logo
House appropriators OK cuts to Interior, EPA, other agencies

House appropriators OK cuts to Interior, EPA, other agencies

E&E Newsa day ago
House Appropriations subcommittees approved three fiscal 2026 bills Tuesday with significant cuts to energy, environment and climate initiatives.
The House Interior and Environment Appropriations Subcommittee passed its bill on a party-line 8-5 vote. The legislation would slash funding for the Interior Department, EPA and other environmental agencies, though not as deeply as proposed by President Donald Trump's budget plan.
Subcommittee Chair Mike Simpson (R-Idaho) noted the legislation has funding for EPA grants that support water infrastructure and reduce air pollution. In addition, it targets several agency rules for the power sector.
Advertisement
'The bill doubles down on rolling back burdensome and costly regulations from the prior administration, and it helps unleash American energy and domestic mineral development,' Simpson said.
Democrats decried its cuts for national parks as well as to EPA's efforts to combat climate change. The agency would receive $7 billion in fiscal 2026, a 23 percent drop.
'It has become clear to me that the administration has moved beyond climate change denial into actively dismantling the government's climate work,' said ranking member Chellie Pingree (D-Maine).
She added, 'If we are going to keep the public safe, then building resilience and fighting against the impact of climate change is a commonsense measure, yet Republicans have clawed back those funds so that they could give tax breaks to billionaires.'
The GOP reconciliation package, which became law earlier this month, contained several tax cuts and rescinded unobligated dollars for various EPA grant initiatives under the Inflation Reduction Act.
Commerce-Justice-Science
Rep. Rosa DeLauro (D-Conn.), ranking member of the House Appropriations Committee, is seen Tuesday. | House Appropriations Committee/YouTube
The House Commerce-Justice-Science Appropriations Subcommittee similarly cleared its bill along party lines, leaving amendments for the full committee markup.
The legislation includes a 6 percent drop for NOAA and a 23 percent reduction for the National Science Foundation compared with current levels.
Subcommittee Chair Hal Rogers (R-Ky.) said 'flooding has inflicted much pain on the nation over the last few months, [from] my district in Kentucky to Texas. Now is the time to ensure the National Weather Service is equipped with the funding it needs to warn and protect our citizens. This bill does just that by appropriately funding NOAA's weather units.'
Appropriations ranking member Rosa DeLauro (D-Conn.) took issue with the proposed cuts, even though they are smaller than the White House requested.
'Weather forecasts are not waste, fraud and abuse.' DeLauro said. 'And I ask my colleagues, did anyone come to your town halls and complain that the Weather Service has too many meteorologists, too many people issuing advisories, watches and warnings on severe storms? I don't think so.'
State Department, other bills
Also, the House National Security-Department of State Appropriations Subcommittee passed legislation that would cut funding for implementing the Montreal Protocol and prohibit spending on the Paris climate deal and related efforts.
A House-passed rescissions package pending in the Senate would claw back already-appropriated funding to implement the Montreal Protocol.
On Monday, House appropriators advanced their Energy-Water and Transportation-Housing and Urban Development spending bills before a full committee markup Thursday.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Can Palantir Stock Hit $160 in 2025?
Can Palantir Stock Hit $160 in 2025?

Yahoo

time13 minutes ago

  • Yahoo

Can Palantir Stock Hit $160 in 2025?

