12:30 Report is The Hill's midday newsletter. Click here to sign up.

It’s Tuesday. Who else is thrilled that the U.S. Open is in full swing?! The Atlantic published an article, making the case that “if you must play one sport, make it tennis.”

Programming note: The Hill’s Elizabeth Crisp will be writing The Hill’s 12:30 Report tomorrow. She’s great — you’re in good hands!

In today's issue:

• Trump meets with Cabinet
• Whistleblower: DOGE mishandled data
• US-Intel shared revenue deal irks GOP

🎤 IN THE WHITE HOUSE

Trump touts US investments, growth:

President Trump has assembled his Cabinet for a meeting at the White House. It’s underway as we speak.

Secretary of State Marco Rubio and Defense Secretary Pete Hegseth are flanking Trump at the table. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Interior Secretary Doug Burgum are also in the room.

There’s a lot to discuss: Trump is trying to fire a Federal Reserve governor. His federal takeover of Washington, D.C., has gotten a lot of attention. And the president is facing MAGA pushback over his deal to have the U.S. government take a stake in chipmaker Intel (more on that below).

💻 Watch the Cabinet meeting live

Here are the newsiest parts so far:

Trump said "trillions of dollars" are pouring into the U.S. He touted various investments in the U.S. after levying tariffs on dozens of nations, including double-digit tariffs on various top trading partners.

Trump showed an image from Mark Zuckerberg: Trump held up an image of a data center. He said the rendering was given to him by the Meta CEO. “This is what he’s building in Louisiana,” Trump said. “These are big things. And they’re going up, a lot of them, are going up now. … I’ll tell you what, our country — we’re leading China now on [artificial intelligence].

Trump says domestic auto production is up: Trump says U.S. auto production is up “18,000 cars a month” — and that “big plants” will open up. “We were losing. All the car plants were leaving this country. Now they’re all coming back in,” Trump said, arguing his Cabinet should get the credit

On domestic oil production: “Domestic oil production is up by more than 300,000 barrels a day. That’s a lot of barrels,” Trump said, telling reporters that oil barrels are down to roughly $62 a barrel.

Trump also continued to go after blue-state leaders, who he has been sparring with for days over crime in their states.

🗨️ Follow today’s live blog

Fed governor says she’s not stepping down:

Federal Reserve board member Lisa Cook says she has no plans to step down from her position, defying President Trump’s push to fire her.

Cook said in a statement Monday evening, hours after Trump announced her firing, that the president acted “when no cause exists under the law, and he has no authority to do so.”

“I will not resign,” Cook added in the statement obtained by The Hill’s sister network NewsNation.

Trump announced the extraordinary step of firing the Fed board member in a post on Truth Social, accusing Cook of committing mortgage fraud.

Why?: A Trump ally, who is the head of the Federal Housing Finance Agency, alleged that Cook committed mortgage fraud by listing two primary residences.

Is Trump able to do this?: That’s unclear. The president can fire members of the Federal Reserve board for cause, but it’s not clear whether these allegations reach that bar. Trump posted on Monday that he has “sufficient cause,” which Cook denies.

Keep in mind: If Trump is successful in ousting her, it would give him an opening to appoint a new member who aligns with his economic vision.

Democrats are furious: Senate Minority Leader Chuck Schumer (D-N.Y.) called it the “latest in Donald Trump’s DC partisan games to rig the economy for his billionaire donors at the expense of hardworking Americans.” Sen. Elizabeth Warren (Mass.), the top Democrat on the Senate committee that oversees the Federal Reserve, called the move “illegal.”

© The Hill