• Washington
  • Wall Street
  • Silicon Valley
  • Hollywood
  • Media
  • Fashion
  • Sports
  • Art
  • Join Puck Newsletters What is puck? Authors Podcasts Gift Puck Careers Events
  • Join Puck

    Directly Supporting Authors

    A new economic model in which writers are also partners in the business.

    Personalized Subscriptions

    Customize your settings to receive the newsletters you want from the authors you follow.

    Stay in the Know

    Connect directly with Puck talent through email and exclusive events.

  • What is puck? Newsletters Authors Podcasts Events Gift Puck Careers
The Best & The Brightest
Instagram
Leigh Ann Caldwell Leigh Ann Caldwell

Happy Sunday and welcome back to The Best & The Brightest. I’m Leigh
Ann Caldwell
, hoping your NCAA men’s and women’s brackets are doing better than my very close to last place (okay, last place) submissions in both my Puck and family pools. Anyway, I was much more interested in the women’s swimming NCAA championships in Federal Way, Washington. Great job, Wolfpack!

 

Tonight, as Congress is set to return to Washington after a raucous week in their
districts—and while President Trump’s threats, taunts, and acts of retribution have effectively beaten much of Washington, academia, corporate America, and Big Law into submission—I explore the challenges awaiting members in the chamber. Plus, a look at the friendocracy created by Trump and Elon Musk. 

If you’ve read this far, and you’re still only receiving the preview version of this email, what are you waiting for?
Subscribe to Puck to get full access to The Best & The Brightest, plus every other author and newsletter at Puck. You’ll know more about what’s actually happening inside the halls of Congress and around Washington than your boss (and your boss’s boss). Hit reply to this email and I’ll even send you a discount code.

A MESSAGE FROM INSTAGRAM

Instagram
Instagram

App store parental approval can keep teens safe online.

Today,
teens can download any app – even ones parents don’t want them to. Federal legislation that puts parents in charge of app downloads could change that, helping keep teens safe. 

 

That’s why Instagram supports federal legislation requiring app store parental approval and age verification for teens under 16.

 

Learn more.

Let’s get started…

  • Thune’s
    trillion-dollar score
    : Senate Republicans have already started having conversations with the parliamentarian—the career, nonpartisan Senate ruleskeeper—who will eventually issue rulings on the budget framework of Trump’s tax and spending cuts. Elizabeth MacDonough, who has served in the role for more than a decade, is well-liked and much-respected by both parties. She’s also come under intense partisan heat in the past—including when she refused to let Democrats include
    immigration reform under reconciliation rules in Biden’s Inflation Reduction Act. The left demanded that Senate Majority Leader Chuck Schumer fire MacDonough, or invoke the so-called “nuclear option” and overrule her. Democrats did neither, to the chagrin of liberal activists. 

    Senate Republicans are trying to avoid similar grassroots outrage, which, of course, could be stoked at any time by an impulsive Trump tweet. I’m told by several sources that
    Senate Republican leadership has been in constant conversation with the White House to set expectations and discourage any pressure to ignore the parliamentarian, which would further degrade Senate norms. Let’s see if Trump listens. 

    MacDonough will be scrutinizing, in particular, how Senate Republicans account for the cost of extending the 2017 Trump tax credits that expire at the end of the year. Senate Republicans want the extension cost to be marked as zero dollars, resetting the
    fiscal baseline and essentially shielding the true, multitrillion-dollar cost of institutionalizing the tax cuts. Such a move would “set a dangerous precedent” by hiding the true economic impact of policy, according to the Peter G. Peterson Foundation, which studies the ties between the economy and fiscal policy. If MacDonough rules that the tax cut extension must be scored
    based on current law, the 10-year extension will be priced at a whopping $4.5 trillion, making it harder for Republicans to justify tucking in other sweeteners that Trump dangled on the campaign trail, such as no tax on tips. This math would also require Republicans to come up with even deeper cuts, potentially to Medicaid, to offset all that deficit spending.

  • Jordan’s impeachment off-ramp: The White House continues to ramp up the pressure on
    Republicans to impeach judges who have ruled against his agenda, despite the lack of support on Capitol Hill for such drastic measures, as I reported last week. Speaker Mike Johnson and Judiciary Committee chair Jim Jordan haven’t said that they are opposed to impeaching judges, but they know it’s a fruitless and
    divisive crusade, given the two-third majority needed in the Senate to convict.

