The Bulletin

• US citizens in Ukraine hotel struck by Russia: Ukrainian President Volodymyr Zelensky said U.S. citizens were among those who had checked into a hotel that was hit by a Russian strike overnight. More about the incident.

• Macron's national address: France's President Emmanuel Macron has said that Europe, not Washington, will decide the future of the continent and added that there would be a response to tariffs imposed by the Trump administration. Here are five key takeaways.

• Trump's address about Social Security: In his address to Congress on Tuesday, Trump covered a wide range of topics, from domestic policy to foreign relations, but his comments on Social Security stood out. Find out here.

• Students found dismembered in Mexico: At least nine dismembered bodies, feared to be those of missing students vacationing in Mexican state of Oaxaca, were discovered beside a highway on Sunday, local media reports.

• Trump's pentagon cripples Ukraine's HIMARS: President Trump's pause on the sharing of critical intelligence with Ukraine significantly hampers Kyiv's ability to employ the U.S.-supplied rocket systems on the battlefield. Learn more.

• Russia responds to Macron's nuclear statement: The Kremlin called French President Emmanuel Macron's Wednesday evening speech "extremely confrontational," and Russia's Foreign Minister Sergei Lavrov said the comments about nuclear weapons were a threat.

• US immigration service wants social media of visa applicants: The agency managing visa and citizenship applications wants to collect information on all applicants' social media accounts in the name of national security. Know more.

The rundown: Economists have expressed fears that the American economy may be on a path toward recession, or at least an economic downturn which could rival those of 2020 and 2008. Here's what they had to say.

Why it matters: These concerns have been heightened by falling retail sales and associated layoffs, the anticipated impacts of President Trump's tariffs on prices and domestic consumption, American stock indexes trailing their European counterparts in recent months, the Federal Reserve's statements indicating that inflationary struggles are far from over, and data pointing to sharp declines in consumer confidence. Experts like David Wessel expressed concern over uncertainty from tariffs and policy unpredictability, while others, like Jesse Rothstein, predict a deep recession due to federal layoffs and uncertainty in the private market.

Read more in-depth coverage:
Trump's Pledge to Lower Costs on 'Day One' is Unraveling

TL/DR: Donald Trump's path to the White House was paved with promises of lowering costs for American consumers on "day one," as well as sparking a revival for domestic business.

What happens now? Barring any major shocks—such as a pandemic—the likelihood of recession in America's immediate future remains relatively low, according to analysts. J.P. Morgan puts this probability at just 20 percent, only 10 percentage points higher than the constant 10 percent chance of a recession occurring at any time within the next 12 months.

Deeper reading Is Donald Trump Causing a Recession? Economists Are Increasingly Worried

The rundown: President Donald Trump is reportedly set to issue an executive order closing the Department of Education this week. Here's what to know.

Why it matters: The draft, labeled "pre-decisional," directs the newly confirmed Education Secretary Linda McMahon to "take all necessary steps to facilitate the closure of the Department of Education." Legally, the president does not have the power to eliminate the department, which the draft recognizes—it would need action from Congress and a likely supermajority of 60 votes in the Senate (Republicans hold 53). The president and supporters of this move believe shutting down the department will correct what they see as federal overreach and a misuse of taxpayer dollars. Critics argue that losing the department will mean there is nothing holding schools accountable for enforcing certain laws, including non-discrimination laws for gender, race and disability.

Read more in-depth coverage:
Education Department Offers $25K Buyout to Staff Facing Midnight Deadline

TL/DR: "The experiment of controlling American education through Federal programs and dollars ... has failed our children," the draft says.

What happens now? The executive order could be issued as soon as Thursday, but closing the department would need significant Democratic support to get enough votes past the threshold in the Senate.

Deeper reading Donald Trump To Eliminate Department of Education: What To Know

The rundown: Texas lawmakers plan to spend at least $6 billion of state funds on property tax cuts, though they disagree on who should benefit most from the proposed relief: homeowners or businesses. Read on to learn more about the debate.

