Republican senators want changes to President Trump's mega bill,
which is estimated to increase the U.S. deficit by more than $2 trillion.
Plus, more high-income shoppers are turning to discount retailers.
What does this say about American consumers?
Consumers are under pressure,
and even consumers that have a little more disposable income are trading down to these dollar stores to get bargains and value.
And Russian President Vladimir Putin told President Trump that Russia will respond to Ukraine's recent drone attack.
It's Wednesday, June 4th.
I'm Alex Osola for The Wall Street Journal.
This is the PM edition of What's News,
the top headlines and business stories that move the world today.
The Trump administration has taken aim at Columbia University's accreditation,
a significant escalation in the government's battle with the Ivy League school.
The Department of Education told the organization through which Columbia is accredited that the school is in violation of federal anti-discrimination laws and no longer appears to meet the standards for accreditation.
The move doesn't revoke Columbia's accreditation,
without which Columbia would be virtually unable to operate.
But the administration urged the accreditor to work with the school to make sure it comes into compliance with federal law and,
quote, take appropriate action if Columbia fails to do so.
Neither Columbia University nor the Middle States Commission on Higher Education,
which accredits Columbia, immediately responded to a request for comment.