    They have, however, latched on to an alternative idea, one that was in the works before Trump called for the impeachment of a federal circuit court judge. Johnson and Jordan are promoting a bill by Rep. Darrell Issa that would prohibit federal circuits from imposing nationwide
    injunctions. In essence, this maneuver would strip the ability of District Court judges like James Boasberg, the judge who has attempted to block the deportations of alleged Venezuelan gang members to El Salvador, from halting administration policies. The bill, far less extreme than impeaching a judge, passed out of the Judiciary Committee earlier this month and could be brought before the full House as early as this week.

Now, for the main event…

The Johnson Trust Fall

The
Johnson Trust Fall

After a 10-day recess filled with the hue and cry of angry voters, Democrats are
returning to a Washington where universities, law firms, and major corporations have all been muzzled. Meanwhile, Republicans are quietly navigating their own DOGE dilemmas… including how to slice trillions of dollars from the government without too many people noticing.

Leigh Ann Caldwell Leigh Ann Caldwell

This week, members of Congress will return to a very different Washington than the one
they left just 10 days ago. While they were in recess, Donald Trump started dismantling the Education Department; called for the impeachment of a federal judge; negotiated a questionable first step toward a ceasefire between Russia and Ukraine; and threatened to sanction any law firms that participate in legal actions against his
administration. Republicans will likely ignore all of that, and get to work on finding a compromise budget framework—which will eventually include tax cuts and spending cuts—that is agreeable to both House and Senate Republicans, a process that could take anywhere from a few weeks to a few months. Democrats, for their part, will be under enormous pressure to figure out how to respond to any and all of it. 

I’ve spent the recess week making phone calls and taking
meetings on Capitol Hill to get a sense of where things stand at this precarious moment. Here are the four topics keeping everyone up at night.

I. “Running Scared”

Two months into his second term, Trump is making his mandate blindingly obvious: Obey,
or face the consequences. This time around, the corporate pillars of the resistance era are mostly choosing the former. Paul Weiss, the major law firm whose leadership worked against Trump during his first term—and whose chairman, Brad Karp, is a longtime Democratic fundraiser—committed to $40 million of pro bono work on behalf of the administration and the president’s priorities. Columbia University, which has been engulfed in a veritable civil war for a year, caved to
Trump’s demands to crack down on protesters, ban masks, and place departments including Middle East, South Asian, and African Studies into “academic receivership.” Meanwhile, the major tech firms that were so vocal when Trump implemented his so-called “Muslim ban,” in 2017, aren’t saying anything at all about the administration’s new policies for detaining travelers for minor visa violations or about the
expanded travel ban that will soon go into effect.

 

Democrats tell me they’ve been hearing from lawyers, corporate employees, law firms, and constituents, alike, about the fear of retaliation from Trump—and why people aren’t doing more to stand up to him. Law firms are “running scared,” said one
attorney with a background in Democratic politics. “They’re being extremely careful about cases they take on, they are carefully checking conflicts of interests in cases and being extremely cautious about the people they hire,” the lawyer said.

A MESSAGE FROM INSTAGRAM

Instagram
Instagram

States are taking action to protect teens online. Congress should, too.

Today, teens can download any app – even ones parents don’t want them to. Federal action putting parents in charge of teen app downloads can help keep teens safe online.

 

Twelve states are considering legislation requiring app store parental approval and age verification. It’s time for Congress to do the same with federal legislation.

 

Learn more.

Another lobbyist told me that their clients are afraid to speak out against Trump’s
policies—even the economic ones that they think are damaging—because they don’t want to find themselves on the receiving end of a Trump-inspired boycott or MAGA onslaught online. “Everybody is scared,” the lobbyist told me, insisting that the “chilling effect is silence, not compliance.” 

Put another way, this new era of self-censorship is a sort of Trump-inspired cancel culture, only it’s not emanating from Twitter mobs or restive workplaces—it’s coming from the
White House. Indeed, it’s not unlike the tactics that Trump has used with Republican candidates, threatening primaries or outright endorsements of challengers to cow members of his party into submission. Republicans admit as much privately, although Sen. Lisa Murkowski, who continues to brush off Trump’s threats, recently berated her
colleagues for being such wimps. Rep. Thomas Massie, who defied Trump and refused to vote for his budget framework and government funding, is another of the few who haven’t stood down, despite Trump’s Truth Social post promising to “lead the charge” in primarying the popular Kentucky congressman next year.

