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Trump campaign manager, Paul Manafort, gets a more lenient sentence of 4 years for tax and bank fraud from a judge doing the sentencing. Prosecutors had asked for 13 to 24 years. Separately another sentencing takes place on a different charge next week.

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US Border wall is at $39 billion in the House version vs. $62 billion investment in the Senate version of US 3B Tax Cuts Bill 2025. The $6.5 billion in savings from the earlier figure of $46.5 billion in the House bill are justified says Rand Paul, head of the Homeland Security Committee in Congress, as most of the goals for border security can be achieved with the lower amount. The WSJ Editorial Board agrees with Rand Paul.

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Special Counsel Mueller's team says in a court filing that Paul Manafort, Mr. Trump's campaign manager should face a prison term of 19 to 24 years for "serious, longstanding, and bold" financial crimes.  Manafort also faces financial penalties totaling about $50 million, according to the filing. Some of the problems date to years before Manafort joined the Trump campaign as campaign chairman.

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The Big Beautiful Tax and Spending Bill in the US Congress faces close votes in the US Senate with Senators Rand Paul of Kentucky, and Thom Tillis of North Carolina, both Republicans against it.  The Senate version has additional cuts to Medicaid funding. Tillis expressed concern about these cuts. Senator Rand Paul is opposed to increasing the deficit for enlarged spending and tax cuts. Republicans and DJT have close votes in the Senate and in the Congress. Republicans Murkowski of Alaska and Curtis of Utah want to change the early phaseouts of tax credits to the renewable energy industry in the Senate bill, and the excise tax after 2027 to avoid buying from China and develop American manufacturing in renewables. Senator Collins of Maine has an amendment to add $25 billion for rural healthcare and rural hospitals to offset the effects of large Medicaid cuts. Collins plan also lets taxes revert to 39.6% from 37% for married couples incomes over $50 million.  The bill then heads back to the House for changes by Wednesday, July 2, for a goal to have it on the president's desk by July 4th, Friday. ...

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It costs about 8 million pounds for maintenance of St Paul's Cathedral. St Paul's Cathedral income declined by 90% as the pandemic led to fewer visitors and ticket sales. The government provides 3.3 million pounds from its culture recovery fund. Because this is not enough for maintenance, much less the 15 million pounds needed for the repair of the 17th century lead roof, one of England's best known cathedrals had to dip into and nearly exhaust its reserve funds. If this is the condition of St Paul's one can imagine what decades of misallocation of capital have done in the rest of the country. St Paul's Cathedral remained a defiant symbol of British resistance in the Second World War during the Battle of Britain.  The dean of the cathedral Very Rev. David Ison says "if we don't have the resources to pay for heating and lighting we may have to close our doors." Imagine closing England's most famous cathedral and symbol of its spirit for lack of funds. Notre Dame Cathedral by contrast in Paris is being renovated with $100 million euros donated by two French businessmen and $700 million pledged so far to rebuilding and renovation of Notre Dame. ...

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A short biography of Wisconsin Congressman and Romney's vice presidential pick, Paul Ryan.

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Kramer, McIntire, and Meier of the NYT, provides this indepth account of Trump top campaign aide Paul Manafort's consulting work in Ukraine for Ukraine's president Yakunovych, ousted after protests in Kiev. Ukraine's newly formed National Anti-Corruption Bureau is looking into corruption in Ukraine's system, including corruption in the Yakunovych years. It is this corruption that has hurt Ukraine and other Eastern European countries in their move towards becoming properly functioning democratic states inside the EU or neighboring the EU. Much aid has been sent to Ukraine by Germany and the EU to help Ukraine develop a democratic and economic framework free of cronyism and corruption. Manafort's involvement with interests in Ukraine and Russia during a period of long and persistent protests in Kiev, followed by the ouster of Yakunovych and the war with Russia, when the policy of the U.S. and Europe was to protect Eastern European  member states of the European Union including Poland and the Baltic States, and reach some form of settlement in Ukraine, are controversial. Andrew Kramer of the NYT describes Manafort's consulting company's activities in Ukraine during this tense period, and how it may have have been counterproductive to the constructive efforts of the U.S. and the European Union. ...

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Recommendations of the State Budget Crisis Task Force co-chaired by Paul Volcker and Richard Ravitch.

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Kimberly Strassel says the choice presented in the 2012 presidential election with Romney's pick of Rep. Paul Ryan of Wisconsin, is between stagnation and national renewal.

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U.S. House Speaker Paul Ryan, wins by 84% to his challenger's 16% of the vote in the Republican primary for his House seat of Janesville, Wisconsin. The challenger Nehlen, an executive at a water filtration company, adopted many of Trump's positions including building a wall and had the support of the group Tea Party Patriots. Trump lost to Ted Cruz in Wisconsin and lost in the 1st congressional district covering Janesville by 19 percentage points. Janesville, is a former industrial working class town that has lost many factory jobs over the years, and this election shows the trade issue is not the only issue on people's minds when they vote. That it is easy for a candidate to use it as wedge even when they do not mean what they say by outsourcing themselves, or have few real solutions- especially as public opinion in both parties is opposed to a shift of jobs overseas for the last decade. Ryan said about his win- "I'm a local guy, people know who I am, they know what I believe in and they know I mean what I say and I say what I mean and I don't do it in a mean way." Some Republican experts say Ryan's job of winning his seat very easily, protecting the congressional majority of Republicans, and dealing with Trump as the nominee, is the hardest job in politics. ...

