PORTLAND, Ore. (AP) — It hit Damian Lillard as he drove home with his kids after signing a contract to return to the Portland Trail Blazers.
He was coming home.
Lillard's three children, Damian Jr., 7, and twins Kalii and Kali, 4, accompanied him to sign his three-year, $42 million deal with the Blazers over the weekend. The contract includes a no-trade clause and he can opt out after two seasons.
“Just knowing that I’m going to be back home for all parts of my life, with my kids, playing for the Trail Blazers, driving on the same streets that I’ve driven on pretty much my entire adulthood, my whole family being here, my mom, my brother, my sisters, all my friends around the city of Portland,” he said. “All of those things count. I wasn’t expecting it to happen so soon.”
Lillard made his fist public comments about the deal at a news conference on Monday night with Blazers coach Chauncey Billups and general manager Joe Cronin.
Lillard played for Portland for his first 11 NBA seasons before he was traded, at his request, to the Milwaukee Bucks before the start of the 2023-24 season.
A nine-time All-Star, the 35-year-old Lillard is beloved in Portland, known for pointing to his wrist to signify “Dame Time” after making big shots.
But he's not going to be be back on the court at the Moda Center any time soon.
Lillard tore his left Achilles tendon during a first-round playoff series against the Indiana Pacers and required surgery that will likely sideline him for the 2025-26 season.
The Bucks waived him earlier this month and stretched the remaining $113 million on his contract over five years.
“I told him that this year he’s going to be the highest-paid assistant coach in league history because I’ll be putting in the work every day,” Billups said.
Lillard didn't rule out the possibility of coming back this season, but Cronin said the team would wait “as long as it takes.”
“My prideful self would be thinking differently, but I think with age, you get wiser,” Lillard said. “Like Joe said, it’s going to be ultimately what’s best, I think, to take the as much time as possible to make sure that I’m right, that’s what I’ll do.”
Lillard ranked 10th in the league in scoring (24.9) and assists (7.1) this past season while earning his ninth All-Star selection. But he was limited to 58 games by deep vein thrombosis.
He averaged a career-high 32.2 points his final season in Portland. That season, he became just the seventh player in NBA history to score more than 70 points in a game when he finished with 71 against the Houston Rockets.
Portland won only four playoff series during Lillard’s tenure, getting to the Western Conference finals once.
Lillard always insisted there are no hard feelings over his separation with the Blazers. He wanted to try and chase a championship with Giannis Antetokounmpo and the Bucks, while Portland was focused on developing young players like Scoot Henderson and Shaedon Sharpe.
Lillard, who has a signature shoe deal with Adidas, hinted during an event at the company’s North American headquarters in 2024 that he might be willing to return to the Trail Blazers. He never imagined that an injury would speed up the timeline.
The No. 6 overall pick in the 2012 draft by Portland, Lillard holds franchise records for points (19,376) and 3-pointers (2,387). He had five games of 60 or more points with Portland.
For his career, Lillard has averaged 25.1 points and 6.7 assists. He was the 2013 Rookie of the Year and was named to the NBA’s 75th Anniversary team in 2021. He won a gold medal at the Tokyo Olympics.
Lillard said his kids finally understood the significance of his homecoming during that drive home over the weekend.
“I got to a red light, and I just turned around and my daughter was looking at me and I told her,” Lillard said. “And she was like, ‘Wait, so, like, we don’t have to get on an airplane to Milwaukee no more?’”
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FILE - Portland Trail Blazers guard Damian Lillard (0) celebrates after a shot against the Orlando Magic during the second half of an NBA basketball game, March 5, 2023, in Orlando, Fla. (AP Photo/Kevin Kolczynski, File)
NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.
Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.
Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.
“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.
Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.
About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.
Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.
The Republican administration has proved particularly friendly until now to the credit card industry.
Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.
In a joint statement, the banking industry was opposed to Trump's proposal.
“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.
Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.
The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.
Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.
"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.
There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.
The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.
Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."
Legislation in both the House and the Senate would do what Trump is seeking.
Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.
Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.
Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.
Seung Min Kim reported from West Palm Beach, Fla.
President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)
FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)