II.
Friends With Benefits

Meanwhile, Republicans are still acclimating themselves to the new political order
imposed by Elon Musk, the semi-non-official DOGE administrator and “special government employee” imbued by Trump with extraordinary privileges to audit and deconstruct the federal bureaucracy. The goal of cutting red tape and slimming the administrative state has been hailed by Republicans, and even by a few Democrats. But the way in which Musk has gone about downsizing—essentially, blindly turning off funding and waiting to see what breaks, or which constituencies shriek
loudest—has created a dynamic in which personal relationships with Musk, and proximity to the White House, are the primary avenues through which favored programs might be spared. Or at least that’s the perception in this relationship-based business.

 

Some Hill Republicans have been hustling to find a line into Musk and DOGE in order to respond when proposed cuts threaten their own constituents. Of course,
Democrats are completely out of luck, but even Republicans, especially those who aren’t particularly close to Trump, and have never even met Musk, are struggling to register complaints or request a review, I’m told. Some members have tried to reach DOGE through the Office of Legislative Affairs, the traditional way for members of Congress to communicate with an administration, but they’re told by O.L.A. that they don’t have much access to DOGE, either.  

 

When Musk visited Capitol Hill earlier this month to meet with freaked-out G.O.P. senators, he gave them his number and told them to call if they had questions, according to The New York Times. Musk also told them he’d set up a direct line for them to reach DOGE. Alas, that line hasn’t been set up, I’m told, further elevating the value of personal relationships with Musk or with Trump. Until recently,
the favor-trading that greases the wheels of government appropriations used to happen in Congress, between legislators. Now, with the White House having seized many of those powers, the traditional give-and-take of Capitol Hill has been replaced by a sort of patronage regime.

The friendocracy has been a mixed bag for Musk, himself. His favorability is now underwater, according to multiple polls, and sinking almost as fast as the stock price of Tesla.
Meanwhile, Trump’s decision to halt $3 billion of funding for electric vehicle charging infrastructure would severely cripple the growing EV industry (and Tesla’s encroaching competitors) without damaging Tesla, which already has an expansive charging system that the Biden administration, in part, helped to underwrite. The New York Times is reporting that Musk is well-positioned to receive billions of dollars of government contracts with multiple government agencies, leaving
good-governance watchdogs—as well as Musk’s competitors—crying foul. The amount of control Musk has amassed and the frustration of those left out of the parlor game—including congressional Republicans, the ones who actually have to face constituents—is baffling for many. But Republicans refuse to say much about it publicly.

III. The Johnson Trust
Fall

House Republicans are nearing a critical inflection point in passing their agenda, and rank-and-file
members are girding themselves for a fight. Based on my conversations with Republicans, it seems both sides of the ideological spectrum on the right don’t have a lot of trust in Johnson, and that trust deficit grows with every major vote they take. They believe Johnson tells them what they want to hear in the moment to get past the next crisis, but he doesn’t always keep his word, since he can’t do opposite things at the same time. 

Instagram
Instagram

For instance, in order to pass the budget framework and set up the process to pass
Trump’s tax and spending cut priorities, Johnson promised centrist Republicans, whose districts have large numbers of Medicaid recipients, that benefits wouldn’t be cut. But these Republicans are nervous that Johnson will give in to the budget hawk hardliners, who are hellbent on cutting as much as possible, including deep cuts to Medicaid. 

 

And yet the hardliners, who reluctantly went ahead with Johnson’s budget
framework plan because they were told that they’d get as much as $2 trillion in spending cuts, are also distrustful of the speaker. In their minds, he has gone against his word and reversed course in the past, including on issues like passing funding bills with Democrats. Republicans repeatedly tell me they’re astonished that Johnson is still speaker of the House. The long hours he’s put into building a relationship with Trump have clearly paid off. As long as Trump has his back, he’ll continue
to skate by.

IV.
Democratic Diligence

Democrats are coming back from recess to a party that’s even more broken and
disorganized than it was merely 10 days ago. Some have seen outright anger from constituents, a taste of what Republicans are seeing in their town halls (hello, Rep. Harriet Hageman), who are demanding that the party fight harder against Trump. Senate Democratic Leader Chuck Schumer canceled the in-person part of his book tour for Antisemitism in America, and pivoted his media appearances into an explanation tour on his inability to get something from
Trump in the government funding debacle. 

