The Latest: White House highlights Trump Accounts for kids amid frustrations over rising prices

The Associated Press reports that the accounts were part of the 2025 tax overhaul and allow after-tax contributions of up to $5,000 a year, with the government seeding accounts with $1,000 for children born between 2025 and 2028.[1]According to the AP, the Treasury Department described the new initiative last week, saying it's opening accounts for all children with a valid Social Security Number[1]. The AP adds that parents and legal guardians need to formally claim the accounts by using the program's website or mobile phone app.[2]The AP reports that other minors can invest their own money into the tax-advantaged accounts, and draw on it when they turn 18 for costs like school or a home.[1]The White House said automatic enrollment makes it easier for families to participate[1], the AP reports. Ted Cruz said "Gavin Newsom had a press conference celebrating the Trump accounts."[1] According to the AP, Newsom has praised the federal accounts for children as one of the best things Trump has done.[3]Democratic Leader Hakeem Jeffries said Trump's campaigning helps Democrats show "we actually are the only ones determined to make life more affordable for them,"[4] the AP reports. According to the AP, Jeffries said Trump calling affordability a "hoax" and high gas prices a "small price to pay" for the Iran war[4] has helped Democrats.