Last Thursday, in coordination with the White House Task Force to Eliminate Fraud, the United States Small Business Administration (SBA) announced that it has referred  562,000 suspected fraudulent loans to the United States Department of Treasury (Treasury) for collection, marking the SBA’s largest referral package on record.

The borrowers are tied to $22.2 billion in delinquent Paycheck Protection Program (PPP) and COVID Economic Injury Disaster (EIDL) loans that were previously flagged for suspected fraud during the Biden Administration but never sent to Treasury for collection nor referred to the U.S. Department of Justice (DOJ) for investigation.  The SBA has transmitted the borrowers to the DOJ. And with today’s referral, Treasury will begin collecting on the outstanding debt as part of the Trump Administration’s commitment to recouping stolen pandemic-era funds on behalf of American taxpayers and small business owners.

By law, SBA must refer delinquent debts to Treasury’s Bureau of the Fiscal Service once they become sufficiently past due. Likewise, when SBA’s internal fraud controls flag loans for potential fraud, the agency is expected to refer those cases to the appropriate investigative and law enforcement authorities.

Until today, none of the 560,000 borrowers had been compelled to repay the $22.2 billion they owed American taxpayers. Fewer than 1,000 of these borrowers had been subject to investigations by the SBA Office of Inspector General. Thanks to the White House Task Force to Eliminate Fraud, the SBA and Treasury are now launching an aggressive effort to claw back the outstanding debt.

Last Friday, the Public Service Commission of Wisconsin (PSC) took up We Energies’ Very Large Customer (VLC) and Bespoke Resources Tariff application and issued a decision that protects existing customers and improves public transparency into the energy-related costs data centers will pay.

Utility tariffs set the rates, terms, and conditions of service utilities provide to customers within their service territory. When a utility wants to create a new tariff or make changes to an existing tariff, it must receive PSC approval to do so because the PSC regulates electric, gas, and water utilities in Wisconsin. The Commission does not regulate the permitting, construction, or operations of data center facilities.

In March 2025, We Energies submitted an application proposing the new tariffs in response to large data center customers entering the utility’s service territory. The PSC conducted a thorough, year-long review of the tariff application, which included detailed scrutiny and analysis by PSC staff and intervening parties, and a robust public engagement process. Throughout the proceeding, members of the public and participating organizations raised concerns about aspects of the utility’s application and how it could impact existing customers.

In its decision, the Commission made major modifications to improve the tariff. The following is a non-exhaustive list of actions taken to strengthen protections for We Energies’ existing customers and increase transparency and visibility:

• The Commission extended the VLC tariff minimum initial term length to 15 years. This change prevents cost-shifting to existing customers.
• The Commission lowered the energy demand threshold for tariff eligibility from 500 MW to 100 MW. This change expands tariff applicability to smaller data centers, which further shields existing customers from data center-related costs.
• The Commission required tariff revisions to address the risk of transmission cost shifting from data center customers to existing customers.
• The Commission removed a capacity-only option that would have allowed data centers to only pay for 75% of the costs of generating facilities. The removal of this capacity-only option and the approval of the Full-Benefits resource model protects existing customers by requiring the VLCs to pay 100% of their costs.
• The Commission ordered additional reporting requirements to provide visibility into how the tariffs work in practice and created a mechanism for the Commission to make future adjustments if needed.
• The Commission ordered additional reporting requirements to bring greater transparency to agreements between the utility and its VLCs.

If the Commission had denied We Energies’ application, and/or a new very large customer tariff was not established, large data centers would receive utility service without conditions specifically designed to safeguard existing customers from data-center related costs.

Oil prices held steady Wednesday, after Treasury Secretary Scott Bessent said the Trump administration will provide support to oil tankers transiting the Persian Gulf and announce more measures in the coming days.

WTI crude nearly topped $78 a barrel at its high this week since the U.S. and Israel launched a massive wave of airstrikes against OPEC member Iran over the weekend. Iran has responded with volleys of missile and drone strikes against targets across the Middle East, including energy infrastructure.

U.S. crude jumped 6% on Monday and 5% on Tuesday.

The oil market has calmed after President Donald Trump said Tuesday that the U.S. would insure tankers through the International Development Finance Corporation. Trump also promised naval escorts for oil traffic in the Persian Gulf if necessary.

Oil turned lower as Bessent told CNBC Wednesday that the White House would make a series of announcements to support the oil trade in the Gulf.

“We have a series of announcements that we’re going to be making,” Bessent said on CNBC’s “Squawk Box.” “We began yesterday with the announcement that DFC will provide the insurance for both the crude carriers and the cargo ships operating in around the Gulf over the weekend.”