 

It’s unclear how much the issue will be discussed among members in the coming days, including at the Democrats’ weekly lunch this week. But what they will focus on is how they can find something to latch on to that will be popular with voters. Trump’s dismantling of the Department of Education could be a major inflection point, especially if children
start to lose access to resources and programs. 

Meanwhile, Sen. Bernie Sanders invited Rep. Alexandria Ocasio-Cortez on his “Fighting Oligarchy” tour, raising speculation that Sanders is passing the progressive torch to the 35-year-old from the Bronx. Although Ocasio-Cortez didn’t win a race inside the caucus—which, admittedly, raises
questions about her role in the party—for now, it seems that she has plenty of options.

Dry Powder

Unique and privileged insight into the private conversations taking place inside boardrooms and corner offices up and down
Wall Street, relayed by best-selling author, journalist, and former M&A senior banker William D. Cohan.

Fashion People

Puck fashion correspondent Lauren Sherman and a rotating cast of industry insiders take you deep behind the scenes of this
multitrillion-dollar biz, from creative director switcheroos to M&A drama, D.T.C. downfalls, and magazine mishaps. Fashion People is an extension of Line Sheet, Lauren’s private email for Puck, where she tracks what’s happening beyond the press releases in fashion, beauty, and media. New episodes publish every Tuesday and Friday.

Apple’s
$1B Streaming Question

Apple’s Streaming Question

MATTHEW BELLONI

Zelensky’s New Deal

Zelensky’s New Deal

JULIA IOFFE

DraftKings’ Bad Bet

DraftKings’ Bad Bet

JOHN OURAND

Puck
Facebook Twitter Instagram LinkedIn

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news.

You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with . To stop receiving this newsletter and/or manage all your email preferences,
click here.

 

Puck is published by Heat Media LLC. 107 Greenwich St, New York, NY 10006

SHARE
Try Puck for free

Sign up today to join the inside conversation at the nexus of Wall Street, Washington, Silicon Valley, Hollywood, and more.

Already a member? Log In


  • Daily articles and breaking news
  • Personal emails directly from our authors
  • Gift subscriber-only stories to friends & family
  • Unlimited access to archives

  • Exclusive bonus days of select newsletters
  • Exclusive access to Puck merch
  • Early bird access to new editorial and product features
  • Invitations to private conference calls with Puck authors

Exclusive to Inner Circle only



Latest Articles

The Editors • March 23, 2025
The Week in Shopping: The Death of Barbie Pink & Thom Browne’s Palm Beach Play
An A-list documentary filmmaker panel moderated by Puck’s Baratunde Thurston
The Editors • March 23, 2025
Puck’s 2024 Guide to Mirth & Merriment
The fourth annual edition of our definitive, non-denominational holiday gift recommendations, this time with a few surprise V.I.P. guests…
Leigh Ann Caldwell • March 23, 2025
The Buildings of Madison Avenue
The macro convulsions in luxury—consolidation, tremendous profit generation, preparation for an inevitable decline—are all wrapped up in what’s happening uptown right now with the old Barneys New York building.


Rachel Strugatz • March 23, 2025
Meghan Markle’s Flamingo Estate
News and notes on the former royal’s attempt to create her own “edible oils, fats, preserves, spreads and butters” empire. What could possibly go wrong?
Dylan Byers • March 23, 2025
The Thompson Manifesto: A Sequel
As a follow-up to his original dissertation on the challenges facing CNN, Mark Thompson recently outlined a vague, pablum-filled vision of the network-cum-news-organization’s future. But is it so opaque because Thompson’s vision remains hazy, or because he doesn’t want to say the hard part out loud?
William D. Cohan • March 23, 2025
Zaz’s Bonus Math & Trump’s Banking Crisis
News and notes on the Downtown Cip table chatter: Zaz’s Paramount false flag and Trump’s increasingly cumbersome penalty financing solutions.


William D. Cohan • March 23, 2025
Wall Street Hedges Its Bet on Biden
The mandarins of high finance are now positioning their banks for the ultimate high-beta event: the return of Donald Trump.


Get access to this story

Enter your email for a free preview of Puck’s full offering, including exclusive articles, private emails from authors, and more.