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Rep. Paul Ryan got his start in politics in 1983 when he was hired to work for a think tank Empower America. This think tank was formed by Weber, Kirkpatrick, Bennett and Kemp, to preserve Reagan era ideas of focussing on economic growth generated by private investment. This was followed by working as an aide to Senator Brownback of Kansas and Rep. Jack Kemp till his election to Congress in 1996. Kemp was the big idea guy and it was Paul Ryan who delved into the budget details at the time to support Kemp's ideas. Kemp was Republican vice presidential candidate, the same position that Ryan is in today. Ryan represented the area around Janesville, Wisconsin, in the U.S. Congress. He graduated from the University of Miami, Ohio.

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Rep. Paul Ryan tells Bill Keller that his ideas on Medicare and Social Security are not "the last word" but a way to start an "adult conversation." Keller describes what a Romney administration might look like with Ryan, Dan Senor, and Glenn Hubbard.

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U.S. Rep. Paul Ryan is interviewed by the WSJ's Wessel and Seib in Jan 2013 on the U.S. deficit deal of Jan 2013, and the negotiations to reduce the deficit.

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The positive influence for the Romney campaign on conservatives, independents, seniors and working class voters of the selection of Paul Ryan. Ryan gives a well received speech at the Republican convention in Tampa, at one point referring to college graduates facing a tough job market "staring up at fading Obama posters."

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Michael Corkery catches up with the indefatigable Paul Volcker at the office he shares with Richard Ravitch on the fourth floor of Rockefeller Center. Ravitch reminisces about events in 1975 when he tried to get a loan for New York City from the head of the New York Federal Reserve, who at the time was Paul Volcker. Today both men are working on another municipal crisis- the financial crisis facing U.S. states. They have raised $2 million from foundations and other sources, and hired a staff. They plan to publish a report on the crisis in 2012. The idea is to throw light on the issues so that the public can understand this better. Volcker says work is more relaxing than fishing, even though both men have spent much time fishing. The conversation drifts to the Occupy Wall Street protests and Ravitch says people forget what Teddy Roosevelt said about the malefactors of great wealth. Volcker insists it was Franklin Rosevelt, Ravitch says its Teddy.

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House Speaker Paul Ryan's "Confident America" campaign in 2016 aims to reassure the Republican base and build support for Congressional Republicans as the Trump movement disrupts the Republican Party.

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Charlie Rose talks to Paul Ryan, the Republican Congressman from Wisconsin on his "Roadmap for the Future" and a major overhaul of taxes, spending, Medicare and Social Security. He tells Rose, who hosts a news show on Bloomberg TV, that in 2010 he is all by himself looking at the big picture for shaping ideas on economic reform, and still hopes others will join him in this effort.

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The rarely mentioned origins of the U.S. Medicare reform proposal of Rep. Paul Ryan and Rep. Ron Wyden, which includes work done at the Hoover Institution and liberal think tanks, in a debate subject to distortions on all sides.

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Six former clerks, many of them now professors at well known law schools, Georgetown, Cornell, Yale, share their memories of Chief Justice John Paul Stevens, who retired in 2010 as the longest serving Supreme Court justice on the bench. One of the clerks remembers Stevens for his courteousness, which started with "May I ask you a question?," and did not attach importance to formal titles. Stevens showed remarkable empathy in talking to the clerks about legal cases. Another clerk remembers the time when Stevens pulled up the plaque on his wall "Small Town Lawyer of the Year: Associate Justice John Paul Stevens," as he talked about small hometowns with the clerk. It was given by the bar association of Poulsbo, Washington, and Stevens took pride in his modest beginnings. Some are amazed by his energy, he played a good game of tennis at 85, hired only 2 clerks instead of four to do a lot of the work, and would join the clerks for discussion on different aspects of the law.

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Miller compares the situation president Clinton faced in 1995, with Republican calls to balance the budget in 7 years, to the situation president Obama faces with Republican Rep. Paul Ryan's plan in 2013 for a balanced budget in 10 years. Clinton decided to ignore his economc advisors and go with a balanced budget plan leading to the economic recovery that followed.

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Paul Volcker outlines his views on corporate taxation ina letter to the WSJ published on Oct. 8, 2012. Volcker says the loophones and exemptions in the U.S. tax system need to go away and there needs to be a lower overall tax rate.

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This Economist magazine editorial says the Republican plan for health care with its roll back of Medicaid expansion by limiting funding to states after 2020, and by scaling back subsidies especially for older Americans and not basing them on income levels, is likely to have its own problems just as the Affordable Care Act. One concern is that keeping healthy people in the market with a mandate that everyone have insurance is present but in a milder form with premiums going up by 30% in one year if they change their mind. There is concern that this may not work among insurers leading to an increase in premiums, pricing people out of the market in "a death spiral." This could lead to more people being priced out of the market as premiums rise. About 12 million people were added to Medicaid by increasing eligibility level to $16400, or 138% of poverty line- this reduced the uninsured from 16% in 2010 to 8.8% today. The Economist concludes that the Republican health care bill has its own problems, and that this bill does not clear up the problems in Obamacare by substituting Ryancare as the Republican bill is called. Peggy Noonan writing in the WSJ says this may have negative consequences for the new Republican base shift to populist support. Critics on the right like Rand Paul see even the reduced subsidies as an entitlement program, yet the Republicans can only change parts of the Affordable Care Act as they need 60 votes in the Senate where they only have a small majority.   ...