A.M. Edition for Dec. 5. Home builders are warning that Donald Trump’s pledge to deport millions of undocumented immigrants and introduce new tariffs on U.S. imports could have a chilling effect on the industry. The WSJ’s Elizabeth Findell says this could push up already-elevated housing costs. Plus, Pete Hegseth says he’s “not going anywhere” as he fights to salvage his bid to become Trump’s defense secretary. And Bitcoin smashes the $100,000 ceiling thanks to hopes of a crypto-friendly Washington. Kate Bullivant hosts.

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