Morning Business Report: Memorial Day travel, Trump’s economic bill

As Americans gear up for Memorial Day weekend, a record-breaking 45.1 million travelers are expected to hit the road and skies, according to AAA.

(LILAMAX)-As Americans gear up for Memorial Day weekend, a record-breaking 45.1 million travelers are expected to hit the road and skies, according to AAA. Travel experts recommend drivers depart before 11 a.m. today to avoid the heaviest traffic. On the return, Memorial Day morning and afternoon are projected to be the smoothest times for driving. For those flying, Saturday morning is expected to be less crowded than today, and it’s also the first holiday requiring Real ID, a passport, or other federally approved identification at TSA checkpoints.

In Washington, President Donald Trump’s so-called “Big Beautiful Bill” took a major step forward this week. The sweeping legislation includes provisions for tax reform, student loan forgiveness, and a bold new initiative to invest in future generations: $1,000 government contributions to accounts for every baby born between December 31, 2024, and January 1, 2029. The bill now moves to the Senate, where further changes are possible.

On Wall Street, the S&P 500 closed Thursday nearly flat as investors weighed concerns over rising interest rates and the ballooning federal deficit. Markets will be closed Monday in observance of Memorial Day.

Meanwhile, the housing market continues to struggle. Existing home sales slipped 0.5% from March, marking the lowest levels since the Great Recession, according to the National Association of Realtors. Compared to this time last year, sales are down 2%. Buyers face high mortgage rates and home prices, compounded by economic and job market uncertainty.

In a long-anticipated move, the U.S. Treasury has announced plans to phase out the penny. Officials say the government placed its final order for penny blanks this month. While consumers can still use pennies for purchases, production will cease due to costs—each penny costs more than three cents to produce.