The IRS published Schedule 1-A (Form 1040), Additional Deductions, along with updated instructions for Form 1040, U.S. Individual Income Tax Return, that explain how taxpayers can claim the new deductions for tips, overtime, and car loan interest, and the enhanced deduction for seniors.

Schedule 1-A does not differ from the draft version issued last year for calculating the four deductions enacted by H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act, on a single form. The instructions do provide details on how all four apply, however.

Taxpayers calculate the amount of the deductions that apply to them, add the amounts together, and include the total on line 13b of their Form 1040 or Form 1040-SR, U.S. Income Tax Return for Seniors, or on line 13c of Form 1040-NR, U.S. Nonresident Alien Income Tax Return.

The form also includes a section for calculating the taxpayer’s modified adjusted gross income, which is used in calculating phaseouts for the four deductions.

All four deductions expire after 2028.

Gov. Tony Evers says he’s optimistic that he and Republican legislative leaders will strike a deal to lower property taxes and increase school funding.

At a Madison luncheon event hosted by WisPolitics Thursday, Evers said that he will meet again with Assembly Speaker Robin Vos, R-Rochester, and Senate Majority Leader Devin LeMahieu, R-Oostburg, in the coming weeks.

“We’re still talking, we’re hopeful that we get some solutions soon,” he said. “When you do things in a bipartisan way, you give things up, get something in return, same with the other side. And so we’re continuing to do that.”

He and GOP leaders have gone back and forth for months over how to reduce Wisconsin’s high property tax rates. While Republican leaders blamed his “400-year veto” for increasing school revenue limits, Evers said investing in schools would reduce the need for communities to go to referendum.

Republicans eventually backed off their demand that Evers repeal his veto, and Evers suggested Thursday that he’s holding fast to his preferred funding mechanism for schools, which would be increased school aids.

“I believe that if we want to take make a huge effort around equalized aid for the state of Wisconsin schools, we should be putting more money into that, and that will help property taxes be relieved,” he said.

In their last public counter to the governor, Republicans proposed a different type of tax relief, calling for $1.48 billion in direct tax rebates to residents. On Thursday, Evers called the effort to mail out rebate checks “maximum politics.”

“That’s (an) election year issue,” he said. “I just don’t think it’s wise.”

Two Democratic state legislators announced a bill Tuesday, backed by a coalition of labor unions and political organizations, that would raise the minimum wage in Wisconsin from $7.25 to $20.

State Sen. Kelda Roys (D-Madison) and Rep. Angelina Cruz (D-Racine) have drafted a bill to raise the minimum wage to $15 immediately, followed by regular increases until it hits $20 in 2030. From then on, the state wage floor would be pegged to inflation.

“About 800,000 workers in Wisconsin earn less than $20 an hour. They are home health care providers, early childhood educators, grocery workers, nursing assistants, the backbone of our communities,” Cruz said. “This bill is about dignity, it’s about fairness and it’s about building an economy where, if you work hard in Wisconsin, you can afford to live in Wisconsin.”

The bill provides small business owners, who employ 50 or fewer workers, more time to transition to the new wage floor. It also raises the tipped wage from $2.33 an hour to $7.50.

The legislation has backing from a coalition of unions and political organizations, including the Milwaukee Area Service and Hospitality Union (MASH), United Auto Workers (UAW), United Food and Commercial Workers International Union (UFCW), Citizen Action of Wisconsin, the Wisconsin Working Families Party and Our Wisconsin Revolution.

“Even if it doesn’t pass this session, we know that elected officials will become accountable this fall,” Roys said. “Maybe it’s the last bill of 2026 and maybe it’s the first law of 2027.”

Wisconsin companies exported $27.12 billion in goods during 2025, a decrease of $687.6 million or roughly 2.5% for the year, according to data from the U.S. Census Bureau. The total was the state’s lowest since 2021 and marked the second consecutive year of decline.

Exports started the year on a good trend with year-over-year gains in January and March leading to a 2.1% increase for the first quarter. Starting in April, Wisconsin exports declined year-over-year for six straight months, including a 9.2% drop in April and a 7.4% drop in May. For the second quarter, exports were down 7.2% and they declined 3.4% in the third quarter. October did show a 2.6% year-over-year increase and December was up 1.8%, but a 7.6% decline in November left the state down 1% for the quarter.

Geographically, the declines were driven by some of Wisconsin’s largest trading partners.

Exports to Canada, the top destination for Wisconsin products, fell 8.6% or $706 million to $7.52 billion. It was the lowest level of exports to Canada since 2020. Exports to Mexico, the second largest destination for Wisconsin products, were down 7.1% to $4.04 billion, a decline of $309 million. Exports to China, the third largest destination for Wisconsin in 2024, declined 34.5% or $535 million to $1.02 billion. It marked the lowest level of exports to China since 2006.

