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Sen. Elizabeth Warren (D-MA), who’s expected to head the Senate Banking Committee in the next Congress, said she’s “ready to go” in moving forward with a 10% interest rate limit on credit cards.

“Look, President Trump himself said that he wants

After this week’s major wins by the Democratic Party in the midterm elections, it’s no surprise that the cold open on “Saturday Night Live” was political in nature.

But there was one surprise guest: The new senator-elect of Texas, James Talarico.

The cold open began with a conversation between Rep. Hakeem Jeffries (Kenan Thompson) and Sen. Chuck Schumer (Sarah Sherman), the minority leaders of the House and Senate (and possible future majority leaders), respectively, as they celebrated their party’s victory, including flipping Texas blue — for which they took credit. (Schumer: “That was all me. I found the candidates, I recruited them. And as a show of respect, they begged me not to appear at their campaign events.”)

Jeffries pledged that their first order of business would be to march up to President Trump and tell him, “Hey, knock it off, Buster.”

But Trump (James Austin Johnson), not one to be left out, interrupted to take the credit for the Democratic victories instead — thanks to the “horrible economy and terrible war.” “So in the words of Moana’s big fat friend, ‘You’re Welcome,’” he said.

After an appearance from J.D. Vance (Jeremy Culhane) and Defense Secretary Pete Hegseth (Colin Jost), plus Trump’s complaints about having to work with millennials and the return of their optimism, he began listing some of the newly elected senators who would be arriving in Washington: “Jon Ossoff, or as I call him Thinky Herman. Abdul El-Sayed, or as I call him, Mamdani for men. And of course, down in Texas, Talafreako.” Talarico then stepped into frame to a roar of applause and cheers from the audience, leading to this exchange:

Talarico: “Hi America, I am James Talarico, the guy who has been texting you everyday asking for $5.”

Trump: “In this economy, who can blame you.”

Talarico: “But I think Mr. President, if we can work together, we can make life better for everyday Americans. It’s clear people want something new. They want something different. I’m talking of course about ‘SNL’s’ cold opens. How many of these Trump freezes are they going to do?”

Trump: “Infinity.”

Talarico: “Well in that case, there is only one thing to say: Live from New York, it’s Saturday Night Live.”

Gov. Gavin Newsom on Monday called for a significant expansion of the state’s film and TV tax incentives in the face of mounting evidence that producers are fleeing California in search of cheaper locales.

Newsom said in a statement Monday that he favors expanding California’s current Film and Television Tax Credit Program from $750 million to at least $1 billion annually.

Notably, Newsom’s proposal would include credits for actors and other above-the-line talent and extend the tax credit through 2040, according to the statement. That would make California’s program more competitive with those of other states such as Georgia and New York that allow tax credits to offset the cost of actors’ salaries.

If approved by the state Legislature, the credit would be the country’s largest capped film and TV tax credit, Newsom’s office said.

“We’re the capital of entertainment and we’re going to keep it here,” Newsom said in the statement. “Through this expansion, we will maintain the momentum and success of our historic expansion last year.”

Newsom’s announcement comes as the outgoing California governor and possible presidential candidate is looking to burnish his image as a champion of Hollywood as the state is increasingly losing production to other hubs in the U.S. and abroad, where tax incentives are higher and production costs lower.

The proposal puts pressure on fellow Democrat Xavier Becerra, who is widely expected to be California’s next governor, to take up the mantle of helping Hollywood at a time when the state faces rising financial pressures.

Newsom expanded the program last year, when the annual credit was raised from $330 million to $750 million through 2030. Since then, the credit has generated more than $8 billion in direct production spending and over 43,000 jobs, according to the governor’s office.

Newsom also recently signed California’s first stand-alone postproduction credit to bring back jobs for the industry’s editors, sound mixers, composers and visual effects artists.

With a budget of $10 million, the program will allow a 35% to 50% credit on qualified expenses related specifically to postproduction work done in California, even for productions that don’t shoot in the state.

Despite the expanded incentives, local film and TV production in the Los Angeles area continues on a downward trend.

On-location shoot days in the Los Angeles area fell nearly 5% between July and September from the same period a year earlier, and were 29% below the five-year average, according to FilmLA, the nonprofit group that handles film permits for city and county.

Newsom said the expanded credits would address some of California’s limitations.

For example, the new incentives would allow companies that commit to shooting two different productions in California to get a 5% boost in credits. Independent productions would be eligible for $100 million in annual funding, up from $26 million.

Steve Kang, president and chief film liaison for the city’s Board of Public Works, welcomed the proposed enhancements.

“This is a huge win because the current expanded program is helpful, but there were a lot of exceptions and caveats, which limited its full potential,” Kang said.