Palantir Technologies (PLTR) has been one of the standout performers in the artificial intelligence (AI) stock rally, with shares demonstrating a meteoric rise. As investor enthusiasm around its Artificial Intelligence Platform (AIP) continues to grow, some on Wall Street — like Wedbush analyst Daniel Ives — believe PLTR stock could climb even higher. Ives recently set a bold price target of $160 on Palantir stock. Palantir has been riding high, fueled by rapid expansion in both its government and commercial segments and staking its claim as a cornerstone of enterprise AI. That momentum pushed the stock to an all-time high of $151.51 this month, capturing Wall Street's attention. Still, PLTR stock's lofty valuation continues to spark debate, with bullish sentiment appearing to be running ahead of the company's near-term financial metrics. More News from Barchart Dear Nvidia Stock Fans, Mark Your Calendars for July 16 Dear Google Stock Fans, Mark Your Calendars for July 23 Retirement Ready: 3 Dividend Stocks to Set and Forget Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! So, will the company's AI-fueled momentum justify the Street's optimism and power through to Ives' ambitious $160 Street-high mark? Or is PLTR stock simply sprinting past what its fundamentals can support? About Palantir Stock Palantir Technologies is a public software company specializing in big‑data analytics and AI platforms (including Gotham, Foundry, Apollo, and AIP) for both government and enterprise clients. The company earned early backing from the CIA's venture arm, In‑Q‑Tel, and has since evolved into a major provider of mission-critical data tools for federal agencies and commercial organizations alike. It currently boasts a market capitalization of $350 billion. PLTR stock has surged dramatically, up 99% year-to-date (YTD) and rising 426% over the past 52 weeks on the back of rapid growth in its AI-powered platforms, deepening expansion across both government and commercial sectors, and bullish analyst price targets. In fact, so far this year, Palantir is the top performer of the S&P 500 Index ($SPX). While Palantir's AI momentum is undeniable and the stock surge is impressive, its sky-high valuation raises eyebrows. Priced at 408 times forward adjusted earnings and 123 times sales, PLTR stock trades higher than many AI peers and major tech players. Palantir's Q1 Results Exceed Projections Palantir delivered a powerful first-quarter 2025 report on May 5, with revenue soaring 39% year-over-year (YOY) to $884 million, comfortably surpassing analysts' expectations. Domestic growth was a standout, with U.S. revenue growing 55% annually to $628 million. Within that segment, U.S. commercial revenue surged 71% while government revenue climbed 45% YOY. Profitability metrics were equally impressive. Adjusted net income hit $334.4 million, up 70% YOY, while adjusted EPS increased more than 62% to $0.13, topping the estimates. Plus, the company exited the quarter with $370.4 million in adjusted free cash flow — more than double last year's figure — reflecting a strong 42% margin and marked improvement in operational efficiency and YOY cash generation. These standout figures gave Palantir confidence to raise its full-year revenue guidance to the range of $3.89 billion to $3.902 billion, indicating roughly 36% of top-line growth for fiscal 2025. U.S. commercial revenue growth is expected to be at least 68%. Management also raised its adjusted income from operations guidance, now expected to be between $1.71 billion and $1.72 billion. Analysts expect the company's EPS to climb 362% YOY to $0.37 in fiscal 2025, then rise another 16% to $0.43 in fiscal 2026. What Do Analysts Expect for Palantir Stock? Wedbush analyst Dan Ives recently upheld his 'Outperform' rating on PLTR stock while raising the price target from $140 to $160. The analyst characterized Palantir as on a 'golden path to become the next Oracle,' positioning it as a foundational platform amid a projected trillion‑dollar wave of global AI spend. Despite its currently high valuation, Wedbush views Palantir as a core winner in the AI revolution, with a strong competitive moat and customer momentum. Still, not everyone is on board. Citi reaffirmed a 'Neutral' rating on the stock and maintained a $115 price target. The firm cited optimism around AIP and financial services, but flagged valuation concerns and mixed international momentum, especially in European commercial markets. PLTR stock has a consensus rating of a 'Hold' overall. Of the 20 analysts covering the stock, three advise a 'Strong Buy,' 12 suggest a 'Hold,' one analyst gives it a 'Moderate Sell' rating, and four rate PLTR as a 'Strong Sell.' Palantir is trading at a premium to its average analyst price target of $106.12. However, Wedbush's Street-high target of $160 signals that the tech stock could still rise as much as 6% from current levels. On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

GENIUS Act back on track in House after massive delay
GENIUS Act back on track in House after massive delay

Axios

time14 minutes ago

  • Axios

GENIUS Act back on track in House after massive delay

The House voted late Wednesday to take up a bill establishing a regulatory framework for stablecoin issuers, after a record-breaking session that involved intense negotiations to quell a rebellion from hardliners. Why it matters:"The vote puts the GENIUS Act on a glide path to Trump's desk this week for his signature. After huddling in Speaker Mike Johnson's (R-La.) office, members of the House Freedom Caucus switched their votes to "yes," ending a nearly 10-hour standoff. The House is set to vote Thursday on the GENIUS Act as a standalone measure. Conservatives were pushing to combine a trio of crypto bills into one package, but ultimately settled for a partial win. The latest: House GOP leadership unlocked support for the vote by agreeing to attach one of the key crypto measures, the Anti-CBDC Surveillance State Act, to the must-pass National Defense Authorization Act. Johnson told reporters he spoke with Senate Majority Leader John Thune (R-S.D.) on Wednesday about adding the provision to the NDAA. "We're hopeful that they'll hold the line," Johnson said of the Senate. The big picture: Wednesday's revote prevailed 217-212 and follows a meeting Trump said he held late Tuesday in the Oval Office with opponents. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump posted on his Truth Social account. But that confidence proved premature. Catch up quick: The House floor ground to a halt Tuesday after the chamber rejected a procedural vote setting terms for floor debate on the GENIUS Act. Johnson abruptly cancelled votes for the rest of the day amid demands to combine the GENIUS Act with two other crypto bills the chamber is considering this week. That would have forced the Senate to reconsider the legislation, likely leading to significant delays. Zoom out: After months of delicate bipartisan negotiations, the Senate passed the GENIUS Act in June by a 68-30 vote. Although the House has drafted its own stablecoin legislation, it ultimately chose to take up the Senate-passed version — in part to avoid having to go back to the Senate.

