โถChecking in on vulnerable neighbours matters when news feels heavy.
๐ทWealthlow impact
What this means for you
- โถLong-term savers usually ride out these small bumps just fine.
- โถIt could be worth a brief look at your ISA or pension in the coming days.
๐ Housinglow impact
What this means for you
- โถAny effect on bricks and mortar is likely to be slow and modest.
- โถA patient seller usually fares better than one rushing to react to headlines.
๐ Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone โ the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone โ the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone โ the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone โ the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone โ the real impact in the UAE depends more on local healthcare capacity than the figures above.