Others welcomed Newsom’s proposal as “a good start,” but said more was needed to keep the industry in Southern California.

Many productions that shoot locally still face logistical and operational problems with permitting and specific shoot requirements, said Cale Thomas, policy legislative director for Stay in L.A., a grassroots coalition.

“We just need to make it cheaper and easier to shoot here,” Thomas said. “A multifaceted problem takes multifaceted solutions.”

Scott Budnick, a producer of the successful “The Hangover” franchise who lobbied for the state’s enhanced film tax credits last year, also praised Newsom’s proposal, but said the state needs to remove a cap on funding that has created significant hurdles for filmmakers.

“I feel very strongly that the biggest problem with the current credit is because we have a cap,” Budnick said. “It makes every piece of the credit 10 times harder.”

The effort in California comes after congressional leaders introduced the Motion Picture, Television and Entertainment Revitalization Act in September. The bill would establish a 20% federal tax credit on U.S. labor for eligible film and TV productions, including postproduction and visual effects work.

If the federal incentive passes, the hope is for U.S. productions to stack incentives and make the U.S. more attractive for major studio shoots. The federal incentive, however, also is likely to raise the competitive stakes for California as other states compete for Hollywood’s business.

“This is about protecting the future of an industry that has helped define California for generations,” Assemblymember Rick Chavez Zbur (D-Los Angeles) said in response to Newsom’s proposal. It would ensure “the next generation of creative workers and small business owners can raise their families right here at home,” he said.

Newsom has faced tense relations with Hollywood. Many in the industry remain angry with Newsom over his role in the Paramount acquisition of Warner Bros. Discovery. Newsom was instrumental in behind-the-scenes lobbying to get state Atty. Gen. Rob Bonta to abandon the court fight challenging Paramount-Skydance’s takeover of the legacy studio, which is expected to lead to widespread layoffs.

Newsom’s support for the deal came after Paramount threatened to move operations to Tennessee or Texas, placing more pressure on Bonta to come to an agreement and blunt efforts to lose California’s signature industry.

Los Angeles is still struggling to bring filming back to the region, though projects that receive a state tax credit are making up a growing share of local shoot days, according to a new report.

For the three-month period that ended Sept. 30, there were 4,171 shoot days in the greater L.A. area, down 4.8% compared with the same period last year, according to FilmLA Research, a program of FilmLA which tracks on-location production. That’s also down about 11.5% from the second quarter, and nearly 29% below the five-year average.

“Where the tax credit applies, it’s working to bring productions back to Los Angeles and put local crews to work,” FilmLA Chief Executive Denise Gutches said in a statement. “Still, overall production remains far below where Los Angeles needs it to be, and crews and businesses across the region are feeling it.”

The report counts only on-location filming. Productions shot on certified soundstages aren’t included.

Television shoot days totaled 1,400, a 2.8% slide from the third quarter of 2025 and a drop of nearly 53% compared with the five-year average. About 23% of the TV shoot days were for incentivized projects, up from about 9% a year earlier. Among them was the CBS drama “Tracker,” which relocated to L.A. from Vancouver for the show’s fourth season after receiving a state tax credit.

“California’s incentive is what made it possible to bring ‘Tracker’ here,” Elwood Reid, showrunner and executive producer of “Tracker,” said in a statement. “Los Angeles is the big leagues, and after more than a decade away, I’d forgotten what I was missing.”

Within television, comedy made the biggest gains, with 192 days of filming, up 143% from the 79 days in the third quarter of 2025. More than 60% of the comedy shoot days were for projects that received a production incentive, FilmLA said. The organization said this figure could be even higher, as many comedies shoot on soundstages, which are not included in this report. Promisingly, the third-quarter comedy numbers were a 16% improvement on the five-year average.

Other TV genres lost ground, including drama (494 days, down 9.4%), reality programming (630 days, down 2.9%) and pilots (9 days, down 52.6%).

Feature film production was a bright spot, with 533 shoot days, up 2.1% from a year earlier and about 20% from the second quarter. About 24% of that filming came from incentivized projects, up from about 22% a year earlier, including Netflix’s “13 Going on 30” reboot and Jonah Hill’s comedy “Cut Off” from Warner Bros., according to FilmLA. However, the third-quarter numbers are still a 19.3% decline when compared to the five-year average.

Production for commercials, which are not eligible for a state tax credit, continued to struggle, with 562 shoot days, down nearly 16% from the same time period in 2025, though it improved 3.5% from the second quarter.

FilmLA’s “other” category, which includes student productions, still photo shoots, documentaries and online content, totaled 1,676 shoot days, a 4.2% drop from the same period in 2025. Within that category, however, online content accounted for 556 days of filming, up 16.3% from last year.