House GOP clears procedural hurdle for crypto bills, unfreezing floor
House GOP clears procedural hurdle for crypto bills, unfreezing floor

The Hill

time14 minutes ago

  • The Hill

House GOP clears procedural hurdle for crypto bills, unfreezing floor

House Republicans cleared a key procedural hurdle Wednesday night to unlock consideration of a trio of cryptocurrency bills, unfreezing the floor after a two-day saga. The chamber adopted a rule — which governs debate on legislation — in a 217-212 vote, after most of the GOP lawmakers who opposed the procedural effort on Tuesday flipped their position. The vote remained open for well over eight hours — making history as the longest vote in the House — as lawmakers engaged in negotiations behind the scenes. Rep. Marjorie Taylor Greene (R-Ga.) was the only GOP 'no' vote. GOP leadership was able to secure the holdouts' support for the motion after two days of talks by agreeing to add a crypto provision to the National Defense Authorization Act (NDAA), must-pass legislation that would put it on a path to landing on President Trump's desk — assuming it doesn't get stripped out of a final bill, which is often rewritten by both chamber's leaders. 'We had a very productive meeting tonight, I mean, everybody was there in good faith, they all have the same priorities, and I'm pleased that we'll be able to get this done, the president is as well,' Speaker Mike Johnson (R-La.) told reporters. 'I just spoke with him and obviously this is a big priority for him and it was for us.' 'And so this breaks the logjam, allows us to get our work done,' he added. 'And sometimes it takes longer than at other times, but it's all part of the process and you all know this works: We build consensus and we got it done tonight, so I'm very pleased.' The vote brings to a close several days of disarray over the procedural hurdle, which stood in the way of the chamber's ability to debate and vote on the raft of crypto legislation. With the rule adopted, the House can now debate and hold final passage votes on three cryptocurrency bills and a measure to fund the Pentagon for fiscal year 2025. The drawn-out negotiations began after 12 hardline Republicans voted against the rule on Tuesday, blocking the House from moving forward with consideration of the bills and leaving the floor at a standstill. President Trump appeared to avert the crisis late Tuesday, striking a deal with most of the hardline group to vote in favor of the rule the next day in exchange for combining two of the crypto bills together. However, it quickly became apparent Wednesday that it would not be smooth sailing. Three GOP lawmakers — Reps. Chip Roy (Texas), Keith Self (Texas) and Greene — initially voted 'no' on a procedural step to reconsider the rule before switching to 'yes' at the last minute to allow the motion to pass. When the final rule came up for a vote, Roy and Greene again voted 'no,' alongside Rep. Bill Huizenga (R-Mich.), vice chair of the House Financial Services Committee. Huizenga's opposition underscored a key point of tension from the deal the president had reached with the hardline contingent. Trump had agreed to add provisions blocking the creation of a central bank digital currency (CBDC) — like those in the Anti-CBDC Surveillance State Act, one of the three crypto bills on the floor — to a second bill, the Digital Asset Market Clarity Act. The Digital Asset Market Clarity Act aims to provide the crypto industry with clear rules by drawing a bright line between oversight by the Securities and Exchange Commission and the Commodity Futures Trading Commission. Trump's deal sought to alleviate the hardliners' chief concern, which was that the crypto bills laid the framework for a CBDC. While the House is set to consider the anti-CBDC measure, it appears unlikely to garner enough support to clear the Senate. The Digital Asset Market Clarity Act also faces an uncertain future, but the addition of the anti-CBDC provisions appeared to allay their concerns. However, it seems to have raised concerns among other GOP lawmakers, including members of the House Financial Services Committee. As the hours ticked on and Johnson attempted to salvage the vote, more members of the original hardline group changed their votes to 'no,' while Huizenga switched his vote to 'yes.' After GOP leadership agreed to add the anti-CBDC provision to the NDAA, the holdouts changed their votes back to 'yes,' allowing the rule to pass. The procedural vote brings the GENIUS Act, a bill setting up a regulatory framework for dollar-backed digital tokens called stablecoins, one step closer to reality. If it clears the House, the bill heads to Trump's desk, where the president has indicated he is eager to sign the measure into law.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store