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by Akayla Gardner

This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Every Friday, White House correspondent Akayla Gardner delivers a roundup of the key news and events in politics, policy and economics that you need to know. Sign up here and follow us at @bpolitics. Email our editors here.

Party Time

The podium is in place on the west side of the Capitol, set up in front of a field of thousands of chairs and hundreds of acres of standing-room-only space along the National Mall.

But Donald Trump won’t be able to gaze at the kind of massive crowd that he relishes when he’s sworn-in Monday as the 47th president. Because of the frigid forecast, he’ll move inside for a relatively intimate inauguration ceremony in the Capitol Rotunda. And the traditional parade along Pennsylvania Avenue will be crammed into the 20,000-seat Capital One Area in downtown Washington.

View from the podium Photographer: Al Drago/Bloomberg

“This will be a very beautiful experience for all, and especially for the large TV audience!” Trump said on his Truth Social platform. He promised to join the crowd at the arena after he’s sworn in.

Even constrained by the weather, Trump will be getting a celebration that distinctly surpasses the energy surrounding his 2017 inaugural ceremony and events, which was marked by protests and distracting over his crowd size.

And even though the rich and powerful gathered in Washington then, it’s far from the same echelon of tycoons expected to descend on the capital in the coming days. Those expected include Apple’s Chief Executive Officer Tim Cook, Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg. 

Trump raised a record-breaking amount for the festivities — at least $200 million — much of it from corporate America, with some of the biggest names in the S&P 500 giving million-dollar donations. 

It’s a turnaround from Trump’s first term, which the president-elect acknowledged when I asked about a private meeting with Cook at Mar-A-Lago during his first post-election press conference: “In the first term everybody was fighting,” he said. “In this term, everybody wants to be my friend.”

Other developments this week:

TikTok ban: The Supreme Court upheld a law that would ban TikTok in the US unless its owner, China’s ByteDance, sells the video-sharing platform to an American company. The deadline is Sunday, but Trump is looking for ways to stave off the ban, possibly giving ByteDance a chance to find a buyer. Trump spoke to Chinese President Xi Jinping today and the TikTok situation came up. "My decision on TikTok will be made in the not too distant future, but I must have time to review the situation," Trump wrote on Truth Social.

FBI hack: Officials at the Federal Bureau of Investigation believe that hackers stole months of agents' call and text logs after breaching AT&T's system last year, my colleagues Jake Bleiberg and Margi Murphy report. The revelation adds another complication to Trump's relationship with China, as he seeks to compete with the fellow world power without creating fresh conflict. Outgoing FBI Director Chris Wray warned in an interview that China has been increasingly targeting US telecommunications.

Confirmation hearings: Several of Trump's most high-profile Cabinet picks had their confirmation hearings this week, and after much anticipation, it appears most — if not all — of his appointees are on the path towards being confirmed, even controversial selections like Pete Hegseth for Defense secretary, who sat for his hearing on Tuesday. There's still plenty of key hearings left to go, including Robert F. Kennedy Jr. for health secretary and former US Representative Tulsi Gabbard for intelligence director. Paperwork delays have prevented some hearings from being scheduled.

Don’t Miss

The US government is on track to surpass record debt levels set after World War II in just four years, the Congressional Budget Office warned, with total debt reaching 107% of GDP by 2029 and 118.5% by 2035.

Trump's advisers plan to create a sovereign wealth fund, mobilizing hundreds of billions from Wall Street to deliver on Trump's ambitions for greater influence over Greenland and Panama.

The Federal Reserve announced it had withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition engaged in the study of climate risk launched in 2017.

President Joe Biden’s $52 billion bid to transform the domestic chip industry — one of the most ambitious pieces of post-war US industrial policy — is about to enter a pivotal stage: life under a new administration. 

The Biden administration announced sanctions on two Chinese entities accused of cyberattacks, including a firm it said is directly involved in the recent espionage campaign against US telecommunications firms.

Ohio Governor Mike DeWine announced he will appoint his lieutenant governor, Jon Husted, to replace Vice President-elect JD Vance in the US Senate.

A record 24.2 million people signed up for health insurance through the marketplaces created by the Affordable Care Act during the during the 2025 open enrollment period.

New from Bloomberg: Get the California Edition newsletter – Bloomberg journalists across the Golden State report on one of the world’s biggest economies and its global influence.

Watch & Listen

Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Joe Mathieu and Kailey Leinz interviewed Carmiel Arbit, Atlantic Council Middle East Programs senior fellow, about what comes next in the ceasefire agreement between Israel and Hamas.

On the program at 5 p.m., they talk with Mary Lovely, senior fellow at the Peterson Institute and an expert on US-China relations, about the implications of the TikTok ruling and the phone call between Trump and Xi.

On the The Deal podcast with Alex Rodriguez and Jason Kelly, former professional lacrosse player Paul Rabil talks about the evolving business of the sport, how he managed to develop a new lacrosse league and how he plans for the league’s future growth.. Listen on iHeart, Apple Podcasts and Spotify.

Chart of the Day

The US is forecast to make a much larger mark on the world's economic growth in 2025 than was predicted just a few months ago. The International Monetary Fund now sees a 2.7% gain for the US economy in 2025, an upward adjustment from October’s estimate of 2.153%. A slowdown to 2.1% growth is expected for 2026, but the prior forecast showed a sharper downturn to 2.0% annual growth. The improved growth forecast comes from continued strength in domestic demand. Growth in the euro area, will be much more modest as the IMF expects weak manufacturing, low consumer confidence, and the persistence of a negative energy price shock. This year, the IMF projects that the speed of US growth will be closer to that of emerging and developing economies than the euro Area. — Alex Tanzi

What’s Next

Trump will hold a pre-inaugural rally Sunday at the Capital One Arena in Washington.

Inauguration day is Monday.

Existing home sales in December will be released next Friday.

The University of Michigan’s final consumer sentiment gauge for January is released next Friday.

Giant pandas Bao Li and Qing Bao make their public debut next Friday at the National Zoo in Washington.

The Federal Reserve’s next meeting will be Jan. 28-29.

Seen Elsewhere

  • A Florida jury found CNN liable for defaming a Navy veteran involved in private evacuation work in Afghanistan, opening the network to potentially millions in punitive damages, the Wall Street Journal reports.
  • Former New York Mayor and Trump attorney Rudy Giuliani reached a deal with two Georgia election workers who won a defamation case against him that lets him keep two residences, Reuters reports.
  • The J. Paul Getty Museum in Los Angeles and its contents survived the devastating fires around it because it was built from the ground up to resist flames, the Washington Post reports.

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