Why it matters: Texas officially does not have a state property tax, but local governments set tax rates and collect taxes to provide public services, including schools, roads, police, and firefighters. According to SmartAsset, property taxes in Texas are the seventh-highest in the nation, at an average rate of 1.63 percent. The national average, by comparison, is 0.90 percent. That means the typical Texas homeowner pays an average of $3,872 yearly in property taxes. Texas lawmakers in both chambers have now agreed to allocate $6 billion in state funds to lower property taxes for property owners, but they cannot agree on whether they want homeowners or businesses to benefit most from the relief.

Read more in-depth coverage:
Greg Abbott Wants Change to Texas Property Taxes

TL/DR: While Texas does not levy a personal income tax and has the country's fifth-lowest tax burden per capita, property owners in the Lone Star State pay some of the highest property taxes in the union to local governments.

What happens now? Previous property tax cuts signed off by Abbott—including the largest property tax reduction in U.S. history in 2023, SB 2 at $22.7 billion—were criticized for stripping school districts and local governments of crucial funding supporting public services. This type of criticism is likely to resurface, and experts already question the sustainability of such cuts.

Deeper reading Texas Cuts $6 Billion in Property Tax—How Will They Spend It?

The rundown: Hamas said President Donald Trump's ultimatum to the group to release its remaining hostages only encourages the Israeli government and Prime Minister Benjamin Netanyahu towards a more radical approach to Gaza. Read his full remarks.

Why it matters: Trump issued a final ultimatum to Hamas on Wednesday after it was reported that U.S. officials were engaged in "ongoing talks and discussions" with Hamas officials—the first such engagement since the group was designated a foreign terrorist organization by the State Department in 1997. In a Truth Social post, Trump ordered Hamas to release the remaining hostages captured in the October 7, 2023, attack on Israel, and the bodies of the dead. Salama Maroof, spokesperson for the Hamas-controlled Gaza government stated on his X account that "people or their resistance in Gaza have never been the problem, but the problem has always been the occupation and what is happening today in the West Bank and Jerusalem is the best evidence."

Read more in-depth coverage:
Trump Doubles Down on Gaza

TL/DR: Hamas killed some 1,200 Israelis in the initial attack and took around 250 hostages. At least 48,000 Palestinians have been killed in Israel's Gaza offensive, according to officials in the Hamas-run territory cited by the Associated Press.

What happens now? The Israel-Hamas ceasefire's continuation remains uncertain. Trump has indicated he would not prevent Netanyahu from resuming combat if Hamas rejects the terms of a new agreement.

Deeper reading Hamas Responds to Donald Trump's Threat

The rundown: Rare earth elements have become a cornerstone of much modern technology, granting nations with abundant reserves and advanced processing capabilities considerable financial, political and military leverage. Here are the countries with the largest reserves.

Why it matters: According to the Oxford Institute for Energy Studies, China currently dominates the rare earth supply chain, producing 70 percent of the world's supply and handling 90 percent of global rare earth ore processing. This dominance of the discovery-to-production-to-export chain gives the country enormous control over rare earth prices globally, and the U.S. remains heavily reliant on imports from China. After China, India, Russia and Vietnam have the largest rare earth reserves, estimated at 6.9 million, 3.8 million and 3.5 million metric tons, respectively.

Read more in-depth coverage:
Map Shows Critical Minerals Under Control of America's Rivals

TL/DR: Countries with substantial reserves of rare earth elements—or simply "rare earths"—therefore have a strategic advantage in the next stage of technological development.

What happens now? Many believed last Friday's Oval Office spat had jeopardized the minerals deal between the U.S. and Ukraine—which would grant the former 50 percent of the future revenues from Kyiv's natural resource assets, including rare earths. However, during his Tuesday address to Congress, Trump said that Zelensky was still open to this agreement, a statement corroborated by the Ukrainian leader.

Deeper reading Map Shows World's 10 Largest Rare Earth Element Reserves