Marijuana will be federally rescheduled under an executive order signed by President Donald Trump on Thursday. The directive also aims to address federal hemp laws to promote access to full-spectrum CBD that could be covered under federal health insurance plans.

Follow live updates as Trump signs a defense policy bill that includes a provision to limit Pete Hegseth's travel budget if he doesn't provide Congress with unedited videos of military boat strikes.

"Boy are we making progress," Trump said in a speech focused heavily on the affordability question that has increasingly bedeviled his administration.

Lawmakers, commentators and financial experts express optimism about 2026 economy, citing declining gas prices and increased energy production.

The president also discussed the economy and health care costs during his year-end address to the nation. CBS News New York's Elijah Westbrook reports.