Verify your email and sign in by clicking the link we just sent.

Already a member? Log In


Start 14 Day Free Trial for Unlimited Access Instead →



Latest Articles

Theodore Schleifer • March 23, 2025
The Rise and Fall of Jack and Bobby
The bizarre and totally unsurprising story of how Jack Dorsey’s advocacy for Robert F. Kennedy Jr. unnerved some members of the Block board.
Matthew Belloni • March 23, 2025
Iger’s Four Horsemen of the Succession Apocalypse
Now that Disney, under the watchful eye of Nelson Peltz, appears to have settled on a quartet of internal (yet by no means ideal) candidates, can it manage a complex process that allows for one winner without creating three sore losers?
Peter Hamby • March 23, 2025
Teenage Riot
The usual suspects in Washington fear that young voters could protest the 2024 election if Biden bans TikTok—a supposition accepted at face value by pundits, despite the available evidence. Yes, there are polls showing young people oppose a ban. But that’s not predictive of how Gen Z will vote.


Julia Ioffe • March 23, 2025
The Navalny Prisoner Swap Deal That Wasn’t
Late Sunday night, Vladimir Putin decided to speak to his supporters after he successfully stole a fifth term as Russian president. He talked about his “victory” and also did something unexpected: For the first time, he publicly mentioned by name the late Alexey Navalny—a cruel irony, since Putin refused to do this while Navalny was […]
John Ourand • March 23, 2025
The Season of Pitaro Magical Thinking
This morning, I received a small nit in my inbox, complaining that my favorite Puck author, Matt Belloni, was too dismissive of ESPN chief Jimmy Pitaro’s digital chops yesterday in his What I’m Hearing private email. The larger context, of course, is that Pitaro is among a quartet of internal Disney candidates (alongside entertainment co-chairs […]
Marion Maneker • March 23, 2025
Art Market Shocks & Leon Black’s Math
For all the commentary about the art world, there is a stunning lack of writing that actually attempts to understand the business itself. Last week, for example, I was speaking to the C.E.O. of one of the major auction houses when he brought up something I had written a few months earlier about a competitor. […]


John Ourand • March 23, 2025
Give Me Liberty
Nearly a decade after transforming F1 into a juggernaut, John Malone’s Liberty Media is looking to employ the same makeover on its newest multibillion-dollar portfolio toy, MotoGP.

You have 1 free article Left

To read this full story and more, start your 14 day free trial today →


Already a member? Log In

  • Terms
  • Privacy
  • Contact
  • Careers
© 2025 Heat Media All rights reserved.
Create an account

Already a member? Log In

CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Google
OR YOUR EMAIL

OR

Use Email & Password Instead

USE EMAIL & PASSWORD
Password strength:

OR

Use Another Sign-Up Method

Become a member

All of the insider knowledge from our top tier authors, in your inbox.

Create an account

Already a member? Log In

Verify your email!

You should receive a link to log in at .

I DID NOT RECEIVE A LINK

Didn't get an email? Check your spam folder and confirm the spelling of your email, and try again. If you continue to have trouble, reach out to fritz@puck.news.

CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Apple
CREATE AN ACCOUNT with Apple
OR USE EMAIL & PASSWORD
Password strength:

OR
Log In

Not a member yet? Sign up today

Log in with Google
Log in with Google
Log in with Apple
Log in with Apple
OR USE EMAIL & PASSWORD
Don't have a password or need to reset it?

OR
Verify Account

Verify your email!

You should receive a link to log in at .

I DID NOT RECEIVE A LINK

Didn't get an email? Check your spam folder and confirm the spelling of your email, and try again. If you continue to have trouble, reach out to fritz@puck.news.

YOUR EMAIL

Use a different sign in option instead

Member Exclusive

Get access to this story

Create a free account to preview Puck’s full offering, including exclusive articles, private emails from authors, and more.

Already a member? Sign in

Free article unlocked!

You are logged into a free account as unknown@example.com

ENJOY 1 FREE ARTICLE EACH MONTH

Subscribe today to join the inside conversation at the nexus of Wall Street, Washington, Silicon Valley, Hollywood, and more.


  • Daily articles and breaking news
  • Personal emails directly from our authors
  • Gift subscriber-only stories to friends & family
  • Unlimited access to archives
  • Bookmark articles to create a Reading List
  • Quarterly calls with industry experts from the power corners we cover