Today in one sentence: The House Ethics Committee secretly voted to release its report on Matt Gaetz and allegations of sex trafficking an underage girl and illicit drug use; Trump suggested that Liz Cheney “could be in a lot of trouble”; Elon Musk directed House Republicans to sink Speaker Mike Johnson's bipartisan spending package that would prevent a government shutdown; the Federal Reserve cut interest rates by a quarter-point to a range of 4.25%-4.5%, but signaled fewer rate cuts next year; the Senate passed an $895.2 billion defense policy bill that bans gender-affirming care for transgender minors of service members; and the Supreme Court will decide the constitutionality of a law that would effectively ban TikTok unless the company divests from Chinese ownership.

1/ The House Ethics Committee secretly voted to release its report on Matt Gaetz and allegations of sex trafficking an underage girl and illicit drug use. The report is now expected to be made public as soon as this week: after the final votes of the 118th Congress but before lawmakers head home for the holidays. The yearslong investigation looked into allegations that Gaetz had engaged in sexual misconduct and illicit drug use, accepted bribes or other improper gifts, shared inappropriate images or videos on the House floor, and obstructed the House probe. Earlier this month, House Republicans blocked the release of the report. Gaetz abruptly resigned from Congress after Trump tapped him for attorney general last month, but two days before the bipartisan committee was set to vote on releasing the report. “It’s embarrassing, though not criminal, that I probably partied, womanized, drank and smoked more than I should have earlier in life,” Gaetz said. “I live a different life now.” (CNN / CBS News / ABC News / Associated Press / New York Times / Washington Post / Politico / USA Today / NBC News)

2/ Trump suggested that Liz Cheney “could be in a lot of trouble” following a report by House Republicans accusing her of witness tampering while serving on the Jan. 6 Select Committee, which investigated Trump’s efforts to overturn the 2020 election. The report alleges that Cheney “colluded with ‘star witness’ Cassidy Hutchinson” and calls for the FBI to investigate the former lawmaker for presenting “uncorroborated, cherry-picked, and, at times, false evidence.” Hutchinson is the former Trump White House who testified before the Jan. 6 committee about the attack on the Capitol, including that Trump knew some of his supporters were armed when he directed them to march on the Capitol. Nevertheless, Barry Loudermilk, the Republican chairman of the House Administration Oversight Subcommittee, wrote in the report, “until we hold accountable those responsible, and reform our institutions, we will not fully regain trust.” Cheney, meanwhile, defended her work, and called the report “a malicious and cowardly assault on the truth.” (Associated Press / New York Times / CNN / NBC News / Politico / Reuters / Axios)

3/ Elon Musk directed House Republicans to sink Speaker Mike Johnson’s bipartisan spending package that would prevent a government shutdown. Musk called the must-pass spending bill “a crime” that “should not pass,” adding that any lawmaker who votes for it “deserves to be voted out in 2 years.” Earlier this week, the House and Senate agreed to extend government funding until March and allocate over $100 billion in relief for disaster victims and farmers. Under the House’s 72-hour review rule, the earliest a final vote could occur is Friday night, which would delay a Senate vote until late Friday or early Saturday. If Congress fails to pass the bill by Friday night, the government will shut down. With many Republicans expected to oppose the measure following Musk’s pressure, Johnson may need to use a process called suspension, requiring a two-thirds majority in the House. To avoid a shutdown, this approach would require significant Democratic support. Trump, meanwhile, said he is “totally against” the stopgap spending package and instead wants Congress to couple the temporary funding bill with raising the debt ceiling. (Politico / Bloomberg / CNN / ABC News / Axios / Wall Street Journal)

  • Elizabeth Warren urged Trump to establish conflict-of-interest rules for Elon Musk due to his dual role as government adviser and head of companies receiving federal funds or regulatory oversight, like SpaceX and Tesla. (Washington Post)

  • Elon Musk and SpaceX face multiple federal investigations for failing to comply with security reporting protocols. Federal agencies, including the Defense Department and the Air Force, are reviewing SpaceX’s compliance with national security reporting requirements after allegations that Musk and the company have repeatedly failed to report his foreign meetings, drug use, and travel details. (New York Times)

  • Elon Musk lacks access to SpaceX’s most sensitive government secrets due to concerns over his past drug use, foreign contacts, and the potential risks associated with obtaining higher security clearance. Trump, however, could bypass traditional security requirements and grant Musk access to classified information, particularly in his new role leading the Department of Government Efficiency, which will evaluate military spending. (Wall Street Journal)

4/ The Federal Reserve cut interest rates by a quarter-point to a range of 4.25%-4.5%, but signaled fewer rate cuts next year. Fed officials now expect to make two rate cuts in 2025, and one in 2026. Over the longer term, the committee sees the “neutral” rate at 3%. Although inflation has slowed from a peak of more than 9% in June 2022, policymakers now expect inflation to end 2025 at 2.5% – well above their 2% target. (Bloomberg / Wall Street Journal / CNBC / CNN / New York Times / ABC News / Washington Post / NBC News)

5/ The Senate passed an $895.2 billion defense policy bill that bans gender-affirming care for transgender minors of service members. The annual National Defense Authorization Act, which sets the policy agenda and authorizes funding for the Department of Defense annually, was approved 85 to 14. Eleven Democrats and three Republicans voted against it. House Speaker Mike Johnson refused to bring the must-pass defense bill to the House floor without a provision preventing the military’s health care plan for service members from covering “medical interventions for the treatment of gender dysphoria that could result in sterilization may not be provided to a child under the age of 18.” It now heads to Biden, who is expected to sign it into law. (New York Times / CBS News / Washington Post / CNN)

6/ The Supreme Court will decide the constitutionality of a law that would effectively ban TikTok unless the company divests from Chinese ownership. The law, a bipartisan measure passed by Congress and signed into law by Biden earlier this year over national security concerns, requires TikTok’s Chinese owner, ByteDance, to sell the platform to an American company or face a ban. The court will hear oral arguments on Jan. 10 – nine days before the law is slated to take effect. If the Supreme Court upholds the ban, it’ll take effect the day before Trump’s inauguration, who recently said he had “warm spot” in his heart for the platform despite signing an executive order in 2020 forcing the sale of TikTok. (NBC News / Bloomberg / Associated Press / New York Times / NPR / ABC News / Washington Post / Wall Street Journal / Politico)

Five years ago today: Day 1063: "He gave us no choice."