CNBC Daily Open: The Trump 'Dividend': $5,000 for control of Congress

On the opening day of the Republican Party's midterm convention, President Donald Trump unveiled an ambitious proposal to pay every US adult a $5,000 dividend if his party secures victory in the November congressional elections. During a nearly two-hour prime-time speech, Trump positioned himself as the focal point of the midterm campaign, even as his approval ratings have declined.

Vice President Kamala Harris's running mate, JD Vance, was set to deliver a keynote address on Thursday night, and Trump was slated to conclude the two-day event in Dallas. Given that Trump is constitutionally ineligible for a third term, Vance's speech could serve as an early audition for the 2028 presidential race. The proposal's feasibility is uncertain, as it could cost over $1 trillion and necessitate congressional approval.

The convention's heavy emphasis on Trump reflects a gamble that his appeal to voters from the 2020 election could still sway the midterms. One notable exception to Trump's presence was Senator John Fetterman, a Democrat from Pennsylvania, who made a pre-recorded appearance introducing his fellow Pennsylvania Senator, Dave McCormick, a Republican.

Fetterman's video included a comment that could benefit Republicans, as he vowed to reject "the extremes in socialism," a move that might reinforce Republican messaging about Democrats being too far left. However, Fetterman has dismissed suggestions that he might abandon the Democratic Party. A few Republican senators facing challenging re-election prospects, possibly wary of being too closely associated with Trump, opted not to attend the convention, including Alaska Senator Dan Sullivan and Maine Senator Susan Collins.