Exports to the rest of Asia, on the other hand, increased 9.2% to $4.93 billion, a gain of $415 million.

Europe also saw an increase, importing 6.6% from Wisconsin to reach $6.19 billion. The Netherlands in particular drove the increase with a 29.8% increase to reach $1.04 billion. It was enough of an increase to propel the country to be the top European destination for Wisconsin products.

Exports to Germany, the top destination in 2024, decreased more than 17% or $195 million to $942 million.

Other top European destinations in 2025 included the United Kingdom, up almost 14% to $872 million, Belgium, down 5.3% to $760 million and France, down 7.6% to $384 million.

Exports to South America increased 6.4% to $1.7 billion and exports to Africa were up $132 million or 41.2% to $454 million.

Wisconsin’s exports to Australia, the fifth largest destination for the state’s products in 2024, dropped nearly 17% to $671 million for 2025. The decrease was enough to push the country down to 11^th as a destination for Wisconsin products.

The Supreme Court dealt a blow to President Trump’s trade agenda on Friday, siding against him in a case challenging the legality of tariffs that have shaped global markets and U.S. supply chains.

By a 6–3 vote, the majority concluded that the law cited to justify the import duties “does not authorize the President to impose tariffs.” Chief Justice John Roberts delivered the opinion of the court. Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented.

The two cases, which Trump has described as “life or death” for the United States, have forced the Supreme Court to confront how far a president can go in reshaping U.S. trade policy.

The challenges — Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections Inc. — were brought by an educational toy manufacturer and a family-owned wine and spirits importer challenging the legality of Trump’s tariffs.

Both cases turn on a central question: whether the International Emergency Economic Powers Act (IEEPA) gave the president authority to impose the tariffs, or whether that move crossed constitutional lines. The disputes followed Trump’s so-called “Liberation Day” tariffs in April, a sweeping package of import duties he said would address trade imbalance and reduce reliance on foreign goods.

The two cases, which Trump has described as “life or death” for the United States, have forced the Supreme Court to confront how far a president can go in reshaping U.S. trade policy.

he Wisconsin REALTORS Association (WRA) has released its January 2026 Real Estate Report, showing new listings fell significantly, leading to tighter inventory statewide.

Compared to a few years ago, there are fewer existing home sales and higher home prices. Existing home sales in Wisconsin fell 3.9% compared to January 2025. The median price rose 7.9% over the past year to $315,000.

Amy Curler, board chair of the WRA, said, “Total listings grew on an annual basis for 28 straight months before declining in January. We suspect this is just a temporary deviation from the trend, and we’re cautiously optimistic that the spring and summer markets will see growing inventories.”

Despite higher house prices, the average 30-year fixed mortgage rate fell 86 basis points from January 2025 to January 2026. This helped lift the Wisconsin Housing Affordability Index by 2.2 percent, which is its highest level since January 2024.

The strongest home sale price increases were seen in the Northeast, with an increase of 11%, and the Southeast with 10%.

In his eighth and final State of the State address Tuesday night, Gov. Tony Evers said Republicans have chronically underfunded Wisconsin schools and blamed them for increased property taxes after negotiations for a tax cut stalled this week.

In comments to reporters after the speech, Republican Assembly Speaker Robin Vos said negotiations would continue and he remains “optimistic” about the prospects for a tax and spending deal.

That work likely won’t include approval of a $2.3 billion package that Republicans sent him this week, which included a tax rebate plan.

“Local property taxes go up when the state fails to do its part to meet its obligation,” said Evers, calling for a plan to get “meaningful resources to K-12 schools and provide property tax relief.”

“And it must balance these important obligations a heck of a lot better than the plan Republican leaders sent me this week,” he added.

With the state Assembly due to wrap up business this week, Evers called on lawmakers to stay in Madison and said he’d call a special session of the Legislature in the coming weeks with the goal of banning partisan gerrymandering. The governor has the power to call a special session but no power over how legislators conduct it

After the speech ended, Republican leaders said Evers was claiming credit for victories secured by their party in the Legislature.

In a televised speech, Senate Majority Leader Devin LeMahieu said Wisconsin is strong “despite the governor, not because of him.”

“If the Democrats were in charge in Madison, Wisconsin would be a very different place. Jobs would flee to other states. … Our increasingly mobile workforce would leave for states with lower income tax rates,” he said. “Thankfully, that’s not reality. And thanks to the state Legislature, the state of our state is strong.”